In the second of four in-depth reports, wealth gurus Scorpio Partnership explore how the Futurewealthy are rapidly adopting new technologies, discovering that this select international group has a clear understanding of how new communication tools can enhance their interactions with others. As the wealthiest and those in Asia adapt their communication habits most quickly, the race is now on to deliver the communication experience that wealthy clients already expect.
Findings are based on the views of 3,477 individuals from around the world, referred to as the Futurewealthy because, as a group, they are on the fast-track to wealth with average worth of around USD1.9 million.
Read Part One (The Digital World of the Futurewealthy) here.
- The Futurewealthy are passionate about many things, including getting their point across. As a group, they spend 30.5 hours each week in some form of communication or dialogue and this figure rises to 43 hours among those whose wealth exceeds USD4 million.
- Of this total time, digital communication on email, web portals, social networking, SMS, instant messaging and VOIP calls accounts for 19 hours. This figure rises to 28 hours for the richest. In other words, the wealthiest of the Futurewealthy are already significantly more likely to be active online conversationalists.
- In the future, these figures rise sharply. Over a third of the Futurewealthy expect to use digital communications significantly more in the next five years. And, they expect their wealth managers to follow suit.
What we find is the Futurewealthy are not just effective communicators; they are, in fact, virtuosi in the art, devoting the time and mastering the skills to make their voices heard. They have, it seems, an intuitive understanding of the qualities of different kinds of communication. So, perhaps it comes as no surprise that the potential of digital communication excites them.
Zero to hero communications
While age-old styles of communication remain central to their interactions, new approaches like email, web portals, messaging and social networking are moving quickly from zero to hero status. Over a third of the Futurewealthy expect to use these new approaches much more over the next five years.
This trend extends to their financial relationships, where email and secure web portals look set to become key communication channels of the future.
Moreover, it is the very wealthiest of the Futurewealthy – those with over USD4 million – who are the earliest adopters of these new communication styles. They spend 28 hours on digital forms of communication per week, compared with 19 hours among the group as a whole. What is more, they have high hopes that their wealth managers will enter into digital dialogue with them much more in future.