Aussie clients loyal, but not that loyal

Nearly a quarter of Australian investors have signalled they might move more than half of their portfolio away from their primary wealth adviser in the next three years, according to new research from global consultancy, EY.

EY’s 2025 Global Wealth Research Report has revealed that the good news for Australian wealth companies is that local investors are more loyal than their overseas counterparts but are nonetheless ready to move.

The research revealed that just 18% of Australian respondents said they are likely to change their primary wealth provider within the next three years, well below the global average of 29%.

While the EY research was conducted before US President, Donald Trump’s ‘Liberation Day’ tariff assault, the result still reflected concern around market volatility.

The report said many respondents  (43%) are expected to increase the number of planning meetings in response to increased volatility in global markets, which will require increased engagement and carefully tailored advice from the advisor to retain trusted relationships.

“Advisors should be mindful that these conversations may be predicated on clients seeking to take additional discretion of the investment portfolio, with 56% of Gen X investors and 47% of millennials indicating that volatile market conditions lead them to increase control over the portfolio. Among baby boomers, 30% indicate the same.,” the EY report said.

EY said the report surveyed more than 3,500 investors – ranging from mass affluent to ultra-high-net- worth individuals (UHNWIs), earning between US$250k to US$30m+ annually – across 30 markets globally, including Australia.

It said the findings show Australian investors are more likely to use a private bank as their primary adviser (19%), higher than both global and Asia-Pacific levels (13% each) and second only behind full-service banks (23%) locally.

Key factors considered by Australian respondents when selecting their primary wealth advisors include investment performance (70% identified ‘as a most important factor’), fee structure (62%) and recommendations from friends and family (29%).

Commenting on the research, EY Regional Wealth and Asset Management leader, Oceania, Rita Da Silva said it suggested Australian investors continue to value strong relationships with their wealth managers and advisers.