32% of investors have switched provider in the last 2 years

As charges become more transparent, investors are starting to consider their options, with a third (36%) of investors saying that they were likely to switch provider if they found the same service for a lower fee. On average, clients who are price sensitive said that they would require a 22% reduction in charges before they were prompted to switch.
 
Investors are also increasingly expecting to get more out of the charges they pay, with investment performance and a high level of bespoke/individualised service amongst the top five concerns when choosing a wealth manager, adviser or stockbroker.

What are the top three key criteria you consider when choosing a wealth manager/adviser/ stockbroker?

James Brown at Compeer said: “The growing transparency in wealth manager costs and fees has led to an increasing awareness amongst investors. Not only are they watching the money they spend but they are also mindful of the service which they get in return. This growing consciousness, and an increase in investors shopping around for the best deals, provides savvy wealth managers with a growing target market.”
 
Digital capabilities are a key consideration for many investors, with over two thirds of those asked (66%) rating the digital offering of their main provider as either “good” or “excellent.” Over half (58%) currently access their investment portfolio online and a fifth (22%) via mobile. However, many investors are still slow to adapt a multichannel approach: 43% say that they have access to their portfolio via mobile but don’t use it. For those where a mobile application is not currently available only 21% suggested that they would like one.  
 
Brown continued: “The digital revolution has had a much slower impact in wealth management than in other industries with many traditional firms still struggling to adapt. But with so many investors more empowered to compare and contrast providers, it is essential that wealth managers embrace new capabilities – be that by offering access to portfolios via mobile, or deep-diving into newer, more advanced technologies. Wealth managers need to futureproof now or they risk missing out on the next generation of investors who have grown up organising every aspect of their lives online and are used to that convenience.”