Clients' satisfaction with their advisors is crucial in shaping how customers rate the institution advisors work for, proving that relationships are still a big driver of the wealth management industry, according to UK-based Ledbury Research.

A survey of more than 500 private bank clients with investable assets each of more than £500,000 ($778,000) showed that of those who were very satisfied with their client advisor, 88 per cent rated the advisor’s organisation at 8 out of 10, or more.

The UK survey said clients aged over 65 are significantly more likely to rate an advisor highly at 10 out of 10 (20 per cent), compared with those aged under 35, where none rated advisors as highly.

Wealth, as well as age, also has an impact on client attitudes to advisors and their firms, Ledbury’s latest High Net Worth report said.

“The results show that as clients become wealthier, their attitude to their advisor becomes more positive and this is notably the case for the very wealthy,” the report said.

Some 21 per cent of clients with more than £3 million of investable assets are “very happy” with their client advisor, while only 14 per cent take that view in the £2-3 million wealth bracket.

When ranked by certain attributes, the most important quality clients seek in an advisor was helpfulness and professionalism, followed by them being “a person I trust”, and then them being “easily accessible to contact when I need him or her”. Interestingly, the attribute of being “knowledgeable about a range of financial products and services” ranked sixth. Explaining this point, Ledbury said: “Many clients who found themselves with products they did not understand at the peak of the financial crisis are now increasingly turning to their peers and the internet for objective advice on suitable products.”