Most Clients Don't Think Much of Their Wealth Managers

IBM commissioned a study of 1,300 wealth management clients. As reported here, most clients were not "advocates" of the firms serving them. One out of five was antagonistic. Only 40% considered their firm a "trusted advisor."

"Advocates" are loyal, satisfied clients. And, the study finds, they're worth their weight in North Sea crude:

Advocates are over twice as likely as antagonists to consolidate 80 percent of their assets with one firm.

Advocates are 60 percent less likely to be sensitive to fees -- making them more likely to place value on other capabilities instead of focusing only on transaction costs.