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Asset Preservation Advisors


State: GA

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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Financial Advisors Taking Care of Business

Financial advisors need to take it up a notch if they want to satisfy millionaire business owners. 

| BY Donald Liebenson

At least three-fourths of Millionaires use a professional advisor. Are these advisors getting the job done? Spectrem Group's newest wealth segment study of households with a net worth between $1 million and $5 million (not including primary residence) finds that across all occupation levels, the answer is a reserved yes.

In addition to analyzing Millionaire investors by age, wealth level and advisor-dependency, our research also examines Millionaire households by different occupations, including professionals (such as doctors and lawyers), senior corporate executives and business owners.

Advisor Relationships and Changing Advice Requirements finds that overall, roughly three-fourths of Millionaire professionals and business owners indicate they are satisfied overall with their advisor. This overall satisfaction is lagging somewhat with senior corporate executives, 68 percent of whom say they are satisfied with their advisor.

(Click here to preview the report)

Which aspects of their financial advisor’s performance are these occupation segments satisfied with?  These elite investors have high expectations of service, particularly when it comes to having their requests and inquiries responded to. On this point, professional and senior corporate executives are the most satisfied with their advisor’s service (86 percent and 84 percent, respectively, compared with 82 percent of surveyed Millionaires overall). Financial advisors might want to jump on the incoming calls or emails from clients who are business owners, who indicated the least amount of satisfaction with their advisor’s responsiveness (74 percent).

At least seven-in-ten report they are satisfied with their advisor’s knowledge and expertise. Business owners again may be more demanding of their cohorts. Seventy-one percent reports being satisfied with these facets of their advisor’s performance, compared with 84 percent of senior corporate executives and 86 percent of professionals.

And then there’s performance. Financial advisors need to take it up a notch, the Spectrem Group study finds. Millionaire business owners yet again were most likely to report the least satisfaction with their advisor’s performance (61 percent), compared with 65 percent of senior corporate executives and two-thirds of professionals.

Among Ultra High Net Worth investors with a net worth between $5 million and $25 million (NIPR), senior corporate executives indicate higher satisfaction with their advisors than do their cohorts. Eighty-six percent indicate they are satisfied with their advisors overall, compared with 82 percent of professionals and three-fourths of business owners. Similarly, just over nine-in-ten (93 percent) express satisfaction with their advisor’s responsiveness to requests vs. 87 percent of professionals and 79 percent of business owners. When it comes to their advisor’s performance, three-fourths of senior corporate executives indicate satisfaction, as opposed to 70 percent of professionals and two-thirds of business owners. As with the Millionaire investors, this occupation segment seems to be the most challenging to please.

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. 




Posted by: Holborn - Tuesday, October 27, 2015 9:05 AM
I am very satisfy with this line, "Financial advisors need to take it up a notch if they want to satisfy millionaire business owners. "

Posted by: Holborn Assets - Monday, November 02, 2015 9:20 AM
It is true, it is too difficult to make business owners understand who are millionaires. Holborn Assets is also trying to explain things to clients but it is successful till now.