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Rich get advice from social media

By Judy Martel · Bankrate.com
Monday, March 4, 2013
Posted: 6 am ET

The wealthy have enough money to afford face-to-face time with any number of financial advisers, but they are increasingly relying on social media to form impressions about investments and wealth management firms.

More than a third of the wealthy are using social media for financial advice.

A survey by Cogent Research of more than 4,000 investors with an excess of $100,000 in investable assets found that 34 percent of them use social media sites such as company blogs, LinkedIn, Twitter and Facebook for financial advice.

The power of the medium is evident in the fact that 70 percent of the wealthy changed or began a relationship with an investment adviser based on information found on social media sites. They seek answers to financial questions, research advisers and look up investment products.

Among regular users of social media, an additional 41 percent of those surveyed say they came across investment advice even though they weren't specifically looking for it.

Do you use social media for financial advice, and if so, how do you use it?

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