Young Millionaires’ proficiency with technology and pervasive use of social media gives them higher service expectations from their financial advisor.
More than half of Millionaires have a smartphone, according to new research by Spectrem’s Millionaire Corner. More than four-in-ten of younger millionaires, who are considered more tech-savvy than previous generations, plan to use their device to text their financial advisor.
Smartphone ownership has increased sharply among Millionaires. More than half (54 percent) of millionaires own a smartphone, up from 41 percent in 2011. Young Millionaires are taking the lead in using the mobile device to communicate with their advisor. Thirty-nine percent of Millionaire investors overall indicate they will communicate with their advisor via text on their smartphone, that percentage surges to 60 percent of young Millionaires under the age of 44.
In contrast, more than three-fourths of young Millionaires said they are not interested in communicating with their financial or investment advisor by Skype or other platform where you can talk and see them simultaneously.
The youngest Millionaires under the age of 35 are most likely than previous generations to use their smartphone to call their financial advisor (43 percent vs. 22 percent of Millionaire respondents overall). Similarly, they are six times more likely (24 percent vs. 4 percent) to use their smartphone to text their financial advisor on a weekly basis, and more than twice as much to use it to text their advisor monthly (24 percent vs. 10 percent).
Young Millionaires’ proficiency with technology and pervasive use of social media gives them higher service expectations from their financial advisor. Response time, even more than good ideas and advice is of paramount importance to Millionaire overall in regards to retaining their advisor. Half of the youngest Millionaires say they would change their advisors if their calls or emails were not promptly returned vs. 43 percent of reposndents between 45 and 64.
And what do these young Millionaires consider to be prompt? The surveyed youngest Millionaires, who have come of age in an era of instant communication, are most likely to expect a response between one and two hours (33 percent vs. 18 percent of respondents overall), according to Millionaire Corner research.
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.