High net worth individuals in the UK are far more reactive to changes in investment performance than to changes in fees, according to findawealthmanager.com.

Wealthy investors in the UK place more importance on investment performance than fees, according to new research by online matching service findawealthmanager.com.

While 40 per cent of UK high net worth individuals would seek an alternative wealth manager due to poor investment performance, only 2 per cent would do so because of a rise in fees, according to the service.

“We often find that clients don’t necessarily go with the cheapest option when choosing between their best-matched wealth managers, since they perceive that paying slightly more for wider capabilities or superior investment expertise might be well worth it in terms of results,” said Lee Goggin, founder of findawealthmanager.com.

Personal attention and continuity were also identified as key influential factors – 25 per cent of those surveyed said they would dismiss their wealth manager for not being responsive enough, while a change in advisor would provoke a fifth to leave.

“While we’d always advocate keeping an eye on costs to the end-client, they are not solely focused on fees and wealth managers shouldn’t be either. Our research consistently shows that investment performance – and service standards – are often given far more weight in clients’ eyes,” added Goggin.

The firm found its results from surveying 104 affluent investors this month on factors influencing their choice of wealth manager.