The Surprising Place Wealthy People Get Financial Advice

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Many rich investors who work with financial advisers use social media to stay informed about the markets, according to data of exchange trade company Global X Funds. The company carried out a survey among over 1,000 investors, all of whom invested at least $100,000. Over half of those who work with advisers said they use mobile applications every week to learn about the markets, compared to a third of those who invest on their own.

And almost two-thirds of those with advisers use Amazon Alexa, Google Home or other smart home devices to ask questions about the market.

Professional advice and social media: What is the connection?

According to Jay Jacobs, director of research at Global X, investors who have a financial adviser are more likely to adopt new innovations earlier. Some investors with advisers like to delegate them all tasks and responsibilities, but others would rather do their own research according to Rachel Podnos, an attorney and financial adviser based in Washington, D.C. She says many of them have a lot of investment experience already, including negative experiences with poor investment decisions.

Investors who used technology, however, weren’t necessarily more prone to invest in it. Although 90% of the investors surveyed reported using technology frequently, just under 75% reported investing in that sector. And just over a quarter reported investing in social media companies.

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