According to figures from Ledbury Research, HNWIs have given their wealth manager contacts an average score of 7.5 out of 10, with 10 being ‘very satisfied’ and 1 being ‘very dissatisfied’.
The survey report observed that HNWIs scoring their wealth manager contact 9 or 10 has also declined sharply, and around 16% scored their wealth manager contact 5 or less.
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Stuart Rutherford, senior analyst at Ledbury Research remarked, "The main interfaces between the wealth management industry and HNWI clients are failing to satisfy significant numbers of HNWIs, and this needs to be a focus area for the industry."
The survey respondents in the research made specific suggestions which can lead to greater satisfaction level such as more phone calls, updates and face-to-face meetings, while attributed irrelevant communication as a cause of dissatisfaction.
Rutherford opined that communication continually came up as a key factor in satisfaction.
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