Advisor Intelligence

HNW Investors Find It Harder to Unplug

Ever think about leaving the smartphone, tablet and laptop at home while on vacation? Apparently, the richer a person is, the harder that is to do.

What does this mean for advisors? For one, they may have to be on call much more for their wealthier clients. A third of investors with over $5 million in assets say they always check their work email and voicemails when on vacation, according to a recent Millionaire’s Corner Investor Pulse. About 15 percent say they sometimes check their messages, while only 3 percent say they never check them. 

That’s compared to the just 17 percent of those with less than $100,000 net worth who always check their messages. Overall, those with less than $1 million in assets are far less likely to be constantly checking their emails and messages—25 percent of those with a net worth of $100,000 or less say they never check their email while out of the office. 

But why are the wealthiest individuals checking in? Over half of those with $5 million or more in assets say “I check it because it keeps me up-to-date with what is going on at work.” Only 8 percent say it's because their job requires it.

And that work ethic extends to others, the survey found. While over half of these high-net-worth investors believe it’s up to the employee to decide if they want to check emails and messages at home, a third felt it should be considered part of the job requirements for salaried positions.

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Diana Britton

Diana Britton is the Managing Editor of WealthManagement.com and REP. Magazine, covering asset management and independent broker/dealers from all angles. A native of Los Angeles, she now lives in...

Megan Leonhardt

Megan Leonhardt regularly pens articles around the wonderful world of the wirehouses, as well as pieces concentrated on regulatory updates, legal cases and compliance issues. A business journalist...
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