The report, conducted by findaWEALTHMANAGER.com in Q2, found that 47% of the 173 respondents – whose portfolios average £1m-plus – are most concerned by rising taxes.
This was in contrast to 18% the previous quarter, when 45% of those questioned outlined the stock market as their primary worry – a figure which dropped to 29% in Q2.
In addition, a third of respondents were DIY investors seeking professionals to manage their money, alongside 9% saying that they were dissatisfied with their current wealth manager.
Furthermore, the individuals comprising that 9% had the highest average net-worth of those surveyed, with typical wealth of £1.65m, meaning that those who are unhappy with their current manager tend to have higher levels of investable capital.
Brand awareness is also apparently on the wane, with just 7% of users highlighting a preferential wealth management firm – down from 21% in the Q1 – while 57% were “indifferent” to brand names.
The study also found that the number of non-doms living in the UK seeking wealth managers more than doubled quarter-on-quarter, rising from 7% to 17%.
Lee Goggin, founder of Find A Wealth Manager, said: “The higher level of wealth among the dissatisfied group may reflect the fact that existing clients have had longer to reap the rewards of professional wealth management than newcomers.
“They also underscore the far heavier loss in terms of assets that longstanding clients who are departing can represent.”
The proportion of those surveyed concerned about interest rates dropped from 27% to 14% quarter-on-quarter, while property price anxiety fell incrementally from 10% to 9% in the same time-frame.
Goggin highlighted concern over changing governmental policies as the Chancellor of the Exchequer seeks to reduce the national deficit as the main driver behind the tax-related worries.
“George Osborne’s determination to find extra revenue to balance the books meant that a lot of wealthy individuals were nervous about changes to the tax regime in Q2,” he said. “The Conservative victory refocused attention on likely changes and the impact they could potentially have.
“It is also notable that a far smaller proportion of wealthy individuals were concerned about interest rates. Most people have got used to the idea that they will rise at some point so there is no excuse to be unprepared when the Bank of England’s Monetary Policy Committee finally pulls the trigger.”
