How to Avoid Being Fired By A Client
Tuesday 10 May 2011
Research by the Spectrem Group clearly illustrates how important communication is to retain clients long term. Why the affluent and wealthy fire their advisors may surprise you.
- 73% said the most common reason for changing advisors is failure to return a phone call in a timely manner. How soon do you they expect you to return their call? The majority, 72% expect a return call within the same day and 40% with two hours.
- “Advisors who don’t respond promptly to their millionaire clients’ call are playing with fire”, said George Walper Jr., Spectrem’s president.
- The affluent and wealthy are less demanding with email responses. Only 56% expect their e-mail returned the same day and 8% within an hour. A little more that a third, 37% of respondents were satisfied with advisors responding to e-mail by the next day.
- Surprisingly, only 57% said they would fire an advisor for failing to provide good ideas or advice.
Spectrem surveyed 997 households with a net worth of $1 million to $5 million, not including their primary residence.
What is your communication plan to ensure clients are yours long term?
Are you so committed to it that it is given to clients in writing?
(Adapted from Family Wealth Report March 2011)