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The Economy and the Political Climate are tied as the two issues that are the most serious threats to the affluent achieving their financial goals. These issues have been a thorn in the side of the affluent for the past year. Considering the current climate, both economically and politically, these perceptions are unlikely to change in the near future.
Returning phone calls promptly is the most important action advisors can take to develop loyalty with affluent clients. It is also important to investors that advisors provide a contact person if he or she is not available.
Fewer than 40% of investors felt their advisor performed well or did a good job helping them through the economic crisis of 2008. In research conducted in May and June of 2009, Spectrem found that the HNW investor has the same unhappy level of satisfaction with their advisors six months later.
There is a large degree of distrust and anger towards financial institutions as a whole and a great deal of resentment towards those that have paid out large bonuses after receiving government money. Business owners take this personally; more so because they are managing their business in a much more ethical manor yet they are feeling the repercussions of those that are not.
High Net Worth Advisor Insights Newsletter April 2008
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