CHICAGO, IL--(Marketwire - March 8, 2011) - When millionaires call, their financial advisors had better get back to them... fast.
How fast? A full 40% of millionaires expect a callback within 2 hours -- with 14% wanting to hear from their advisors within the hour -- according to "Millionaire Investor 2010," a new report released today by Spectrem Group. Altogether, 72% of investors with a net worth of $1 million to $5 million, not including primary residence (NIPR), want to hear back from their advisors within 12 hours of their initial call.
Not returning calls in a timely manner ranked as the No. 1 reason for changing advisors, cited by 73% of millionaires. In contrast, 57% said not providing good ideas and advice was a key reason for changing advisors.
"Advisors who don't respond promptly to their millionaire clients' calls are playing with fire. Nearly three-quarters of millionaire clients expect to hear back within 12 hours of placing a call to their financial advisor, making it a big mistake to wait until the following day. Indeed, slow callbacks rank as the No. 1 reason millionaires switch advisors. Importantly, it's also a very simple one to address," says George H. Walper, Jr., President of Spectrem Group.
Similar standards apply to email. More than half (56%) of millionaires want their advisors to respond to emails within 12 hours. Nearly one in four (24%) expect a reply within 2 hours of pushing the "send" button.
Additional insights from the study are available on Spectrem's newly launched Spectrem's Millionaire Corner website (www.millionairecorner.com). They include:
The Spectrem report "Millionaire Investor 2010" is based on a survey of 997 households with a net worth of $1 million to $5 million, not including primary residence (NIPR), conducted in November of 2010. Its data have a margin of error of plus or minus 3 percentage points.
About Spectrem's Millionaire Corner
Spectrem's Millionaire Corner website (www.millionairecorner.com) is a powerful source for up-to-the-minute news and information for investors, about investors designed to fuel financial growth. It incorporates Spectrem Group research as well as outside information. In the future, the site will offer financial advisor referrals.
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets, integrating proprietary research with expertise in building business, marketing and M&A strategies. Its professionals have held senior management positions at leading global companies.
Contact Information:
Contact:
Sharon Bially
(774) 270-1293
sharon@farrellkramer.com