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european wealth run by 3 point 2 firms on average

Value and values are the most sought-after criteria for those selecting a wealth manager, according to a global survey


Sam Shaw

But such relationships are not necessarily exclusive, and the wealthier the client, the more likely they are to have several 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 more than $4m (€3m) will work with an average of 6.5 companies.

A firm’s reputation was deemed the most important factor by 74% of survey participants, while 64% selected fees for products and services.

About a fifth sought the advice of a family member or friend before choosing a wealth manager, while 15% carried out their own research.

Seeking a new relationship usually stemmed from a desire for asset diversification – cited by 30% of clients. Other given reasons 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%. In second place, 15% of respondents said the firm had the solutions and services to meet their needs.

The Futurewealth Report 2014: The quest for a valued relationship, published by SEI, Scorpio Partnership and NPG Wealth Management, questioned 3,025 individuals with an average net worth of $2.9m.

A copy of the paper can be downloaded from the SEI website, here.