The report examines the role trust plays in influencing how investors choose and work with their financial advisor, while identifying ways in which advisors can strengthen their relationship with their clients.

Affluent investors' satisfaction with their financial advisors may be on the rise, but levels remain lower than they were before the recession, indicating the industry is still suffering from economic whiplash, according to a new report published by Spectrem. Nonetheless, the confidence that the most wealthy investors show in their advisors surpasses the trust they have in their attorney and accountant.

The report focuses on mass affluent investors, millionaire investors and ultra-high net worth investors. Throughout all wealth segments, findings showed poor communication and lack of proactivity to be the most critical factors that could terminate a relationship.

Six in 10, or 61 per cent, of investors indicated that an advisor not returning phone calls in a timely manner would cause them to terminate the relationship. This proved to be even more crucial among millionaire and UHNW investors, with 63 per cent and 71 per cent, respectively, indicating that it could cause them to change advisors. (This news organization has contacted Spectrem to state the size of its survey; it had not responded to enquiries about this at the time of going to press.)

Additionally, findings showed that most wealthy investors are more likely to find an advisor through the referral of someone they trust. Some 51 per cent of mass affluent investors, 47 per cent of millionaire investors, and 53 per cent of UHNW investors are initially introduced to an advisor through a family member or friend.

The report found that six in 10 millionaires and almost half of UHNW investors believe their advisors are biased toward a certain group of products and will consequently push these upon them, rather than offering advice that is beneficial in the long term.

Meanwhile, half of mass affluent investors want their advisor to initiate contact with them on a quarterly basis and one in five would prefer that this happen monthly. Some 35 per cent of UHNW investors expect their advisor to return their phone call within two hours and seven in 10 consider it unacceptable if a call is returned the following day.

“Affluent investors often carry the burden of sustaining and building their family’s wealth, sometimes for generations, which is why it is critical that their relationship with an advisor be built on trust,” said George Walper, Spectrem group president.