High net worth individuals feel more satisfied with their wealth manager now than at any time in the past 14 years.
Financial research firm MDRC surveyed over 1,500 HNW individuals on how satisfied they were with their wealth manager in 2012
The overall figure for client satisfaction was 60.7, up from 58 in 2011, with over half of firms being ranked 'very good' or better.
This is the first time in 14 years that more than half of firms have been given this ranking.
Respondents cited wealth managers had a far greater client focus now and were delivering a higher level of service. They felt there had been 'significant improvements' since 2008.
Firms which were well-rated scored highly on caliber of relationship managers, clarity of reports, understanding of financial objectives and value for money. Smaller firms were particularly well-rated compared to larger ones.
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In contrast, those which scored badly fell down on credibility of relationship managers, quality of meetings with relationship managers and flexibility of investment solutions. Respondents said turnover of relationship managers was high, pricing had changed or portfolios were managed badly.
The report noted that satisfaction levels dropped heavily with the implementation of the RDR and revised fee structures in January 2013.
Problems remained over value for money, availability and cost of impartial advice, quality and credibility of relationship managers and quality of portfolio reporting.
Regarding portfolios, 55 per cent said their portfolio had performed 'good' or better.
Some 64 per cent felt their portfolio management fees were 'fair' but 34 per cent were dissatisfied with the reporting of their portfolio.

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