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How the Wealthy Communicate with Advisors

Less than one-quarter of all ultra-wealthy investors say they have texted their financial advisor.  

| BY Kent McDill

Thanks to modern technology, there are a myriad of ways to communicate with each other.

But wealthy investors tend to stick to the old-fashion methods.

Spectrem’s report on the attitudes and concerns of the wealthiest investors – 2014 $25 Million Plus Investor – looks at the way wealthy investors communicate with their financial advisors. While they are given the chance to consider all the possible options, they were asked to name the primary manner in which they communicate with advisors, and 45 percent said “in-person meetings’’ was their choice.

That was true across all age segments. The report, which examines responses from investors with a net worth of at least $25 million Not Including Primary Residence, segmented the respondents by age, but in the case of in-person meetings, all age segments (55 and under, 56-65, and 66 and older) had 45-46 percent of respondents prefer in-person meetings.

The next most popular choice was the telephone, preferred by 23 percent of all respondents, including 28 percent of the 56-65 crowd. Only 19 percent of the investors under the age of 56 chose the telephone as their primary communication method with advisors.

Sixteen percent of all respondents said they liked to use email, and that included 19 percent of the youngest segment of investors. Only 12 percent of the oldest segment preferred email as a manner of communication.

Only 7 percent said they communicate primary via the Postal Service, and 3 percent said they prefer texting. There was a small percentage who said they liked to use video messaging services like Skype or FaceTime.

While those were the primary choices for communication with advisors, there are other ways in which wealthy investors get in touch with their advisor. Twenty-three percent said they have texted their advisor in the past, and 11 percent have used Facebook to exchange information with their advisor. Eight percent said they have made contact through LinkedIn, and 3 percent have communicated with their advisor through Twitter.

The use of social media is growing among all investors, but 31 percent of the wealthiest investors say they do not use social media at all.


About the Author

Kent McDill

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.