Avaloq’s 2025 survey of more than 3,800 affluent to ultra-high-net-worth investors reveals several behavioural differences between clients who remain with their provider and those who have switched or may switch. Understanding these patterns can help banks and wealth managers strengthen long-term relationships with this client segment.
Switching is common
Respondents were grouped according to whether they have ever switched their bank or wealth manager. Loyals represent 31% of the sample and have never switched. Switchers account for 69% and have either switched in the past, are considering doing so or have added new providers. This highlights how common switching is within this client segment and provides a basis for exploring the factors associated with it.
Digital experiences subtly influence loyalty
Both groups report generally high levels of satisfaction with their provider’s digital experience, but loyals show slightly stronger results. 30% of loyals describe themselves as very satisfied with their digital experience, compared with 25% of switchers. The average satisfaction score also leans slightly in favour of loyals. These differences are modest but may still influence perceptions among clients who interact frequently with digital platforms. Even relatively small issues such as slow loading times, limited functionality or gaps in personalization may contribute to dissatisfaction for more active users.
Figure 1 : Digital satisfaction and its impact on loyalty
More active investors switch more often
Engagement levels reveal a clearer difference. Among switchers, 35% interact with their portfolios daily or multiple times per day, compared with 24% of loyals. Monthly engagement or lower is more common among loyals at 14%, compared with only 5% of switchers. These findings suggest that highly active investors often expect seamless access to information, timely updates and intuitive navigation. When digital tools fall short of these expectations, the likelihood of reconsidering providers may increase.
Younger investors show greater mobility
Age distribution adds further nuance. Investors aged 25 to 44 make up 50% of switchers but only 37% of loyals. This younger cohort is therefore more represented among those who have switched or considered switching. Their expectations are shaped by digital experiences in other parts of their daily lives, where speed, usability and seamless interfaces are the norm. When expectations are not met, younger wealthy clients may be more inclined to explore alternatives. Older clients tend to show greater stability, with a higher proportion remaining loyal.
Figure 2: Age distribution of switchers vs loyals
Responsiveness shapes satisfaction
The data also shows differences in expectations for adviser response times.[1] Among switchers, 25% expect a reply within a few hours and 13% want an answer within an hour. For loyals, 23% expect a reply within a few hours, but a larger share (16%) expect a response within an hour. Both groups show similar expectations for next‑day responses (around 24%), and almost no one accepts waiting longer than a week.
This pattern is consistent with behavioural research suggesting that clients become more sensitive to unexpected delays once an adviser relationship is established. Even small deviations from expected service levels may influence how clients perceive reliability. These findings suggest that adviser responsiveness is an important component of relationship quality and may contribute to loyalty when expectations are met consistently.
Switching is driven by service and technology
Levels of trust in traditional and newer providers are broadly similar across both groups, suggesting that trust alone does not determine whether wealthy clients stay or switch. When looking at the specific factors that might prompt a change, several differences appear. Switchers are somewhat more likely to say they would reconsider their provider if it is slow to adopt new technologies, with 29% selecting this compared with 16% of loyals. They also show a slightly higher tendency to cite gaps in communication or a lack of adaptability to their changing needs.
In contrast, loyals are more likely than switchers to say that a lack of trust in their adviser could prompt them to move, with 46% mentioning this compared with 40% of switchers. These patterns suggest that concerns related to service quality, communication and technology can arise in both groups and may form part of the broader context in which clients evaluate their provider, alongside digital satisfaction, engagement frequency and expectations around responsiveness.
Figure 3: Factors that might prompt switching
Strengthening client relationships
The findings point to several areas of focus for wealth managers. Digital platforms should be intuitive, mobile-first and supported by strong functionality. Insights should be timely and aligned with each client’s level of activity. Adviser responses should reflect the expectations of digitally engaged clients who value speed and clarity. Proactive engagement informed by client behaviour can help reduce friction and may lower the likelihood of clients re-evaluating their provider.
Loyalty grows from consistency
The most active investors represent both opportunity and potential risk. Wealth managers who deliver consistent digital quality, timely information and responsive support are well positioned to strengthen their relationships with these clients. Meeting the expectations of younger, highly engaged investors will become increasingly important as digital habits continue to evolve.
- This question was only shown to respondents with an advisory or discretionary mandate and who have an adviser assigned to them.
