The youngest Millionaires have more demanding expectations when it comes to having their phone calls and emails returned.
More than investment losses, more than a failure to appreciate risk tolerance, more than not offering sound ideas and advice, it is a perceived failure to communicate that would compel Millionaire investors to change their financial advisor.
Nearly two-thirds of Millionaires (63 percent) surveyed by Spectrem’s Millionaire Corner said that they would change financial advisors because their phone calls were not returned in a timely manner. Sixty percent cite a failure of their financial advisor to be pro-active in contacting them as their biggest pet peeve, while half said they would change financial advisors if their emails were not returned promptly.
What do Millionaires consider to be an acceptable time frame for their advisor to return a phone call? Nearly one-third (32 percent) are content with hearing from their advisor by the next day. The youngest Millionaires have more demanding expectations. Thirty-two percent believe that 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. Thirty-five percent of Millionaires are satisfied to have them returned by the next business day. Among those who believe one-to-two hours is the acceptable time frame for a financial advisor to return an email, Millionaires under 45 comprise the highest percentage (26 percent vs. 17 percent of Millionaires overall).
This is not surprising. Young people are generally more tech-savvy and wired for the instant-gratification that mobile technology offers.
For a majority of Millionaires, it is important just to have their communication acknowledged. Nearly six-in-ten (57 percent) 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. Millionaires under 45 are the most demanding that they speak with their advisor personally (59 percent).
Generally speaking, the highest percent of Millionaires (41 percent) report that they hear from their financial advisors on a quarterly basis, while about one-fourth say they hear from their advisor monthly. This is consistent with the expectations of the Millionaires surveyed.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.