The survey found that almost two-thirds of clients who reported that advisors helped them understand a market are “extremely satisfied”, while 73 per cent of those who say they are dissatisfied when clients do not obtain such help.

The focus on client advice has come into sharp relief over the past two years as markets have whipsawed due to the credit crunch and the subsequent massive injections of money into the financial system.

The survey also found that there is – contrary to what it called “conventional wisdom" - no direct correlation between client satisfaction and the number of years an advisor has retained a client.

"Last year's financial meltdown showed we need new ways to approach investing and risk and better ways to communicate with clients," says Gurinder Ahluwalia, president of Genworth Financial Wealth Management.

Among other findings, the survey showed that individuals who report to be "extremely satisfied" with the level of service they receive from their advisors are more likely to have a higher proportion of total assets managed by an advisor.

The survey was administered by Opinion Research Corporation to 2,028 adults, comprising 1,025 men and 1,003 women 18 years of age and older. The survey was completed during the period of 4 to 8 March. The margin of sampling error for these results is plus or minus two percentage points.

Genworth Financial Wealth Management has helped over 4500 advisors raise over $18 billion in assets, and is part of NY-listed Genworth Financial.