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37% of high-net-worth clients are unhappy with investment advice

More than one in three high-net-worth clients are unhappy with their

financial adviser, according to a new survey from global consultancy


The survey, which polled 270 high-net-worth individuals worldwide,

including the UK, revealed 37 per cent of respondents are unhappy

with their investment advisory firm while 34 per cent said they

intended to place business with secondary advisers in 2002.

The poll also revealed that 31 per cent of HNWIs prefer paying for

advice by a flat fee supplemented with a performance-based commission.

The report said 44 per cent of HNWIs intend to increase their use of

internet banking over the coming year while 30 per cent said they

would look to step up their online trading.

But while HNWIs are embracing technology, 68 per cent of advisory

firms polled believe that HNW clients are becoming more conservative.

Andersen UK asset management partner David Logan says: “HNW

investment advisory firms must stop thinking that they know what is

best for their clients. Instead, they must find out what HNWIs really

want, then provide it.

“Advisers are going to have to focus on how they gather and utilise

client information. In order to maximise revenues and increase

satisfaction, investment advisers must work to align their business

goals with their clients&#39 investment objectives. Responding to these

mismatches identified in the report would give firms ample room to

differentiate themselves and gain ground from the competition.”


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