How Fast Do You Want a Call Back?


Texting and cell phones have changed the game in terms of when it is reasonable for someone to return a phone call, email, or text.  Within 24 hours or by the next business day was the accepted response time for many years.  Constant access to phones changes how quickly clients are expecting to hear back from you.  Does this impact a company’s client satisfaction levels?  How accessible do clients expect their financial professional to be?

Just over half (54 percent) of investors feel that financial institutions should have live customer support, and that support should be 24 hours a day, 7 day a week, according to recent research from Spectrem Group.  Professionals, Senior Corporate Executives & Managers, and Gen X investors are the most likely to feel that way, while Baby Boomers, individuals in Information Technology, and Business Owners are less likely to feel it is needed.  If companies do not have that level of customer support, or if there is a lack of support, can that have a negative impact on customers needing information? 

Spectrem found that 74 percent of wealthy investors felt that a lack of customer support can have a devastating impact on customers needing information.  Interestingly, Millennials and Gen X investors are slightly less likely to feel this way, at 68 percent and 65 percent, respectively.  This might be due to age or that they have not needed as much information from their financial provider.  These generations are also very good at finding information out on their own vs Baby Boomers and WWII investors.

Those younger investors are also less likely to feel that a financial institution has an absolute obligation to answer their customer’s questions in a timely manner, with only 73 percent of Millennials and Gen X investors feeling this way.  This is in stark contrast to the 90 percent of Baby Boomers and 94 percent of WWII investors who feel there is an absolute obligation to answer customer questions timely.  As wealth increases, so does the feeling that financial institutions have an obligation to answer questions in a timely maner. 

Responsiveness and timely communication are obviously necessary to creating a quality relationship with clients.  Thirty-eight percent of investors expect a return phone call within 3 hours or less.  Forty five percent are comfortable with a return call in 1-2 business days.  Investors need to clearly communicate their response expectations so the advisor is able to properly meet expectations.