A surprising number of wealth-management clients do not shop around before choosing a financial adviser. Instead, they work with the first financial adviser they speak with, according to Dynasty Financial Partners’ results of a Dynasty Connect survey of 1,000 high-net-worth respondents, all of whom work with a financial adviser. The respondents each had a minimum of $500,000 in investable assets. The survey was conducted in partnership with Absolute Engagement between April 20 and May 1, 2023, and has a 3.1 percent margin of error.
When asked, “With how many advisers did you have a conversation prior to hiring your current advisor?” 57 percent of respondents stated they had “only spoken to their adviser.”
"It's an extraordinary finding that high-net worth families are selecting the first and only adviser they speak with. It's like buying the very first house you look at,” according to Dynasty Financial Partners CEO, Shirl Penney. “At Dynasty Connect, we p