Revealing research report delves into advice clients

A new survey from EY predicts there will be an almost 20 per cent increase in clients seeking financial advice in the coming three years.

The EY 2019 Global Wealth Management Research Report claims that the Asia-Pacific area’s above-average growth will result in more independent financial advice being sought, by those at lower income levels than the traditional ultra-rich cohort.

The research was undertaken in 26 countries on over 2,000 wealth management clients.

Key findings include:

  • Clients are switching providers to increase value - during major life events and as wealth and investment knowledge increases

  • The wealthiest and youngest are most likely to switch

  • A third of clients plan to switch in the next three years

  • Clients are forming relationships with multiple providers, seeking value, with five providers being the average

  • Independent financial advisers and fintechs benefit the most

  • Solutions are more useful than products and services - clients want simple, personalised and connected solutions over individual products and services

  • Clients want more advice and planning, but many are holding back

  • Clients are quickly opting for digital and voice-enabled assistants for wealth management and receiving financial advice

  • Pricing models need updating - clients are often distrustful of providers and fees being fair, and most want to pay differently

  • Wealthier and more knowledgeable clients tend to prefer fixed fees, despite a percentage of assets under management the most common payment method

  • Client loyalty is declining due to increasing knowledge and more sophisticated fintech

Download the full 2019 Global Wealth Management Research Report