Do you agree that wealthier clients demand more communication from their advisors?
An article on the topic Tuesday generated a lot of buzz on Twitter and resulted in an interesting discussion about best practices for financial advisors communicating with wealthier clients.
The article started, "The more wealth a client has, the more time they spend communicatingand that includes communications with their financial advisors."
According to findings from a new Futurewealthy report from SEI, Scorpio Partnership, and Standard Chartered Private Bank, wealthier clients spend more than half their communications time digitally, using email, web portals, social networking, SMS, instant messaging and VOIP calls.
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.
So what do advisors think? Here's a look at what we've already heard from some advisors on Twitter:
- Advisor Benjamin Lupu of Kensington AMI, @BenjaminLupu1 said, I do not agree with this, HNW clients want privacy and only relevant info, not Too Much Information. They find it annoying.
- Advisor James Osborne of Bason Asset Management, @BasonAsset replied, They want to actually talk to their advisor, not get canned spam email once a week.
- Northern Trust marketing manager, Mychelle Peterson, @MychelleMarkets agreed, BIG difference between mass emails & relevant, personalized content. Pretty sure they want the latter (easier said than done)."
- Advisor Jean-Luc Bourdon, of BrightPath Wealth Planning, @jeanlucbourdon added, Wealthier clients demand more communication, but it isn't telling them more as much as it is asking them more.
Tell us what you think. Do wealthier clients demand more communication from their advisors?