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The human contact may be the most important interaction between financial advisors and clients; yet the “personal touch” is increasingly downplayed. Financial advisory clients are increasingly turning to social media to streamline, and even help manage their investment portfolios. In a recent Accenture study of 400 U.S. financial advisors, 48% of advisors reported that they use social media to interact with investors on a daily basis; while 50% say they have “successfully used social media to convert prospects into clients.” While the benefits of using social media cannot be disputed; at the same time, clients are also looking for “personal communication”. The challenge is for Advisors to exploit the advantages of social media while making sure that the “personal communication” with clients is not ruled out completely.

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Finance – Knowledge@Wharton

Knowledge@Wharton is the online business analysis journal of the Wharton School of the University of Pennsylvania.
  • In this opinion piece, David Erickson explores how the market for special purpose acquisition companies (SPACs) exploded in 2020 and what may happen in the future.

  • U.S. President-elect Joe Biden’s promise to forgive student debt might have the unintended consequence of worsening economic inequality, according to new research co-authored by Wharton’s Sylvain Catherine.

  • While DoorDash and Airbnb successfully completed their much-anticipated IPOs this past week, there has been a lot of scrutiny on how they were priced and subsequently “popped.” Wharton’s David Erickson explains what could be done to remedy the disconnect.