Skip to main content

You are here


Why Do Millennials Change Advisors?

Advisors who want to cultivate the business of the newest generation of workers would be well-advised to pick up the phone, according to a new research report.

In research just completed by Spectrem Group, it was found that the biggest reason Millennials with less than $1 million changed advisors was...because their advisor did not return phone calls, which was cited by 64% of respondents.

That wasn’t the case for wealthier Millennials. Only 38% of those with more than $1 million complained about lack of return phone calls. For this group, it wasn’t about responding to their calls, it was about proactively reaching out to them, an issue for 50%.

Other reasons for changing advisors cited were: