Discerning choices: the factors driving investors to change providers in 2025
Multiple factors influence why investors make decisions around their money, affecting who they choose to manage their investments, why they ditch incumbents, and who they turn to for financial advice. Our latest survey gets to the heart of what’s important – identifying many of the factors that drive their choices.
As a snapshot we found:
- Investment performance is the most influential factor when picking an investment and saving solution (30%), closely followed by access to online tools (29.5%) and recommendation by family and friends (29%)
- But when asked what would make them consider switching to a different provider, the largest number of respondents (42%) said it would be high levels of charges that would drive them away from their current provider
- Almost 93% of respondents had taken financial advice – with Retirement Planning (30%), Investment Advice (29%) and Estate Planning (28%) being the top three areas of focus
This survey was conducted by Censuswide on behalf of Netwealth in June 2025, polling 765 respondents between the ages of 56 and 65 with £500,000 or more in investable assets.
Why investors change providers
While relationships are important, investors are pragmatic about obstacles that could hinder them from achieving their goals. When we asked them why they would consider switching to a different provider they responded:
- High levels of charges with their current provider – 42%
- Poor investment returns – 39%
- A change of relationship manager – 38%
- Low quality or non-existent financial advice from their current provider – 33%.
What makes an investor pick a provider?
It’s no surprise that investors have picked the top answer below as the main factor when choosing a wealth manager. Yet it was close. The other key considerations in the mix show that many things matter – usually in tandem – to help people optimise their outcome for their future.
- Strong investment performance – 30%
- Access to online tools – 29.5%
- Recommendation by family and friends – 29%
- A good range of products – 25%
- Low fees – 24%
Online tools are key for investors to manage their money wherever they are.
Considering financial planning advice
With frequent changes to regulations and increasing complexity in the financial world, many people opt for the peace of mind and clarity that financial advice can bring. The most influential factors when choosing a provider include:
- Trust and reputation of the adviser or firm – 24%
- Convenience such as online meetings and flexible hours – 23%
- Recommendations from friends or family – 22%
The answers above sketch a picture of what drives investor behaviour in the UK today – factors we strive to understand to help us deliver the best experience and value for our clients. It’s obvious that consistent performance remains a fundamental objective, and more and more investors are also focusing on a cost-effective approach to grow and safeguard their family’s finances.
"Financial planning and investment services are rightly seen as essential tools for protecting and growing capital throughout a working lifetime,” says Netwealth CEO Charlotte Ransom. “While investment performance remains a major attraction, there is growing awareness of the impact high fees can have on long-term, net-of-fee returns and, ultimately, on financial outcomes.
"Investors are increasingly asking whether the net returns on their investment pots truly justify the cost, especially in light of the consistent outperformance of strategies implementing lower cost passive funds compared to more expensive active managers in recent years.
"This has prompted a notable shift in client behaviour. Trust remains the foundation of any long-term wealth management relationship and personalised advice continues to play a central role. However, affluent individuals are becoming more discerning, seeking out firms that offer regulated, tailored advice alongside cost-effective, performance-aligned solutions that help them achieve their financial goals."
Thinking about your options?
If you are considering leaving your wealth manager for any of the reasons above, or are in the hunt for a new provider, we can help you get on track. In the first instance you can contact us for a free, no-obligation consultation (not personalised financial advice) – just get in touch.
Please note, the value of your investments can go down as well as up.
Our advisers offer restricted advice that relates to Netwealth’s products and services and does not consider the whole market. Netwealth does not provide tax or legal advice and does not advise on transfers of pensions with safeguarded benefits.
