August 5, 2015 Fact of the Day: Why do Millennials leave their advisors?
DID YOU KNOW THAT THE PRIMARY COMPLAINT MILLENNIALS HAVE REGARDING THEIR FINANCIAL ADVISORS IS “NOT RETURNING PHONE CALLS IN A TIMELY MANNER”?
In research just completed by Spectrem Group, it was found that the biggest reason Millennials with less than $1 million changed advisors was because their advisor did not return phone calls at 64 percent. Those Millennials with more than $1 million complained about lack of return phone calls at only 38 percent. In fact, their biggest complaint was that their advisors were not proactive in contacting them at 50 percent.
The performance of the advisor compared to the stock market was only a reason to be fired by 32 percent of Millennials with less than $1 million and 25 percent of Millennials with more than $1 million.
To learn more about why investors switch advisors, click here or contact Randy Wostratzky at firstname.lastname@example.org or 224-544-5195