An even more demanding 14% of millionaires want to hear from their adviser within the hour, according to Spectrem. Altogether, 72% of investors with a net worth of $1 million to $5 million, not including primary residence (NIPR), want to hear back from their adviser within 12 hours of their initial call. Not returning calls in a timely manner was the number one reason named for changing advisers (73%), followed by not providing good ideas and advice (57%).
Similar standards apply to e-mail. More than half (56%) of millionaires want their adviser to respond to e-mails within 12 hours. Nearly one in four (24%) expect a reply within 2 hours.
The Spectrem report “Millionaire Investor 2010” is based on a survey of 997 households with a net worth of $1 million to $5 million, not including primary residence (NIPR), conducted in November of 2010.