Will Mobile Phones Become The Family Office of Choice?

While the concept of a 'virtual & mobile' family-office might still be in the conceptual stages, today's mobile technology is proving itself to be an effective tool for creators and builders of wealth. 

In her article for the Campden Wealth entitled, The Wealthy? You'll Find Them On The Internet, Giulia Cambieri summarizes some very compelling facts taken from a study by wealth management firm SEI, Standard Chartered Private Bank and research company Scorpio Partnership, which surveyed
more than 3,400 individuals with an average net worth of $1.9 million (€1.47 million). 

---

From the study entitled The Futurewealth Report: The digital world of the Futurewealthy, she reports the following: 

1. That 56% of respondents believed technology contributed to their ability to create wealth – mainly by making communication easier and facilitating networking, but also by providing more business opportunities thanks to e-commerce and marketing. The figure increased to 76% for the richest individuals in the sample, those with assets of more than $4 million.
   
2. With 77% of respondents – and 92% of the richest – saying the internet would help them create wealth in the next five years, this trend is expected to continue in the future.
3. The wealthiest individuals in the sample had on average four digital devices – computers, tablets or smartphones – and spent more than 48 hours every week online, 13 more than the remaining respondents. They also spent more money on the internet, with an average of $15,400, compared with $5,700 for the rest of the sample.
4. More than six in 10 respondents thought that online networking was important to wealth creation, and many already used social media to communicate with other wealthy individuals. Seventy-one percent of respondents had a Facebook profile and 31% used LinkedIn. 
5. The study also found that there were differences in the way the rich engaged with technology in Asia and in the west. Wealthy Asian individuals were more active on new media than their western counterparts, spending up to one and a half hours longer online every day.
6. Seventy-two percent of Asia’s wealthy used apps to manage their banking and financial activities, compared to only 46% of western high net worth individuals.

What I find most compelling and supportive of my personal beliefs is her quote from Al Chiaradonna, senior vice-president of SEI's Global Wealth Serivces: “With the rise of a tech-savvy wealthy segment, businesses – especially wealth management firms, banks and other high-end service providers – need to adapt to the increasing demands for and expectations of digital expertise,” he said in a statement. “[They] need to have the most up-to-date technology platforms and infrastructure.” 

Clearly, the study suggests that financial services providers should use technology to better connect, engage and interact with their wealthiest clients. However, if what the Wall Street Daily projects is true that, "The number of people using their mobile devices as the only way to access the internet is expected to increase 56-fold from 14 million in 2010 to 788 million by the end of 2015" , then anyone whether in business, providing professional advice, operating a nonprofit, or tending a congregation would be well served to integrate a mobile and social media platform to connect, engage and interact with their existing and potential clients, customers, patients, donars, or investors; otherwise they are losing them to their competitors who are 'mobile ready'. 

Given today's "Mobile Revolution", and social media giving rise to the concepts of  "social-influence" monetization and "reputation capital",  it is imperative for anyone in business to integrate mobile and social solutions into their marketing strategies and reputation-risk management. After all, an effective mobile-social strategy is more engaging and less costly than traditional marketing methods; and, a well crafted system works 24/7!

Click on image to learn more about the "Mobile Revolution"

---