{"id":6423,"date":"2021-07-26T09:54:59","date_gmt":"2021-07-26T16:54:59","guid":{"rendered":"https:\/\/blog.investmentpal.com\/?p=6423"},"modified":"2021-07-27T22:46:15","modified_gmt":"2021-07-28T05:46:15","slug":"impact-of-covid-19-on-customer-engagement-for-wealth-managers","status":"publish","type":"post","link":"https:\/\/blog.investmentpal.com\/covid-19-impact-wealth-managers\/","title":{"rendered":"Impact of Covid-19 on customer engagement for wealth managers"},"content":{"rendered":"<p>Covid-19 has changed how we work and how we communicate with our friends, colleagues and clients.\u00a0 How has customer engagement in the wealth management industry changed during this pandemic?\u00a0 This blog highlights 5 statistics to show why and how wealth managers have increased digital adoption and accelerated use of social media to engage with clients during this time.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>1. The relative frequency of consumers looking for \u201cfinancial advisor\u201d using search engines increased 20% in 2020<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6481\" src=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Financial-advisor-search-interest-2.png\" alt=\"financial advisor search google trend\" width=\"701\" height=\"400\" srcset=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Financial-advisor-search-interest-2.png 701w, https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Financial-advisor-search-interest-2-300x171.png 300w\" sizes=\"(max-width: 701px) 100vw, 701px\" \/><\/p>\n<p style=\"text-align: center;\">Source: Google Trends<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>2. Wealth manager\u2019s digital engagement with clients increased 7-10X across all digital channels in Q1 2020<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6483\" src=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-engagement-with-clients-1.png\" alt=\"wealth manager increase digital engagement\" width=\"700\" height=\"402\" srcset=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-engagement-with-clients-1.png 700w, https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-engagement-with-clients-1-300x172.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p style=\"text-align: center;\">Source: <a href=\"https:\/\/www.oliverwyman.com\/our-expertise\/insights\/2020\/jun\/wealth-management-industry-analysis-2020.html\" target=\"_blank\" rel=\"noopener\">Morgan Stanley, Oliver Wyman, \u201cAfter the Storm\u201d, 2020<\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>3. 33% of wealth managers increased their spend on digital tools after the onset of Covid-19<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6484\" src=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-spend-2-.png\" alt=\"\" width=\"702\" height=\"400\" srcset=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-spend-2-.png 702w, https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-managers-digital-spend-2--300x171.png 300w\" sizes=\"(max-width: 702px) 100vw, 702px\" \/><\/strong><\/p>\n<p style=\"text-align: center;\">Source: <a href=\"https:\/\/www.financial-planning.com\/news\/wealth-management-firms-outperform-other-industries-in-tech-spending-amid-coronavirus\" target=\"_blank\" rel=\"noopener\">Arizent Research, May 2020<\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>4. Financial advisors\u2019 social media business use increased to 85% on Linkedin, 65% on Facebook and 57% on Twitter in 2020<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6485\" src=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-manager-social-media-use-1.png\" alt=\"\" width=\"702\" height=\"403\" srcset=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-manager-social-media-use-1.png 702w, https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/2._Wealth-manager-social-media-use-1-300x172.png 300w\" sizes=\"(max-width: 702px) 100vw, 702px\" \/><\/p>\n<p style=\"text-align: center;\">Source: <a href=\"https:\/\/www.putnam.com\/advisor\/business-building\/social-media\/\" target=\"_blank\" rel=\"noopener\">Putnam Investments Pulse Survey, June 2020<\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>5. Almost 50% of investors say social media impacts whom they hire as a financial professional<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6486\" src=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Social-media-impact-on-hiring-financial-advisor-1.png\" alt=\"\" width=\"700\" height=\"401\" srcset=\"https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Social-media-impact-on-hiring-financial-advisor-1.png 700w, https:\/\/blog.investmentpal.com\/wp-content\/uploads\/2021\/07\/Social-media-impact-on-hiring-financial-advisor-1-300x172.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p style=\"text-align: center;\">Source:<a href=\"https:\/\/www.fa-mag.com\/news\/more-investors-are-vetting-their-financial-advisors-on-social-media-62762.html\" target=\"_blank\" rel=\"noopener\"> Hartford Funds Survey, FA-Mag.com June 2021<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>By <a href=\"https:\/\/investmentpal.com\" target=\"_blank\" rel=\"noopener\">InvestmentPal<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Covid-19 has changed how we work and how we communicate with our friends, colleagues and clients.\u00a0 How has customer engagement in the wealth management industry changed during this pandemic?\u00a0 This blog highlights 5 statistics to show why and how wealth managers have increased digital adoption and accelerated use of social media to engage with clients [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[60,77,86,4,83,88,82],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - 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