Advisors who want to cultivate the business of the newest generation of workers would be well-advised to pick up the phone, according to a new research report.
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, which was cited by 64% of respondents.
That wasn’t the case for wealthier Millennials. Only 38% of those with more than $1 million complained about lack of return phone calls. For this group, it wasn’t about responding to their calls, it was about proactively reaching out to them, an issue for 50%.
Other reasons for changing advisors cited were:
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