But the relationship is not necessarily monogamous, and the wealthier the client, the more likely they are to have multiple advisory contacts looking after their assets.
In Europe, clients tend to work with three or four firms (3.2 on average), while globally, those with $4m plus will work with 6.5 firms, on average.
A firm’s reputation was deemed the most attribute factor by 74% while fees for products and services had the casting vote by 64%.
Of the respondents, 22%sought the advice of a family member or friend before selecting a wealth manager while 15% carried out their own research.
Seeking a new relationship usually came through a need for asset diversification, cited by 30% of clients. Other reasons given were the purchase of a home, promotion or career change.
Those sticking with their existing adviser tended to do so because they performed in line with their objectives, a reason given by 17%. A close second-place, claimed by 15%, was the firm having the solutions and services to meet their needs.
The Futurewealth Report 2014: The quest for a valued relationship, supported by SEI, Scorpio Partnership and NPG Wealth Management, questioned 3,025 respondents with an average of $2.9m in net worth.
Forthcoming reports from The Futurewealth Project, making up a four-part series, will look at key touch-points for client transactions, how the relationship develops and what it takes for them to recommend their provider.