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Asset Preservation Advisors




City:Atlanta

State: GA



BIOGRAPHY:
APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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Changing for the Better

When it comes to their relationship with advisors, investors are more concerned about communication than they are about financial gain.

| BY Kent McDill


The good news for financial advisors with wealthy clients is that 11 percent of wealthy investors say they can think of no reason to change their financial advisor.

Of course, that means 89 percent have no problem thinking of reasons they would change their advisor.

Thanks to Spectrem’s quarterly Wealth Segmentation Series report on the relationship between investors and advisors, we know what those reasons are.

Advisor Relationships and Changing Advice Requirements is a comprehensive examination of the relationship between investors and advisors, and looks at three different wealth segments of investors. The wealthiest segment is the Ultra High Net Worth investors, with a net worth between $5 million and $25 million Not Including Primary Residence.

Asked to select any of a long list of reasons for changing financial advisors, 63 percent of UHNW investors said “not returning phone calls in a timely manner’ was a reason to make a switch. That was by far the most popular answer.

It is interesting from the standpoint of modern technology and communication to note that only 54 percent said “not returning emails in a timely manner” was a reason to switch advisors. So UHNW investors are less patient about phone calls than they are about emails, apparently.

Fifty percent of UHNW Investors want their advisor to be the one to make the call or send the email first. “Not being proactive in contacting me” was the selection of half of UHNW investors as a reason to go to another financial advisor.

Only one other reason garnered selection by close to 50 percent of the investors. “Not providing me with good ideas and advice’’ was selected by 49 percent of UHNW investors.

The other choices offered were selected by less than one third of UHNW investors, including “advisor is under-performing compared to the overall stock market (32 percent), “advisor doesn’t understand my risk tolerance” (32 percent), “advisor only talks about investments and not my overall financial situation (28 percent) and “losses over the last five years” (26 percent).

Sixty-two percent of UHNW investors said they would recommend their primary advisor to someone they know.    



About the Author


Kent McDill

kmcdill@spectrem.com

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 www.nba.com. 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.