In an article for InvestmentNews, Steve Randall shares some insights from a recent study conducted by Dynasty Financial Partners of investors who work with an advisor and have at least $500,000 in investable assets. 

It finds that many wealthy investors seek out an advisor following a major life event such as a change in employment or inheritance. Interestingly, 57% end up working with the first advisor they meet. This is an indication that advisors should invest in efforts that increase their visibility especially among this set. 

One caveat is that while high net-worth clients are quick to choose an advisor, they are also prone to switching especially if they feel a lack of trust or generating value. For high net-worth clients under 45, 61% had changed advisors. 

Another finding from the research is that referrals remain an important source of new clients. About a little more than half of new clients come from family and friends with another quarter coming from a professional colleague. About a quarter of new business came from social media, blogs, or other online platforms. 

Finsum: A recent survey of high net-worth investors by Dynasty Financial Partners has some interesting insights for financial advisors.