The Internet has revolutionized financial services delivery by providing a vehicle for both transactions and access to information that is cost effective for companies and convenient for investors. It has become a preferred delivery method for many investors, particularly younger affluent investors and those with larger incomes 

The majority of affluent investors have used the Internet for some type of financial transaction over the past 12 months, per a Spectrem Perspective The Affluent Investor and Use of Online Features. For those who used the Internet in the last 12 months, the average time spent online for all activities, not just financial, was just over 12 hours and only 25% spent more than 20 hours per week online. For those affluent who are not Internet users, not having a computer or being computer illiterate are the main reasons for not conducting financial business online, though some say the reason they stay away from the internet for financial transactions is that they rely on an advisor.

The affluent are flocking to financial websites more and more to get their financial information. While a large percentage of the affluent surveyed enjoy researching specific companies and reading articles and commentary on various financial topics online, they were not interested in financial calculators or online purchases of financial products like insurance. Accessing personal information was the most popular activity followed by equities or mutual fund research. Three-quarters of the affluent traded securities online and 56% of the affluent evaluated the capabilities of a financial services firm online.

Predictably, age is a huge determinant for online usage; the younger the investor, the more time they spend online, but those with higher incomes also show a greater interest. Younger affluent investors are more likely to view current balances and transactions, pay bills online or transfer funds to another institution.

Overall satisfaction with the online offerings of financial providers is satisfactory, but certainly not spectacular. Going forward, advisors should expect to see improvements made in this area by their financial institutions if they  are serious about attracting web-savvy, affluent investors. 

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