Email and social media may be great ways to stay plugged into your mass affluent clients' workaday schedules, but where the high-net-worth crowd is concerned, you'd still better pick up the phone ... or else.
Spectrem's latest millionaire survey reveals a crucial insight into the preferred HNW communication style: If an advisor doesn't call back in 12 or even 2 hours, the big client or prospect will be disappointed, and 73% will even seriously consider switching advisors.
In fact, timely call return is the top reason the millionaires Spectrem surveyed make the switch. Sagging investment performance, a lack of ideas and other factors that advisors themselves worry about came much lower on the list.
Email response time is also crucial, but remarkably the HNW crowd are a bit more lenient here. Only 24% expect their messages replied to in under 120 minutes, whereas 40% are waiting for that return call in that amount of time.
Communication. Results and investment ideas are great, but in this wired age, many of your best clients can get all the ideas they need online. What they want from advisors seems to be availability, responsiveness and communication.