New research out of the UK suggests that, for richer or poorer, in good times and bad, British investors are unlikely to break up with their wealth managers.
The study of more than 1,600 investors holding more than £250,000 of assets found that relationships with advisers had surprising longevity. Ten per cent of those surveyed had been with their current investment provider for longer than 10 years. Nineteen per cent of British marriages last for less than this, according to ONS data. One reason for these enduring commitments is that fees and exit penalties charged by wealth managers can make it difficult for consumers to break up with them. Almost 40 per cent of consumers surveyed said that exit fees were the reason they were reluctant to change provider.