Most MIllionaires still prefer the telephone or in-person meetings over texting and social media to communicate with their advisor.
There are so many ways to communicate with one another these days, it’s nearly impossible not to get a message sent and delivered when necessary.
When it comes to Millionaires communicating with their financial advisors, the methods are different and the frequency is different, but the messages are getting through.
Spectrem’s newest study, Using Social Media and Mobile Technology in Financial Decisions, looks at communication for three different wealth segments, including Millionaires, who have a net worth between $1 million and $5 million, not including primary residence.
Of that group, the largest percentage prefer to use the telephone to communicate with their advisor, but that percentage is less than 50 percent. For instance, 46 percent of those with a net worth between $3 million and $5 million prefer the telephone, while 41 percent of those with $1 million to $3 million prefer the phone.
Most of the Millionaires who do not prefer the telephone prefer in-person communication, including 36 percent of investors with a net worth between $1 million and $3 million and 29 percent of those with $3 million to $5 million.
There is a sizable percentage of Millionaires who prefer e-mail communication. The range is between 19 and 22 percent based on total net worth. There are also a very small percentage of Millionaires who prefer to communicate using text messaging.
More than half of all Millionaires communicate with their advisor less than monthly (27 percent say they never communicate with their advisor). Sixteen percent report monthly communication and 4 percent talk to their advisor on a weekly basis.
Ten percent of Millionaires prefer to use social media such as Facebook and Twitter for communication purposes more so than traditional channels such as a telephone. But only 3 percent say they would chose a financial advisor based on that advisor’s use of social media sits such as Facebook or LinkedIn to communicate with their client.
A total of 19 percent of Millionaires have texted their advisor. Meanwhile, almost 40 percent of Millionaires would be willing to vide-chat with their advisor on their tablet or e-reader using programs such as Skype or FaceTime.
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.