People of all ages and demographics routinely turn to social media for advice and feedback on everything from appliances and service providers to dating, relationships and investments. Not to be left out, high net worth individuals are increasingly relying on social media for advice, even on issues as critical as wealth management.

As wealth transfers from Baby Boomers to more digitally savvy Gen X and Millenials, wealth management firms must leverage their social media presences to remain relevant. Done right, social media can also help these firms build their brands, speed client communications, deliver more personalized services and enable faster access to market-moving news. The infographic below details Gen X and Millenials' use of social media for wealth management and explores their social media perceptions and expectations of wealth management advisors. It also outlines advisors' use of social media and the challenges they face. Finally, it proposes an approach to build an effective social media strategy.

To learn more read our white paper Wealth Management: Traveling the Social Street to Influence Minds and Investment Decisions. Also visit Cognizant's banking and financial services practice for more insights.