Financial advisors appear to be embracing what has become, just in the last few years, a must-have tool for business and pleasure: the smartphone.
A survey of more than 1,400 readers of Financial Advisor magazine shows that 85 percent of respondents own smartphones and use them for a wide variety of functions. That compares to 56 percent of all U.S. adults who have smartphones, said a survey released in June by the Pew Internet & American Life Project. The Pew survey also found that dominant majorities of higher-income consumers -- those making $75,000 or more -- own smartphones: 87 percent from age 30 to 49 and 72 percent from 50 to 64.
In many cases, how our advisor readers use their smartphones mirrors how they use their personal computers, although they still use their PCs more often for most functions. Two of the widest gaps are when it comes to shopping or checking bank and brokerage accounts. Nearly 70 percent of reader respondents shop on their PC, but only 27.6 percent of readers with smartphones use them to buy something. More than 85 percent view bank and brokerage accounts on their PCs, but only 40 percent with smartphones use them for that purpose.
But there are some functions where smartphones win out, and they include getting directions, listening to music, playing games, getting alerts and using instant messaging. And one thing readers are not doing much of is using Skype or Facetime on either their smartphones or PCs -- only 21.8 percent in both cases.
What follows is how our readers said they use their smartphones, from the least frequent use to the most frequent use -- that is, not including phone calls!
15. To shop: 27.6 Percent
