A new survey of individuals on the fast track to wealth has found that 74% of respondents chose a new wealth manager on the basis of the firm’s reputation for quality of products and services, and 64% looked to the costs associated with those products and services.
Advisors wanting to attract these affluent people as clients need to understand that their character and fees are critical factors in the minds of affluent people when evaluating potential relationships, SEI, Scorpio Partnership and NPG Wealth Management said Wednesday in a statement on the release of the latest study in their ongoing Futurewealth Project.
The study surveyed 3,025 respondents globally with an average $2.9 million in net worth.
The survey revealed that up-and-coming wealthy individuals sought introductions and investigated potential wealth managers in a variety of ways.
Twenty-two percent of respondents asked for advice from friends or family before making a selection, while 15% researched the advisor market on their own.
The results also pointed to changing circumstances as a significant driver for why the Futurewealthy looked for new wealth management relationships.
Thirty percent said they wanted to diversify assets, 21% were in the market for a home and 20% wanted a promotion or a change in career.