Europeans with significant investable assets expect to engage with finance brands through social media – both to improve their customer experience and to guide future decisions on products and investments. Mass Affluents, those with investable assets of between £65,000 and £650,000, are amongst the most active and engaged social media users – and see social platforms as an essential element in their relationships with financial institutions. In a groundbreaking study by LinkedIn and Cogent covering France, The Netherlands and the UK, more than 84% of the mass affluent audience in each country were active on social platforms; at least 40% engaged with financial companies, and at least 30% read content shared by those companies. In each country, mass affluent audiences opted for LinkedIn as their most trusted social media source for financial information, and the platform they are most likely to turn to for the content that matters to them. Information on new products and services, market commentary, service updates and general company information figured prominently amongst the most sought-after content from banks, credit card companies, insurance brands and brokers. When asked what they hoped to gain from engaging with such companies through social media, mass affluents pointed to improved customer service, greater transparency and timely, relevant content. Across all three countries, and all types of financial sectors, the information discovered and considered through social media is a key driver of immediate action amongst the mass affluent audience. Of those using social media for both discovery and consideration, 63% were driven to take action such as purchasing a product or opening an account. And the comments that Mass Affluents share have a vital role to play in amplifying awareness and engagement amongst their peers. Almost a quarter of those in the UK and over a third of those in France and The Netherlands read others comments on the content shared by financial companies.

1. UNITED KINGDOM
INFLUENCING
THE MASS AFFLUENT
Building relationships on social media

2. Executive Summary
Social media is becoming a central part of how consumers discover
and evaluate information. When Mass Affluents engage with financial
institutions, on a trusted social media platform, the outcomes are
more than just education and validation. This highly sought-after
audience is driven to action.
With a very large percentage of Mass Affluents using social media, it’s not
surprising that their expectations for financial institutions on social have
moved beyond having a presence. Their usage of social is becoming more
sophisticated and financial services companies’ need to address this by
surfacing relevant content and services on those channels.
Yet across the board, financial institutions are falling short in meeting the
expectations of this segment. In doing so, they risk missing a valuable
opportunity to attract and retain customers. By providing a more robust
understanding of Mass Affluents’ needs and preferences across all life stages,
this research uncovers key insights to help financial institutions maximise the
impact of social on trust, relationships, and ultimately, influence.
Objectives
In order to better understand these social trends, LinkedIn teamed up with
Cogent Research to study the value Mass Affluents derive from social media
use, particularly as it relates to financial education and decision-making.
The research also explores how financial institutions engage with this
audience relative to expectations, and looks to see if there are opportunities
to better leverage social media to build trust, relationships and influence.
1

3. 2
Key Findings

With widespread adoption of social media (84%), the Mass Affluents
use a range of social networks and tools: for professional purposes,
they most likely turn to LinkedIn.

Two-in-five of the 84% of UK based Mass Affluent social users are
engaging with financial institutions on social media. A third of them
engage with content shared by financial institutions on social media (32%).

Nearly two-in-five (36%) of all Mass Affluents globally use social media
for discovery or consideration of financial companies, products,
policies, or accounts. Among Mass Affluents who use social for both
purposes, nearly two-in-three (63%) take action as a result of what they
learn.

There are big gaps between what Mass Affluents expect and what they
actually receive from financial companies on social, particularly in
regard to new product/service information and thought leadership.

Among social platforms, LinkedIn is the most trusted social source to
provide Mass Affluents with financial content & information.

4. “Over 8 in 10 Mass
Affluents have used
social media in the
past year”
A Highly-Valued Segment
Mass Affluents are current investors with £65,000 to £650,000 in assets,
excluding the value of their homes.
Seeking content, support and decision-making tools in a trusted context
–Mass Affluents’ desired experience with financial institutions has moved
beyond the transaction. They are looking for relationships that are delivered
through multiple channels, dictated by them - the customer.
Overall Social Media Adoption
With widespread adoption of social media, Mass Affluents use a
range of networks and tools for varying purposes, both personal and
professional in nature.
Over eight-in-ten (84%) of Mass Affluents have used social media in the past
year. As to be expected, this usage is higher among those in earlier life stages
who are still accumulating wealth, but remains consistently high across all
asset ranges.
Overall, close to half of Mass Affluents use LinkedIn (44%), while 61% use
Facebook and 31% use Twitter. Of the Mass Affleunts that use social there is a
high level of trust in LinkedIn and its content, over and above other social
platforms. With a variety of platforms and tools at their disposal, Mass
Affluents aren’t just using social media for personal purposes; they’re using it
for professional purposes as well. When on LinkedIn Mass Affluents are
investing their time in three ways

1 in 2 use social to CONNECT with professionals.

1 in 4 use social to CONSUME professional content.

1 in 5 use social to CREATE professional content.
As far as time spent on Facebook, Mass Affluents primarily use the platform to
keep up with friends, family and former (or current classmates) and to post
personal updates.
3

5. 4
40%
26%
of Mass Affluent social media users engage with
financial companies
Review multi-media
content
from financial companies on
social media
31%
Read content
from financial companies on
social media
26%
Follow or like
financial companies on
social media
Social Engagement With Financial Institutions
When it comes to using social media for professional purposes,
Mass Affluents aren’t just making connections with other
professionals – they are often engaging with companies as well.
Forty percent engage with financial institutions on social media. This
engagement remains consistently high across asset ranges.
Mass Affluents aren’t passively consuming content from financial
companies, they’re actively engaging with it. One-in-four read comments
on content from financial services companies on social media (24%) and
/ or like and share content (15%).

6. Financial Research and Education on Social
Mass Affluents use social media as an educational resource for
financial information and are greatly influenced by, and act on,
what they learn.
Nearly two-in-five of all Mass Affluents turn to social media for financial
education or research (36%), whether learning about financial trends,
companies, products, or accounts (discovery), or seeking advice or further
information to evaluate what they’ve learned (consideration).
Importantly nearly two in three (63%) who use social for both discovery and
consideration take action as a result of what they learn, be it opening or
closing an account, or purchasing a new product or policy.
Financial companies are a key source of information on social media – in fact,
information learned on social about a company, product, policy, or account
most likely comes from company advertisements, sponsored content or
updates.
5
Among Mass Affluent who use social for BOTH discovery and
consideration, nearly two in three are driven to action.
21% 32%63%
DRIVEN TO ACTION
Open/close account or purchase product
ConsiderationDiscovery
Use social to stay
up-to-date on
financial trends or
companies
Use social to seek
advice or gather info
to make a financial
decision
Both
Global data
Info about financial product or accountInfo about financial company
50%
38%
29%
43%
68%
25%
32%
33%
An advertisement
Company sponsored content/updates
A member of my social network
An industry expert/executive
7% 10%A social "group" I'm a member of

7. “Approximately one in
five Mass Affluent
social media users
consider relevant
content the most
valuable result from
a financial company’s
social presence.”
6
1. Improved customer service
2. Relevant content
3. Timely updates
Top 3 most valuable results Mass Affluent receive from financial
institution's presence on social media:
Expectations and Outcomes
Financial institutions can impact relationships with Mass Affluents
through social media, but in order to do so, they must first
understand what content is most valuable to their audience.
To build relationships with the Mass Affluents, a social presence is most
important for banks and credit card companies. Nearly one-in-four
expect banks to have a current social presence, while one-in-five expects
credit card companies to do so. While the role is different, social media is
also very important for brokerages— close to one-in-five social media
users expect these organisations to have a presence on social media.
As to be expected, the type of valued content varies between banks,
credit card companies and brokerages. Mass Affluents consider
improved customer service the most valuable outcome of a bank or
credit card company’s presence on social media, whereas timely updates
are the most valued outcome of brokerages’ presence on social media.
Across all institution types the desire for relevant content is consistent:
approximately one-in-five Mass Affluent social media users consider
relevant content the most valuable result from a financial company’s
social presence:

8. Expectations Differ By Life Stage
The current life stage of Mass Affluent consumers – whether they are
accumulating wealth, within 10 years of retirement, or retired –
presents a critical distinction for financial institutions to consider.
Those in the wealth accumulation stage are the most likely to expect
financial institutions – brokerages, banks, and credit card companies –
to have a presence on social media. Moreover, these consumers
generally have more diverse perceptions of what is considered the
most valuable outcome of a social media presence.
On the other hand, those with 10 years of retirement are most likely
to value the relevancy of the content companies are distributing,
while retirees tend to place more importance on customer service.
Accumulating wealth:

More likely than those in any other life stage to value relevant content from
financial institutions, particularly brokerages, on social media.

Most likely to expect credit card companies to have a presence, and this
expectation decreases through retirement.
Within 10 years of retirement:

Especially likely to value timely updates from financial companies on social
media, due not only to proximity to retirement, but also the impact from the
financial crisis and concern that they will not have enough income for
retirement.

More likely than those in any other life stage to expect brokerages to have a
presence on social.
Retired:

Most likely to consider improved customer service the most valuable
outcome of a bank’s or brokerage’s social media presence. For credit card
companies, a consistently high number of Mass Affluent in each life stage
cite improved customer service as the most valuable outcome for credit
card companies using social.
7
% who consider relevant content the most valuable
result of a company’s social presence (by Life Stage):
% who consider improved service the most valuable
result of a company’s social presence (by Life Stage):
23%
21%
23%
19%
26%
22%
26%
Accumulating wealth Soon to retire (10 yrs) Retired
16%
17%
13%
15%
17%
29%
26%
35%
20%
25%
27%
Accumulating wealth Soon to retire (10 yrs) Retired
Bank Credit Card Brokerage Bank Credit Card Brokerage
Base: Social Media Users United Kingdom Base: Social Media Users United Kingdom

9. 8
Top 3 information wanted vs. received via financial companies
on social media.
Opportunities To Build Relationships and Drive
Influence
By understanding the needs of Mass Affluents, financial
institutions can lay the foundation for relationships through
relevant content and service in a trusted context – but in order to
drive influence, they must go beyond static engagement.
What content is most relevant to Mass Affluents on social? From
brokerages, banks, and credit cards, Mass Affluent audiences are looking
for new information on products and services. Expectations for
brokerages are slightly higher as they should also provide product
performance updates, market commentary and general company
information. In contrast, banks and credit card companies must look to
also deliver updates on account changes. That being said, across the
board, there are considerable gaps between the information consumers
expect and what they actually receive, representing a significant
opportunity for marketers.
Engagement and Expectations of the advised
Interestingly, advised Mass Affluents have a much greater desire for
interaction with content from brokerages on social media compared to
unadvised, perhaps indicative of a desire to interact with their advisors on
social as well.
Advised Mass Affluents are considerably more likely to expect
brokerages to be on social and more likely to perceive a brokerage as
"innovative," "a leader in the industry," or "on the cutting edge" if they
were active on social media. Additionally, advised investors desire a
wider range of contact from brokerages when on social.
Brokerage Bank Credit Card
Wanted Wanted Wanted
New product or services information
Base: Social Media Users United Kingdom
Gap to
received
Gap to
received
Gap to
received
46% -38 53% -41 41% -28
Product performance updates 41% -30
Updates on plan or account changes 31% -24 46% -36 38% -29
General company information 38% -29 32% -25 27% -20
Market and economic commentary 36% -30 26% -21 16% -13
Posts from industry expert/executive 24% -17 19% -15 12% -11
Updates on Company Social
Responsibility
16% -12 17% -12 14% -11
Thought leadership content 11% -10 10% -7 6% -5

10. Influence decision-making with group discussions
As to be expected, the various types of social engagement have differing
results on the influence social media can have on Mass Affluents financial
decision-making. Although direct communication, group discussions and
customer support all have similarly high levels of impact on influence, the
type of influence varies.
In order to fully capitalise on the opportunity to drive influence, financial
companies must first establish a healthy community of followers and leverage
social media to deliver service and support. Once this foundation is set,
financial institutions are most likely to drive higher influence on financial
decision-making through one-to-one communication and company-hosted
group discussions.
LinkedIn is the Most Trusted Social Media
With a number of opportunities to reach Mass Affluents with the information
they seek on social media, financial institutions must turn to relevant, trusted
channels to provide this information. When looking at relative trust levels of
financial information shared by companies, by experts and through articles on
a variety of social and traditional channels, LinkedIn is the only social network
to over-index, making it the most trusted social source for financial
information.
9
Trust Index of Channels for Financial Information:
71
93
131
105
0 100
Traditional sources for finance info
Trust Index is comprised of the following
attributes average scores equally weighted
and indexed to 100:
Social platforms: Trust of financial
information shared through an article on my
network, by a financial company or
institution, by a financial professional/expert
Traditional sources: Trust of financial
information from peers, friends and family
across non-social platforms (websites and
offline)
On LinkedIn, company posts are table stakes; engaging in
discussion drives higher influence
Build the Foundation with:

Company posts or content

Service or support
Accelerate influence with:

Group discussions hosted
by company

1:1 communication

11. 10
Methodology
This report is based on a study conducted in March 2013 by LinkedIn in
partnership with Cogent Research. A 15-minute online survey was
conducted among 421 individuals in the United Kingdom with between
£65,000 to and £650,000 in investable assets. This includes cash, savings,
mutual funds, stocks, bonds, retirement accounts, and all other types of
investments and real estate ventures, but excludes primary and
secondary residences and holiday homes. Readable base sizes were
targeted for key financial organization types – banks, credit card
companies, and brokerages. These individuals did not have to be social
media users to participate. Thus, results are meant to represent the
greater Mass Affluent population.
Conclusion
Financial services companies have an unprecedented opportunity to
move beyond static engagement and build brand equity by establishing
an interactive social presence that enhances their customers and
prospects’ financial decision-making. Brands that understand this, and
whose social presence reflects the context of the platform, stand to make
significant gains with Mass Affluents in all three life stages.
While this paper concentrates on the specific implications for the United
Kingdom, the key takeaway for financial marketers is consistent across
the globe: Simply having a presence on social channels and providing
information sought by Mass Affluents is only the first step towards
impacting financial decisions. To really drive influence and engender
long-term relationships, marketers must engage this audience with
relevant discussion and direct communication on social. Those who do
so successfully will pave the way for rewarding relationships.
Social Media Best Practices for Marketers
About the Authors
Emily Friedman is a Research
Consultant at LinkedIn, where she
leads global primary audience
and industry research for the
Marketing Solutions business. Her
experience includes extensive
qualitative and quantitative
research and analysis covering a
broad range of industries,
including financial services,
consumer and
business-to-business technology,
education, and travel.
A senior project director at
Cogent Research, Christopher
Savio has eight years of
experience conducting market
research in the financial services
field. His experience includes
quantitative and qualitative
research techniques, and has
spanned a broad segment of the
financial services industry,
including the advisor and investor
universes, retirement services,
and retail and institutional asset
management.

Mindset matters - Understand the mindset of your customer
on different social platforms and align your campaigns to the
context that best fits with your marketing objectives.

Relevance is key - Develop content that is relevant to Mass
Affluents by life stage and by sector, and deliver it in a timely
fashion—which improves the value exchange and the
likelihood that your messages are shared.

Mass Affluents that are still accumulating wealth are most
likely to expect financial companies to be on social media

Mass Affluents within 10 years of retiring most value
relevant, transparent content

Mass Affluents who have retired are would value customer
service and support on social

Discussion drives influence - Status updates and company
posts are table stakes on social. To drive higher influence and
trust, engage the Mass Affluent through group discussions
and direct communication.

Highlight new products - insights on new products or service
is the most desired information on social media across bank,
credit card, and brokerage institutions.

12. Influence the Mass Affluent
To learn more about building relationships on LinkedIn, visit:
emea.marketing.linkedin.com
Copyright © 2013 LinkedIn Corporation. LinkedIn, the LinkedIn logo, and InMail, are registered trademarks of LinkedIn Corporation in
the United States and/or other countries. All other brands and names are the property of their respective owners. All rights reserved.