The old standard of “returning the call by the end of the day” is outdated and no longer appropriate in the world of totally tuned in and turned on investors. In fact, while investors with less wealth are more accepting of slow responses, those with more wealth have greater expectations of their financial providers.
In recent Spectrem research, it was found that more than a third of households with more than $5 million of net worth, the Ultra High Net Worth (UHNW), expect a return call with 2 hours. Thirty eight percent are content with a return call within 3 to 5 hours. Only 32 percent would be satisfied with a call returned by the next day.
Similarly, more than two thirds of UHNW investors expect an answer to their emails within the same day, with 30 percent expecting a returned email within 2 hours. Households in the Mass Affluent segment, those with $100,000 to $1,000,000 of net worth are more forgiving. Almost half (46 percent) will be happy with a return call the next day but only 39 percent will be happy with a return email the next day.
It is important for financial advisors and providers to adopt internal standards that monitor and benchmark when clients receive responses to their questions. These standards should be included in compensation and bonus discussions. The number one reason for investors to fire their financial provider remains failure to be responsive.
If you are interested in more information about these wealth segments, please refer to Spectrem’s Affluent Market Insights by clicking here