Many US financial advisors are missing the chance to attract new clients and develop existing relationships, according to a survey of high net worth investors from ByAllAccounts, the account aggregation business.

In a quarterly survey, it was found that 33 per cent of people surveyed had hired or fired an advisor since 2008. A quarter of respondents (25 per cent) said they were not satisfied or had a “neutral” view of their current advisor. The survey also found that among the main complaints made about advisors were points such as that an advisor did not listen or communicate enough.

“In the post-Madoff era, investors demand openness and transparency from RIA's, but clearly many advisors need to build trust and loyalty, especially with high net-worth investors," said Cynthia Stephens, director of marketing, ByAllAccounts.

"This survey should be a wake-up call to many advisors and a reminder of how important it is to listen to your clients more closely and proactively provide valuable advice they expect," Stephens said.

Among other findings: only 38 per cent said their advisor proactively contacts them when upcoming tax and other changes may impact their portfolio.

Investors said the top three most important criteria when evaluating an advisor are personal integrity, investment philosophy and the advisor's level of experience: Advisors would be wise to include information about these areas in all their sales and marketing material.

Advisors are ignoring easy sales opportunities, the survey found: 75 per cent said their advisor has not asked for a client referral or introduction in the past 12 months.