Advisors: drop what you’re doing right now and call back that millionaire who just left you a voicemail.
That’s the advice to advisors from a new report showing that 40% of millionaires expect a callback within two hours—with 14% wanting to hear from their advisors within the hour.
Altogether, 72% of investors with a net worth of $1 million to $5 million, not including primary residence, want to hear back from their advisors within 12 hours of their initial call, according to “Millionaire Investor 2010,” a report released Tuesday by Spectrem Group, a Chicago-based consulting firm specializing in the affluent and retirement markets that has been studying investors for the past 20 years.
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,” said Spectrem President George H. Walper Jr. (left) in a statement. “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. It’s also a very simple one to address.”
Similar standards apply to e-mail. More than half, or 56%, of millionaires want their advisors to respond to e-mails within 12 hours. Nearly one in four, or 24%, expects a reply within two hours of pushing the "send" button.
Additional insights from the study are available on Spectrem’s newly launched website, Millionaire Corner.
Read about a Spectrem report on wealthy investors’ return to the stock market at AdvisorOne.com.