Clients Increasingly Work With Multiple Wealth Managers
A recent Ernst & Young report reveals that global investors typically work with an average of 2.3 wealth managers, challenging the traditional model where advisors aim for exclusive relationships. Clients may now engage multiple professionals such as RIA firms, robo-advisors, private banks, tax specialists, or financial coaches. Laura Varas from Hearts and Wallets notes that clients no longer expect a single advisor to manage all their wealth, emphasizing instead the need for advisors to adapt rather than resist this trend. The report also highlights growing client expectations in areas like tax planning, estate management, and retirement strategies—services many are now seeking outside of traditional advisory models. The shift is further fueled by rising self-directed trading activity and a new generation of investors who prefer diversified approaches. Over 45% of wealthy clients plan to move significant portions of their assets away from current managers soon.
Topics: client relationships competition RIA robo-advisor wealth management