Administration March 8, 2011

Millionaires Hung Up on Quick Callbacks

March 8, 2011 (PLANSPONSOR.com) - When you have a lot of money, you expect a quick response from your financial adviser, according to a new survey.

 

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How much money?  Well, the survey covered millionaires.  How fast? Well, as it turns out a full 40% of those millionaires expect a callback within 2 hours, while 14% expect a return call within the hour according to “Millionaire Investor 2010,” a new report released 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.

Those millionaires apparently are willing to put their money where their mouth is; 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.

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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.

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.

Products March 8, 2011

National Investment Managers Sold to Stonehenge

March 8, 2011 (PLANSPONSOR.com) – National Investment Managers, a retirement plan administration and investment management company, has entered into a definitive agreement for the sale of the company to an entity owned and controlled by Stonehenge Opportunity Fund III.
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A news release said the deal price tag was $42.5 million in cash and is subject to working capital adjustments.  Completion of the sale is subject to certain terms and conditions, including shareholder approval. A special meeting of shareholders will be held on March 18, 2011 to vote on the transaction. 

As previously reported, the company has received voting agreements from holders of its Preferred and Common Stock sufficient to assure all required shareholder approvals of the sale to Stonehenge.

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National Investment Managers Inc. is a holding company and a consolidator of pension plan administration, investment management and insurance businesses.

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