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What are the factors that drive millennials to axe financial advisors? A survey by Spectrem Group, Why Investors Switch Advisors, listed down the following reasons for changing advisors, and their responses may shock you.

Millennials who are not millionaires said advisors do not return calls on time (65%), not provide sound advice and great ideas (60%), not respond to emails on time and sustained losses for about two years (52%), not visionary in their conversation (44%), and not performing well in the market (32%).

The same goes for young people who are millionaires. Here are the reasons for leaving their financial gurus: not being proactive in their discussion (50%), not returning calls on time, not offering feasible ideas and recommendations, and not responding to emails on time (38%), and advisors are not performing well in the market (25%).

More or less their rationales are the following: financial advisors are not giving what is needed from them, not returning calls, not responding to emails promptly, and not proactive.

The survey indicated the following results as well:

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  88% of young professionals shared the new financial guide comprehends and evaluates their goals better than the previous one and proffers better investment recommendation than before

  
  


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  32% of respondents have changed advisors at one point or another, while 11% have changed their adviser in the past

  
  


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  22% of them knew their advisor even before entrusting their finances with the professional

  
  

Whatever the reason is, millennials leave advisors due to lack of communication. If these financial professionals do not know how to get the message across, respond to differing financial goals and changing environment, return calls or emails on time, and become proactive in each session, expect young people to leave your umbrella and find a better one. Advisors, if you desire to keep your millennial clients, it’s high time to change your style, way of conversing with them, and uphold their best interests.