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“Wealthier Clients Demand More Communications”

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 Wealthier Clients Demand More Communication
Donald Jay Korn Tuesday, January 15, 2013

The more wealth a client has, the more time they spend communicating–and that includes communications with their financial advisors.

 “Their finances are more complex so they need more attention,” Wealthier clients spend more than half their communications time digitally, using email, web portals, social networking, SMS, instant messaging and VOIP calls. 

  • While all the respondents spend 30.5 hours a week on some form of communication, that time rises from one wealth level to the next
  • Those worth less than $500,000 spend 25 hours a week communicating with others
  • those worth more than $4 million spend 43 a hours a week: over six hours per day
  • the wealthiest of the Futurewealthy spend an average of 28 hours a week (four hours a day) on digital communications, versus 19 hours a week for the entire group.

Exchanging information electronically is likely to become eve more important. “Over a third of the Futurewealthy expect to use digital communications significantly more in the next five years,” the report reveals, “and they expect their wealth managers to follow suit.”

 Among all forms of communications, email has become the clear leader. All the subgroups in the study reported spending more than four hours a week using email, on average, while the $4 million group spends nearly six hours a week. In addition, about 50% of the entire group expect to use “much more” email in the next five years.

Extensive present and future use of email might not be surprising; the same can be said for face-to-face meetings and phone calls, the next two most widely used methods of communication. However, finding “secure web portals” in fourth place, with five hours of use per week by the wealthiest of the Futurewealthy, may be unexpected.

“These web portals have the potential to offer interaction between clients and advisors,” Chiaradonna said, “not just the presentation of data.” Nearly 40% of survey respondents said that they expect to use such portals much more in the next five years, indicating that savvy advisors may need to develop these high-tech tools for client communications.”

excerpted from original article from Bank Investment Consultant

 

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Written by Rich and Co.

January 15, 2013 at 5:18 pm

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