A failure to communicate is the likeliest reason a Millionaire investor would have for changing their financial advisor, a Spectrem research has revealed.
In the study of investors with a net worth between US$1 million and US$5 million (Not Including Primary Residence), investors said that when it comes to maintain a relationship with an advisor, communications problems were more important to them than understanding risk tolerance, or offering sound ideas and advice.
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Nearly 63% of the respondents said that they would change financial advisors because their phone calls were not returned in a timely manner. Sixty percent cited a failure of their financial advisor to be pro-active in contacting them as their biggest pet peeve, while 50% said they would change financial advisors if their emails were not returned promptly.
To a query as to what do they consider to be an acceptable time frame for their advisor to return a phone call, nearly 32% millionaires who participated in survey said they will be satisfied they receive response from their advisor by the next day.
However, the young found to be more demanding as 32% of them said three-to-five hours is the acceptable time frame to have a phone call returned.
They are similarly exacting when it comes to their emails. Nearly 35% of respondents said they will be satisfied of their mail is returned by the next business day.
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By GlobalDataAmong those who believe one-to-two hours is the acceptable time frame for a financial advisor to return an email, respondents under 45 comprise the highest percentage (26% vs. 17% of respondents overall).
For a majority of Millionaires, it is important just to have their communication acknowledged. Nearly 57% said it is sufficient for someone in their financial advisor’s office to get back to them. Forty-three percent said they would wish to hold out for the advisor.
Again, respondents under 45 are the most demanding that they speak with their advisor personally (59%).
