High-net-worth investors have more advisors than those with fewer assets and their relationships continue to grow, according to Cerulli Associates, a Boston-based financial research firm.
High-net-worth investors are defined as those who posses $5m or more in investable assets. The report revealed that such investors maintain an average of 3.7 investment provider relationships, up from 3.3 in 2008.
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Cerulli further noted that high-net-worth investors may be beginning to consolidate their advisors, thus advisors should consider how to position themselves to be chosen when decisions are made, according to Cerulli.
"High-net-worth investors have more provider relationships and are more likely to change providers than other investors," said Bing Waldert, director of Cerulli Associates. "In addition to diversifying their assets, these investors also diversify their sources of advice."
Despite the high level of competitiveness in the high-net-worth arena, providers and asset managers are still drawn to it because of the large balances of high-net-worth investors, according to Cerulli.
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