Eighty percent of UHNW investors – those with a net worth between US$5 million and $25 million not including primary residence – said they are satisfied with their financial advisors. This satisfaction rate tops that rate reported by less affluent Millionaires and non-Millionaire investors, the research report says.
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Seventy percent of millionaires with US$1 million to US$5 million said they are satisfied with their advisors, as are 57% of Mass Affluent investors – those with investable assets between US$100,000 and US$1 million.
According to the report, though UHNW investors express high levels of advisor satisfaction, they also see themselves a largely independent. One-third said they consult regularly with an advisor, but still make most of their own financial decisions, while 27% consult an advisor for help with specific life events, such as retirement planning.
Nearly one-fourth are entirely self-directed in financial matters, while only 16% are at the other end of the spectrum, describing themselves as advisor-dependent, the report revealed.
The report also found that wealthy clients place a high premium on prompt and proactive communication from their financial advisors. They rank the failure to return phone calls as their biggest peeve with advisors and say not returning phone calls in a timely manner is the biggest reason to leave an advisor.
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By GlobalDataUHNW investors are also likely to switch advisors who fail to give them good ideas and advice, the report cautioned.
