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Featured Advisor

Srbo Radisavljevic
Managing Principal/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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How Financial Advisors Can Keep Their Millionaire Clients

A failure to communicate can cost financial advisors their Millionaire clients.

| BY Donald Liebenson

Millionaires, by and large, are satisfied with their financial advisor’s overall performance, their knowledge and expertise and their responsiveness, according to Spectrem’s Millionaire Corner research. Roughly six-in-ten (58 percent) has referred their advisor to someone they know, while 86 percent report that they will likely continue to use their primary advisor at the same level as in the past 12 months..

But financial advisors should not get too complacent. Millionaires will change advisors if they feel they are not getting the personal service they expect.

A new Spectrem’s Millionaire Corner wealth level study of households with a net worth between $1 million and $4.9 million (not including primary residence) finds that the surest way for financial advisors to keep their Millionaire clients is to promptly return their phone calls. Sixty-one percent of Millionaire respondents said that ignored phone calls are the primary reason they would change financial advisors.

What is the acceptable time frame for as advisor to return a phone call? The highest percentage of Millionaires (38 percent) is fine with the next day, while 19 percent will be expecting that phone call within 1-2 hours.

For more than half (53 percent), the deal-breaker would be their financial advisor’s failure to be proactive in contacting them, while 48 percent would be compelled to make an advisor change if theirs did not prove them with good ideas or advice.

Almost half (46 percent) would elect to change advisors if their emails were not promptly returned. Again, the next day is acceptable to 39 percent of Millionaire respondents, while 20 percent would expect to see a follow-up email within 3-5 hours.

Roughly one-third would make a change if their advisor…:

  • Does not understand my risk tolerance (31 percent)
  • Only talks about investments and not overall financial situation (32 percent)
  • Is under-performing compared to the overall stock market (36 percent)

One fourth (24 percent) would seek professional financial advice over losses incurred over the course of two years or five years, respectively.

Not surprisingly, these attitudes are most strongly felt among this Millionaire demographic with the most wealth ($3 million-$4.9 million)

About the Author

Donald Liebenson

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.