Many high-income investors remain loyal to their financial advisors regardless of market conditions and performance, according to the '2002 Survey of High Income Professionals' from Nationwide Financial.
A surprising 44% of high-income professionals surveyed reported that they have never switched their main source of financial planning help. Furthermore, 46% have changed sources of advice only once or twice.
"Every investment professional wants to know the secret to attracting and retaining affluent clients," explained Michael Butler, senior vice president for Nationwide Financial. "This survey shows that performance isn't everything. The key is relationships - knowing and communicating with your clients and colleagues will help you keep and grow your business."
Reasons for switching
Of all the respondents, 9% have changed advisors more than three times. Reasons given for switching included: