The new alpha in wealth management
For high-net-worth clients, investment performance and product access remain essential, but they are no longer the sole drivers of satisfaction or loyalty. Research we’ve undertaken with CoreData provides valuable insight into the evolving priorities of HNW investors and the findings show that the true differentiators are trust, deep personal relationships, and a genuine partnership approach - qualities that allow advisers to understand and anticipate their clients’ motivations, drivers, and needs to set themselves apart and secure enduring loyalty.
Trust the cornerstone of adviser value
The research shows 36% of HNW clients rank trust as the most important factor in their adviser relationship, well ahead of investment performance (22%) and strategic advice (13%). This shift reflects a broader trend: 65% of HNW investors are solely responsible for their financial decisions, and most work with multiple advisers to access diverse expertise and perspectives. In this context, the adviser who earns the role of primary partner is the one who demonstrates not only technical competence but also emotional intelligence, integrity, and a willingness to engage in honest, sometimes difficult, conversations.
What does this look like in practice?
Make trust explicit and measurable
Build checkpoints into your client journey and demonstrate transparency. Fee clarity is critical: satisfaction with fee transparency is the lowest among all service areas. Advisers who proactively explain fees and link them to value delivered are more likely to retain clients and attract referrals.
Redesign discovery and ongoing engagement
Move beyond transactional fact-finds. Clients value advisers who understand their whole wealth picture - 49% cite this as a key benefit - and 54% prioritise long-term planning above all else. Use structured conversations to uncover motivations, fears, and legacy ambitions, not just portfolio details.
Anticipate life transitions, don’t just react
Life events drive engagement and churn. Almost three-quarters (70%) engage an adviser due to major life events such as retirement, divorce, intergenerational wealth transfer, or family changes, and 35% switch advisers when evolving needs are not met. These figures highlight the risk of treating relationships as secondary to technical delivery. Advisers who monitor milestones and initiate timely conversations can secure loyalty. This means building systems to track retirement timelines, business exits, and family changes, and reaching out before the client does.
Blend digital with human touch
While in-person meetings remain the gold standard for strategic discussions, digital platforms are now a baseline expectation: 93% of investors have access to apps, and 37% of male clients check them daily. Use technology to automate routine updates and reporting, freeing time for strategic discussions. Praemium’s platform, for example, provides real-time portfolio access and whole-of-wealth reporting, ensuring clients stay informed while advisers focus on deeper engagement.
Champion intergenerational engagement
Ninety-six percent of HNW clients intend to transfer wealth, yet only 41% have formalised plans. Advisers who lead structured conversations early, by organising family meetings and legacy workshops, position themselves as trusted partners across generations. With 85% planning to transfer some wealth while alive, these discussions cannot wait.
Leveraging technology to enhance the experience
Praemium’s tools enable advisers to deliver transparency through itemised fee breakdowns, personalised reporting, and provide behavioural insights that flag changes in engagement or satisfaction. These capabilities allow advisers to act early, strengthen relationships, and focus on what matters most: trust, partnership, and personal understanding.
Staying relevant in today’s wealth management landscape means elevating trust, partnership, and personal relationships to core competencies, measured and refined over time. True alpha increasingly comes from the depth of understanding and connection you foster with clients, amplified by technology that enables transparency and insight.
Access a copy of the full research paper here.