At a glance
- In the same survey, 47% said they had pulled assets from an advisor, often without explaining why.
- Only a quarter of respondents said their primary advisor could see 90% or more of their wealth, while 54% said the advisor saw less than three-quarters of it.
- RIAs and family offices fared better on conflicts: 6% of their clients said the firm had recommended something that served its own interests more than theirs, against 51% at large banks. 72% had been with their primary advisor at least five years, but 41% said they would switch if it were frictionless.
45% of clients with more than $10 million in investible assets started a new financial relationship in the past three years without telling their existing advisor, according to a NewtonX survey reported by Financial Advisor Magazine.
In the same survey, 47% said they had pulled assets from an advisor, often without explaining why.
Only a quarter of respondents said their primary advisor could see 90% or more of their wealth, while 54% said the advisor saw less than three-quarters of it. Some 68% spread money across two or more wealth managers.
RIAs and family offices fared better on conflicts: 6% of their clients said the firm had recommended something that served its own interests more than theirs, against 51% at large banks. 72% had been with their primary advisor at least five years, but 41% said they would switch if it were frictionless. Just 17% planned to switch in the next year, a gap the survey attributed to "inertia, more than conviction."
Tenure outruns commitment among ultra-wealthy clients
Share of ultra-wealthy clients giving each answer, %
Select a bar for its numbers.
72%
With advisor 5+ years
41%
Would switch if frictionless
17%
Plan to switch in next year
Show as table
| Item | Share | Count | Of |
|---|---|---|---|
| With advisor 5+ years | 72% | ||
| Would switch if frictionless | 41% | ||
| Plan to switch in next year | 17% |
Reported by the RIA desk from Financial Advisor Magazine. Published . Corrections