According to a survey of millionaires, the No. 1 reason rich clients fire advisers is because of poor phone management. Yes, poor phone management. Specifically, it seems that the wealthy get their knickers in a terrible twist when an adviser doesn’t return a phone call in a timely manner. In fact, 72% of millionaires who responded to questions posed by the Spectrem Group said the most common reason they dump an adviser is because of said slacker’s failure to return a phone call in an expedient fashion.
And what qualifies as expedient?
Well, 40% of the well-to-do set said they expect to hear back from their financial adviser within two hours of an initial call.
Yet, when it comes to boards of directors, their elected representatives in corporate governance, investors are not only NOT getting phone calls returned, some are even getting sued for filing resolutions that merely ask the board to consider specified actions. See for example, Retail Proponents Survive Eligibility Challenges – Governance. Why are owners treated so poorly by those they employ?