 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.
Indeed, despite poor performance and complaints over fees, failure to return phone calls was the most common reason for wealthy individuals to leave their financial services company or advisor. When asked what investors feel is an acceptable timeframe for a financial advisor to return their call, 36% answered within 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.
Surprisingly only 23% said they typically received a call back within one hour. Other drivers of loyalty include emails, face-to-face meetings, and unprompted phone calls. But how much, how often? What would be too much? The HNW Investor would like to hear from their advisor, via phone call, about six times a year, or every other month.
, Spectrem asked HNW investors how many face-to-face meetings with their advisor per year they were interested in, they said at least three. On top of that contact, an email every other month, or roughly six times per year was also requested.
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High Net Worth Advisor Insights Newsletter April 2008
