The report, Affluent Insights Quarterly, surveyed the values, financial priorities and concerns of those using the US wealth management industry. Among the 48 per cent that use advisors, 80 per cent said their advisor had to understand their values and 81 per cent said their advisor was somebody they trust. Just over 27 per cent have kept with the same advisor for over ten years, while 79 per cent are happy with their current advisor.

Overall, the financial freedom to do what they wanted was the most agreed with response, at 81 per cent.

“Our financial advisors understand that with this incredible trust comes significant responsibility. We want to understand our clients’ financial histories, their priorities and aspirations, and we want to champion their interests,” said Sallie Krawcheck, president of Bank of America Global Wealth & Investment Management.

Planning for the future was also an important issue, though priorities varied across age groups. In general, securing their family’s future ranked highly with 85 per cent of respondents citing it as an important guiding principal for their lives.

However, preserving an inheritance scored slightly lower - 54 per cent - as did the current state of their retirement plans - 50 per cent. Among 18 -34 year olds, the cost of oil and the health of the economy are their biggest worries for the future - 74 per cent - while 35-to-54-year-olds are more concerned with the state of their retirement plan than other age groups - 62 per cent - and preserving their inheritance - 67 per cent. Respondents who are 55 and older are most concerned with the possibility of inflation - 57 per cent.

Needing help restructuring their portfolios, 42 per cent said they wanted guidance on how to get back into investment markets following the recession. To that end, 73 per cent visit their advisor on at least a quarterly basis.

The Affluent Insights Quarterly was conducted by Braun Research between 29 August and  14 September, who surveyed 1,000 individuals with investable assets in excess of $250,000.

The research ties in with the re-launch of Merrill Lynch’s "thundering herd" private banking brand and the bank’s help2 marketing campaign promoting its advisory services.