Most wealthy investors consider themselves extremely loyal. Nearly a third claim they would rarely if ever switch firms. Only 5 percent claim they are not loyal and would regularly switch firms.

Returning phone calls promptly is the most important action advisors can take to develop loyalty. It is also important that advisors provide a contact person if he or she is not available. Indeed, failure to return phone calls was the most common reason for wealthy individuals to leave their financial services company.

Loyalty is developed in a number of ways, most of which of very simple, yet highly important. While investment returns, fees and expenses are critical, they are not the primary drivers of loyalty. Simply returning phone calls promptly is the most important thing advisors can do to develop loyalty. Advisors must also provide a contact if he or she is not available. When asked, in a recent Spectrem survey, what the wealthy feel is an acceptable timeframe for a financial advisor to return their call, 36% answered one to three hours. Only 13% indicated that they should expect to wait more than 24 hours. Unfortunately, when asked how long they actually wait for a call back, 19% said more than 24 hours, and only 30% said one to three hours. Surprising were the number who said they typically received a call back without one hour (23%). This number shows an exceeding of the wealthy investors expectations, which should be the goal of the advisor.

It is possible that the 19% who claim to have to wait 24 hours or more for a call back may just have the perception that is how long they wait. One delayed call-back can sour your perception of that relationship, especially during these times of turmoil and anxiety. It’s true that advisors have many pressures on them during the work day. By setting expectations that within 24 hours you will receive, if not resolution to your issue, but at least some forward movement, and then exceeding them at every opportunity presented, the number one driver of loyalty will be met. You as the wealthy client will feel that your issues are as important to your advisor as they are to you.

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