Why Millionaires Switch Advisors… and how to get them to switch to you

This inexcusable mistake is the #1 reason given by high net worth clients for leaving their advisor… their advisor does not call them back promptly.  Are you kidding me? 

Here are the top 4 reasons given as to why people, with more than a $1 million invested, left their advisor:

  1. 73% of respondents listed their advisor not returning phone calls promptly as their top reason for leaving
  2. 57% said slow email response
  3. 56% said their advisor was not PROACTIVE in reaching out to them regularly

These top 3 are easily fixable things and almost worse than the #4 reason which is:  

4. 57% indicated they left due to inadequate or faulty advice.

So, lesson is… be phenomenal at the easy stuff!  It pays off.  AND, communicate regularly with your prospects to show them that you communicate BETTER than the advisor that actually has their money!  Who are they going to run to?

About Mike Kaselnak

Michael Kaselnak is considered one of the top marketing and sales experts in the financial services industry. He has personally mentored over 300 financial advisors in the past 10 years. These financial advisors saw their average production increase by 62%. Many saw increases of over 300 percent. He writes articles that have appeared in many mainstream magazines and has written the popular report 300 Financial Headlines that sell.
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