Do you or your firm have a policy about client call-backs? How long should it take you to call back a client? More importantly, how long do they expect to wait, and how does this affect a client’s loyalty? 

Most HNW investors consider themselves extremely loyal. Nearly a third claim they would rarely if ever switch firms. Only 5 percent claim they are not loyal and would regularly switch firms.

Returning phone calls promptly is the most important action advisors can take to develop loyalty. It is also important that advisors provide a contact person if he or she is not available. Indeed, Failure to return phone calls was the most common reason for HNW individuals to leave their financial services company.


Loyalty is developed in a number of ways, most of which are very simple, yet highly important. While investment returns, fees and expenses are critical, they are not the primary drivers of loyalty. Simply returning phone calls promptly is the most important thing advisors can do to develop loyalty. Advisors must also provide a contact if he or she is not available. When asked, in a recent Spectrem survey, what the HNW feel is an acceptable timeframe for a financial advisor to return their call, 36% answered one to three hours. Only 13% indicated that they should expect to wait more than 24 hours. Unfortunately, when asked how long they actually wait for a call back, 19% said more than 24 hours, and only 30% said one to three hours. Surprising were the number who said they typically received a call back without one hour (23%). This number shows an exceeding of the HNW expectations, which should be the goal of the advisor.

It is possible that the 19% who claim to wait 24 hours or more for a call back may just have the perception that is how long they wait. One delayed call-back can sour a client’s perception of that relationship, especially during these times of economic turmoil and anxiety. It’s true that during the work day, events can seem to conspire against advisors getting back to clients in a timely manner; meetings, minor office crises, projects, and other workday occurrences.

By setting reasonable expectations with your HNW clients, perhaps to call back within one hour during the business day and resolution of the issue within 24 hours and then exceeding them at every opportunity presented, the positive perception of your responsiveness will skyrocket. Coordinating phone and email coverage with colleagues and staff is essential support. All of these things will give the affluent the service they have come to expect everyday.

For more information: Communicating Effectively with Investors

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