A Survey conducted by Putman Investments found that the majority of financial advisors are gaining new clients through social media and they are active on at least 5 social networks. This helped them report an increase in AUM through digital channels.

But HNW clients are not so sure

However, according to Temenos, almost two thirds (62%) of HNW clients, while now in favor of ‘the digitization of wealth management services’, they  still want to meet often with an advisor. To make it even more complicated, only 17% of HNW clients say technology is now essential. Half of the surveyed clients actually cited cyber risk and hacking as a top concern when using technology.

So what is the right balance? Do you create a social media strategy with the single objective of getting new clients and then grow the relationship by meeting with them in person? This scenario takes the ever increasing wave of robo-advisors for HNW completely out of the equation.

Achieving the right balance between digital and personal communications is definitely the main challenge with HNW and other financial services clients.

The key then is to figure out which types of conversation and interactions the client will be more open to have on a digital format and which ones should still be kept over coffee or drinks.

Which is best?