Generation X Millionaire males want to be contacted on a regular basis and want some advance notice on investment ideas, a Spectrem study shows.
The Spectrem Ezine Baby Boomer vs. Gen X lists a dozen reasons investors might have to change their advisor, and in most cases, Gen X investors are above average in their willingness to go with a different advisor.
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For instance, while 32% of all investors believe it is reasonable to change an advisor who does not understand the investor’s risk tolerance, 45% of Gen X Millionaire males say that is a reason to fire an advisor.
Sixty percent of Gen X Millionaire males say they would change an advisor if the advisor is "not proactive in contacting me", "not providing me with good ideas and advice", and "not returning phone calls in a timely manner."
While 26% of all investors believe losses over a span of two years is a reason to change an advisor, 38% of Gen X Millionaire males think that is a reason to make a move. Losses over a span of five years is a reason for 36% of Gen X Millionaire males while 25% of all investors believe that is a reason to let an advisor go.
Gen X Millionaire women, on the other hand, are far less likely than the average investor to find reason to fire an advisor. While 57% of all investors believe "not being proactive in contacting me" is a reason to fire their advisor, only 50% of Gen X Millionaire women agree.
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By GlobalDataLikewise, while 63% of all investors say "not returning phone calls in a timely manner" is a reason to let an advisor go, only 50% of Gen X Millionaire women believe that is a significant factor.
In the case of advisors changing firms, Gen X Millionaire women and men go in different directions from the average investor. Twenty-one percent of Gen X Millionaire men say that is a reason to change advisors, while only 13% of the average and only 5% of Gen X Millionaire women believe a change of firms requires a change of advisor.
Baby Boomers Millionaires are far more likely to fall along the average when it comes to changing advisors, but Baby Boomer Millionaire women do have a couple of specific complaints.
While 32% of all investors say "advisor doesn’t understand my risk tolerance” is a reason to let the advisor go, 39% of Baby Boomer women are so inclined.
Although 18% of all investors say that an advisor should be fired if he or she only speaks to the spouse, 23% of Baby Boomer women admit that behavior requires a change in advisor.
