Reach Gen Y investors with social media

According to the report, usage of social media by gender, affluence level, generation and advisor break down as follows:

Gender

• 38 percent (men)
• 28 percent (women)

Affluence level

• 34 percent (emerging affluent)
• 34 percent (affluent & high net worth)

Generation

• 70 percent (Gen Y)
• 44 percent (Gen X)
• 25 percent (Baby Boomer or earlier)

Advisor use

• 34 percent (advised)
• 33 percent (not advised)

The report observes that top financial firms are marketing to investors through a variety of advertising methods, with a particular focus on television spots. However, the effectiveness of different ad types varies significantly.

"Gen Y investors are the most prone to take actions based on ad recall," the report states. "These younger investors are more likely to conduct additional research, visit a firm's website and call the firm directly as a result of seeing the ad.

"Not surprisingly, few investors report investing money with a firm after seeing an advertisement, suggesting that building brand engagement occurs with a mix of push and pull strategies, including email, website visits, speaking to company representatives, reviewing educational materials and financial advisor recommendations," the report adds. "Older generations in particular require more direct outreach in order to positively influence their purchasing behavior."