Advisor satisfaction continues to climb among all wealth segments, with satisfaction among the wealthiest investors growing significantly, according to Spectrem’s quarterly research.
The research in its Wealth Segmentation Series – Relationships with Advisors – details the rise in satisfaction among all investors at all wealth levels, although there are significant statistical differences in the level of increase based primarily on age and level of wealth.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The research examined the relationships with advisors in three unique wealth segments: Mass Affluent (with a net worth of between US$100,000 to US$1 million Not Including Primary Residence), Millionaire (net worth between US$1 million and US$5 million NIPR) and Ultra High Net Worth (US$5 million to US$25 million NIPR).
Overall advisor satisfaction is highest among UHNW investors, and has reached 80%. That’s an increase of 7% over the 2013 satisfaction percentage.
Satisfaction among Millionaires barely moved from 72 to 73% among Millionaires, and increased from 69 to 72% among Mass Affluent investors.
While in some cases the year-to-year improvement is slight, the overall satisfaction from 2009 to 2013 has gone up more than 10%, from 61% to 72% among Mass Affluent investors, and from 72 to 80% among UHNW investors.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe wealthiest investors also report the greatest appreciation for advisor recommendations and advice over the past year, from 65% to 75%.
Asked whether they are more satisfied with their advisor than in the past, 38% of UHNW investors said yes, 31% of Millionaires agreed and 26% of Mass Affluent investors agreed.
The greatest level of satisfaction in terms of specific advisor performance is in responsiveness to requests. Seventy-eight percent of Mass Affluent investors, 79% of Millionaire investors and 84% of UHNW investors are satisfied with the responsiveness of their advisors.
Unique to that statistic is that the satisfaction among Millionaire investors is actually down 3% from the level it was at in 2009, when satisfaction about responsiveness was at 82%.
