Jason Sumner, senior editor for the EIU, said its report found that ultra high net-worth individuals are more vigilant, ask more questions and are taking a more hands on role in their financial affairs as a result of the credit crunch.
He told a breakfast briefing in London last week that the very wealthy are asking for more streamlined reporting from their advisers, clearer research and a more holistic view of their needs.
Mr Sumner said: "The very wealthy were more likely to have been exposed to asset classes that performed terribly in the downturn, like commercial property and complex, illiquid investments. As a result, their erosion of trust is likely to have been much greater than other investors.
"The very wealthy have found that trust and transparency are more important than high returns, and in the future they will be asking more questions and in some cases taking more of an active role in managing the investments themselves."
The 29-page report, entitled: 'The new world of wealth, Seven key trends for investing, giving and spending among the very rich,' stated: "Wealth management firms and financial advisers have also been severely affected, both by a steep decline in assets under management as a result of market falls and the attrition of funds as disaffected clients move from one institution to another."
James Clancy, partner of Northumberland-based Access Wealth Management, said: "If you look at ultra high net-worth individuals there has been a lack of trust between themselves and private banks because of structured products.
"The lower strata of the ultra high net-worth individuals were more likely to have been effected by the structured product issues. However, the very wealthy are able to do deals with the banks, so the trust issues are different."
Distribution of liquid assets 2008/2009. Source: Tulip Research
Average liquid assets 2008 | Average liquid assets 2009 | Percentage decline 2009 v 2008 | |
| High net-worths | £1.1m | £857,000 | Down 24 per cent |
| Ultra high net-worths | £10.5m | £8.8m | Down 16 per cent |
Societe Generale Private Banking commissioned the EIU to research the behaviour of ultra high net-worth individuals and their attitude to investing, philanthropy and spending since the financial crisis. Ultra high net-worth is defined as individuals with investable assets of more than $30m (£19.43m), a group which is rarely surveyed on its own, according to Mr Sumner.
The EIU conducted 11 interviews with ultra high net worth individuals from around the world, including entrepreneur James Caan.#
