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Wealth managers enjoy exceptionally high levels of client satisfaction worldwide, yet nearly one-third of those clients are considering switching providers in the coming years. More specialized service providers are emerging as the preferred alternative.

This is one of the key findings of the 2025 EY Global Wealth Research Report, released this week. The report is based on a survey conducted in late 2024 among approximately 3,600 high-net-worth individuals across 30 countries, each with at least USD 250,000 in investable assets.

The broad trend is clear: globally, wealth management clients are highly satisfied with the products and services they receive—similar to the findings of the previous edition of this research, published two years ago. Generally, around 80 percent or more of respondents report having few or no complaints. Despite this, a growing number are concerned that such satisfaction may no longer be sufficient. Managing their wealth is becoming increasingly complex. The most frequently cited factor contributing to this complexity is market volatility, along with the underlying geopolitical conditions.

Preparedness lacking

One-third of survey participants stated that, in light of this growing complexity, they do not feel well prepared for what lies ahead. Twenty-nine percent concluded that they are likely to seek a different (primary) wealth manager within the next three years.

B ChalmersBoudewijn Chalmers (photo), Partner of Wealth & Asset Management at EY and one of the report’s authors, commented: “Some concerns run deep—one in five clients say their advisors do not proactively address these worries. Clients are asking for more frequent contact and a less generalist approach. As a result, they are turning to more specialized wealth managers who offer a more personalized experience.”

This trend has been underway for some time, albeit gradually. Globally, universal banks are still the most commonly cited primary service provider, at 21 percent, but that share is declining. Private banks (13 percent), independent wealth managers (12 percent), and broker platforms (11 percent) are gaining ground.

Rise of ‘multihoming’

These alternative providers are also increasingly being used as secondary, tertiary, or even quaternary advisors. The trend toward “multihoming” is expected to continue. Currently, clients use an average of 2.3 wealth managers, though older clients (age 58 and above) tend to work with fewer—just 1.6. According to Chalmers, this is linked to imminent wealth transfers: “People want to reduce complexity during wealth handovers, and one way to do that is by limiting the number of parties managing your assets.”

Among all survey respondents, 32 percent expect to use more wealth managers in the next three years than they do today. This increase is especially pronounced among younger clients—69 percent of Millennials expect the number of providers they use to rise. Wealth size is another key factor: in the Ultra High Net Worth (UHNW) category, all respondents expect an increase.

The average number of wealth managers per person also varies by region. The Asia-Pacific region leads with 2.9, followed closely by Latin America at 2.7. In the Middle East, the average is 2.3; in Europe, 2.1; and in North America, just 1.7.

Reasons for switching

When choosing a new (or additional) wealth manager, the most commonly cited reason—unsurprisingly—is the expectation of better investment performance. Although 84 percent of current clients are already quite satisfied in this area, 50 percent still say investment results would influence their decision to switch. Access to a broader range of investment products and services is another frequently mentioned reason (40 percent), followed by better digital tools and technology (35 percent), lower costs and fees (34 percent), improved access to specialized services such as tax, legal, and alternatives (33 percent), and clearer guidance on how to achieve personal financial goals (31 percent).

Age, notably, is a major factor in determining which of these reasons matter most. For older clients, clear explanations and additional guidance are less important—only 20 percent consider it a factor, compared to 34 percent of Millennials. Likewise, access to specialized services is less relevant to older clients (18 percent) than to Millennials (39 percent). The same pattern holds true for broader product access and digital experience: 42 percent of Millennials value strong digital tools, versus just 21 percent of older clients.

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