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Ed Meek
CEO/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, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Millionaire Mindset: Service from Financial Advisor Comes First

Prompt response trumps advice and portfolio performance

| BY Donald Liebenson

The Millionaire mindset toward financial advisors is simple: Call me. Response time, even more than good ideas and advice is of paramount importance to Millionaire in regards to retaining their advisor, according to a third quarter Millionaire Corner wealth level study of households with a net worth between $1 million and $4,9 million.

The wealthiest of these households are the most demanding of the highest quality personal service. Almost two-thirds of Millionaire investors with a net worth between $3 million and $4.9 million said that not returning phone calls in a timely manner would be the chief reason why they changed financial advisors.

Fifty-seven percent of the wealthiest in this income segment would change financial advisors if he or she was not proactive in contacting then. This is a grievance for 49 percent of Millionaires overall.

In comparison, 53 percent of these Millionaires would leave their financial advisor if he or she did not provide them with good advice, while 39 percent would switch because of long-term (over one year) losses to their portfolio.

The Millionaire mindset is almost as exacting pertaining to emails. Almost half (49 percent) of the $3 million-$4.9 million group said they would change financial advisors if their emails were not returned in a timely manner.

What constitutes “timely?” For more than one-third (38 percent) of these Millionaires, it constitutes the next business day. Twenty-one percent (vs. 18 percent overall) want their phone calls returned within 3-5 hours. Those with a net worth between $1 million and $1.9 million are even more demanding: Twenty-four percent want their calls returned within two hours.

When it comes to email, the Millionaire mindset for 45 percent of those with $3 million-$4.9 million is that the next business day is also a satisfactory response.

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.