Thank you for your response. As I understand it, the older Bluetooth chip in the iMac is the source of my problem, which - as you have correctly stated - is a definitely a hardware issue. But could this shortcoming could be overcome with the addition of a USB Bluetooth dongle? The article I referred to in my original post can be found here (with other links contained therein):
http://www.macworld.co.uk/how-to/mac-software/get-continuity-handoff-airdrop-on- old-mac-3582632/
This suggests a minor patch will enable Continuity on an older mac (like mine) by using the dongle to handle Bluetooth 4.0 communications with iOS devices. I know nothing about OS X, and would be very reluctant to execute this hack for fear I might do more harm (inadvertently) than good. I have not been able to find anything in the Apple tech literature to suggest that they are aware of this problem, or that they intend to do anything about it. Since AirDrop works fine between my various Macs (via wifi), I am still at a loss why my iOS devices won't default to a wifi connection with my iMac when a Bluetooth connection cannot be made due to chip incompatibility.
If the suggestions in the MacWorld UK article are correct, I am at a loss as to why Apple hasn't addressed this compatibility issue and provided a "fix" in one of the El Capitan updates. Maybe there is a marketing angle to this, with Apple preferring to incentivise the replacement of my otherwise serviceable and reliable mid-2010 iMac with a newer model?