A number of finance marketing agencies are incorporating social media into their campaigns to appeal to a broader demographic of customers. There are few businesses in any industry that have not taken the same path and used this cost-effective marketing tool to drive their customer acquisition and finance lead generation goals. However, many companies in the financial sector may not be realizing social media's full potential in engaging with customers, a new report shows.

Data from the Millionaire Corner research team reveals that today's young, affluent investors are more likely than their senior counterparts to rely on online tools like social media to build and manage relationships with their advisors. As adoption becomes a growing trend, it's important that financial companies understand and accommodate the differing relationship-building channels their clients rely upon to provide them with quality service.

The research shows that young millionaires – those 44 and younger – are three times more likely to choose a company through websites that provide information on their financial advisors than millionaires in other age groups. The data also reveals that younger millionaires are more likely to not only research investments and financial products online, but pay close attention to the information their advisors post on blogs and other online mediums. According to the study, young millionaires are four times more likely to express interest in tweets, blog posts and other comments made by advisors and roughly six times more likely to desire that their advisor maintain a Facebook page.

Expanding your reach on social networking sites
The Millionaire Corner research is important for financial and investment services companies to note because there remains a large number of firms that adhere to traditional marketing methods, rather than utilizing social media tools. Further, many that do maintain an online presence may fail to utilize all of their available web portals.

If young, tech-savvy millionaires are seeking information about potential advisors and companies, it may be insufficient to simply rely on a Facebook page. Instead, companies and their advisors can provide more information and open themselves up for discussion on other mediums such as Twitter and LinkedIn. Relying upon a variety of web mediums helps companies to ensure that they not only maintain an online presence that may reach a broader demographic, but that they have the flexibility to be more creative with their various posts and the information they provide to customers.

The Lift Factor is the premier marketing resource and leader in the financial services industry, and applies its wide-ranging expertise to investment and annuity clients.