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Featured Advisor

Srbo Radisavljevic
Managing Principal/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, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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Millennials vs. Gen Xers on Advisor Satisfaction

Millionaires’ satisfaction with their financial advisors has yet to rebound to levels reached before the 2007-2009 recession, but it is on the rise. 

| BY Donald Liebenson

Millionaires’ satisfaction with their financial advisors has yet to rebound to levels reached before the 2007-2009 recession, the worst economic crisis the country has faced since the Great Depression, but it is on the rise. Seventy-six percent of Millionaires express overall satisfaction with their advisor, up from 74 percent in 2014 and 70 percent in 2009, according to a Spectrem Group wealth market study of households with a net worth between $1 million and $5 million (not including primary residence).

Millionaires put a high premium on financial knowledge. Three-fourths consider the primary of benefit of working with an advisor to be that it improves their knowledge of investing, followed by having access to a wider range of investment opportunities, improving their investment returns and peace of mind, Spectrem Group research finds. Are financial advisors delivering? Among Millionaires, which generation is more demanding about performance and service; Millennials or Gen Xers?

Advisor Relationships and Changing Advice Requirements does find a generational divide in overall satisfaction with their advisors, with six-in-ten Gen Xers (roughly ages 35-50) expressing overall satisfaction vs. 53 percent of Millennials. (ages 18-34)

It’s a different story when these age demographics consider various aspects of their advisor’s service and performance. Millennials are apt than their Generation X counterparts to indicate satisfaction with their advisor’s responsiveness, knowledge and performance.

When it comes to responsiveness, both age groups consider 24 hours to be an acceptable time frame to get back to them by telephone or email. Financial advisors may be dropping the ball with their Gen X clients, as Millennials are much more likely to indicate satisfaction with their advisor’s responsiveness, 74 percent vs. 60 percent.

And then there’s performance. We find that financial advisors need to take it up a notch. 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.

Their advisor’s knowledge and expertise, too, are held in higher regard by Millennials than Gen Xers (74 percent vs. 63 percent), but on the question of performance, both age groups express near-equal satisfaction (63 percent of Millennials compared with 60 percent of Gen Xers).

But Millennial Millionaires are more likely than Gen Xers to state they are currently more satisfied with their advisor than they have been in the past (42 percent vs. 29 percent).

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.