Are face-to-face meetings and phone calls a necessity, or might your clients actually PREFER other forms of communication?

Have you asked them?

An August 2010 poll by Pew Research Center revealed that, of Americans over the age of 18, 61% had used a networking / Social Media website.

But perhaps more interestingly, a poll by SEI just two months later found that a surprising 70% of high-net-worth Americans were actively using Social Media channels. Weigh that against the recent findings in a report by Fidelity Investments … which revealed that a majority of Millionaires prefer to receive communications via email, and that they are twice as likely as Advisors to use technology-enabled media.

When it comes to high-net-worth clients, there seems to be (or have been) a perception that they’re “old school” and prefer more personal communication. That may be true for some, but others may appreciate the speed and efficiency of electronic communication – at least for day-to-day communication. After all, most millionaires didn’t become millionaires by sitting around with time on their hands. Many are quite busy, and email allows them to save time.

Should you get rid of personal communication (phone calls and in-person meetings) altogether? Certainly not. But if you’re not utilizing email communication at all due to a fear that your clients won’t appreciate it, you may be off-track.

If you’ve never asked your clients what type of communication they prefer, perhaps you should.

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