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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.
Reported by Nevin E. Adams
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.
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.