Ethnicities Own More Smartphones

CHICAGO, IL--(Marketwired - Sep 2, 2014) - New research from the Spectrem Group (www.spectrem.com) shows ethnic investors are more likely to own smartphones than the general investor population and have distinct financial and general habits on social media. Spectrem's Ethnic Segmentation Series report, Using Social Media and Mobile Technology in Financial Decisions, details how affluent African-Americans, Hispanics and Asians use the world's new communication tools, which tools each ethnic group prefers, and how social media and mobile technology impact their financial decision-making.

Key findings in the report include

• Asian investors participate in social media less than the general population of investors, and are more likely to cite privacy concerns as a reason for avoiding social media.
• Hispanic investors are more active on Twitter than other ethnicities or the general population of investors.
• Approximately one quarter of African-American and Hispanic investors want to be able to communicate with their advisor via text (only 14 percent of the general affluent population want that ability).
• Ethnic investors are more likely to use their smartphones to conduct transactions such as buying transportation tickets than the general population of investors.

"Because of prior regulations prohibiting the use of social media, financial providers and advisors have had to play catch-up with the general population in the use of social media for communication," says George H. Walper Jr., president of Spectrem Group. "Understanding the preferences of different ethnic segments towards the use of social media and mobile technology serves as a huge assist to advisors as they introduce themselves or upgrade their presence in the new world of communication."

Additional insights about wealthy investors are available at Spectrem.com and Spectrem's Millionaire Corner, including:

• How are Ethnic Investors Using Twitter?
• Ethnic Investors and their Past and Future Social Media Usage

About Spectrem Group
Spectrem Group (www.spectrem.com) is the leading research provider in the wealth management marketplace. Each month, Spectrem Group surveys more than 1500 investors with $100,000 to $25 million of net worth regarding their investment attitudes and behaviors. 

About MillionaireCorner.com
Millionaire Corner delivers timely, relevant and practical information and tools to help fuel financial growth for Millionaire investors and aspiring millionaires. With its Best Financial Advisors service, investors are able to search and evaluate over 1,800 financial advisors based on actual customer reviews of satisfaction with the advisor.

Charts and summary available upon request.