The latest survey findings from The PNC Financial Services Group stated the obvious: if consumers wish to take control of their own finances, they must take advantage of the online and mobile tools which are provided by their financial institution. There is also the need of taking the professional expertise of the career investment adviser.
The survey by PNC revealed that successful savers who enjoy highest median estimated household income are also the most digitally savvy. They are found to spend an average of three hours and 42 minutes every week on reviewing online financial information and finances. Among the 45 percent of the respondents who identified themselves as extremely connected, nearly 50 percent go through financial headlines every morning and a considerable number of them have downloaded a mobile app which links to the investment accounts.
According to Rich Ramassani, CFP director, PNC Investments, the digitally connected investors are generally better informed. This factor contributes to their financial success. It also helps them to plan for the future. Citing an example, he said that these people in all probability have knowledge about fiduciary standards applicable investment advisers. Information they process provides them an undeniable advantage when they save money and also invest for retirement.
The survey by PNC shows that almost six in 10 of such connected investors take the expert advice advantage from a preferred financial adviser. The survey findings also show that about two-thirds of the investors seek contact with their preferred financial adviser. These especially holds true in the case of an economic downturn or during other unpredictable periods. It is seen that 22 percent of those investors actually sought a call with advisers during the time of economic doldrums. Their main topic of discussion during those troubled times was the issue of economic volatility. A few even sees such hardships as an window of opportunity to make money.
If Ramassini is to be believed, making changes in portfolio during market volatile periods continues to be principal source of regret among the investors. A financial advisor, in such trying times, an fulfill the function of support and helps to avoid the spectra of panic buying or selling. When it comes to matters of successful saving, information specifically gained through a mix of expert advice and digital resources can be extremely effective. Mobile banking apps are the most mentioned when it comes to connecting their investment accounts.