EY Global Wealth Research Report 2025: Average 2.3 Wealth Management Providers, Top 5 Reasons to Select Wealth Management Providers are Investment Performance, Investment Products & Services, Brand & Reputation, Fee Structure, Personal relationship with Advisor, Top 5 Concerns for Wealth & Investments are Economic Stability, Inflation, Market Volatility, Geopolitical risks, Regulation & Policy Changes, Top 5 Concerns on Alternative Investments are High risk, High Fees, Unclear Risk-Return Profile, Lack of Consistent Returns, Lack of Liquidity, Top 3 Wealth Management Services Currently Using are Basic Financial Planning & Retirement Planning Services, Tax Planning, Managed Accounts, Top 3 Preferred Payment for Wealth Management Services are Fixed Fee, Performance-Based, AUM
8th June | Hong Kong
EY has released the EY Global Wealth Research Report 2025, providing key insights from 3,600 affluent, HNW & UHNW clients on managing wealth & investments. Top 5 Concerns for wealth & investments – Economic Stability, Inflation, Market Volatility, Geopolitical risks, Regulation & Policy Changes. Top 5 areas Wealth Managers preparing clients very well – Regulation & Policy Changes, Interest Rates, Economic Stability, Market Volatility, Inflation. Portfolio to be Reallocated – 79% to reallocate between 0% to 50%. Top 3 Portfolio Reallocation Reasons – Better returns, More investment products & services, Better experience with digital tools & technology. Currently using alternative investment products – 51%. Top 5 Concerns on alternative investments – High risk, High fees, Unclear risk-return profile, Lack of consistent returns, Lack of liquidity. Top 7 Top Wealth Management Providers used by clients – Full-service Institution / Universal Bank 33%, Asset / Fund Manager 30%, Commercial / Retail Bank 28%, Independent Financial Advisory Firm 26%, Brokerage Firm / Platform 25%, Private Bank 24%, Alternative Investment Firm 23%. No. of Wealth Management Providers used by clients – 2.3 average Wealth Management Providers. Client plan on to increase no. of Wealth Management Providers – 32%. Likely to move money or switch primary provider in next 3 years – 66%. Top 3 Wealth management services currently using – Basic financial planning & retirement planning services 65%, Tax planning 64%, Managed accounts 52%. Top 5 Reasons for selection of wealth management provider – Investment performance 62%, Investment products & services 50%, Brand & reputation 47%, Fee structure 45%, Personal relationship with financial advisor / relationship manager 37%. Top 3 Satisfaction of primary wealth manager – Access to range of products & services, Investment performance & returns, Financial advisor / Relationship manager. Top 3 Preferred payment for wealth management services – Fixed Fee, Performance-based, AUM. Top 5 Important topics to discuss with advisor – Preserving & protecting wealth, Investment strategy & portfolio allocation, Understanding all financial activities impacting financial health, Creating or reviewing progress of financial plan, Preparing for retirement, Reducing tax. Top 3 engagement from financial advisors – Values-based investment, Transition investment, Digital assets. Have discussed with financial advisor on impact on market volatility – 52%. Increased planned meetings with financial advisor on impact on market volatility – 44%. Taken more control on investment portfolio with recent market volatility – 44%. Financial goals preparation – 67% already met goals or well prepared. Top 2 Reasons for being unprepared for financial goals – Uncertain investment returns due to market volatility, Impact of taxes. Top 2 Areas becoming more complex than 2 years ago – Investing needs, Financial planning for inheritance / wealth transfer. Preparation to transfer wealth – 50% already transferred or well prepared. Importance of discussing estate transition – 64%. Using Multi-generational planning services – 42%. Financial advisor / relationship manager has adequately engaged family on wealth transfer – 69%. Satisfaction with family wealth recommendations – 81%. Likely to use same advisor as grantor of inheritance – 82%. Top 3 expected use of inherited financial assets – Stay invested, but split across other asset classes 50%, Stay invested without change 42%, Buy home or investment property 36%. Top 3 actions recommended by clients for wealth managers to retain beneficiaries after wealth transfer – Build trust through open & honest communication 52%, Offer personalized & tailored financial strategies 46%, Have a clear & transparent fee structure 45%. Importance of discussing preparation for transfer of my estate – 93%. Expects to receive inheritance from family members – 46%. Expects to leave estate to spouse or child – 81%. Expects Wealth provider to use AI – 60%. Top 3 Concerns on use of AI – Data privacy & security, Misuse of data, Accuracy of AI. See below for key findings & summary | View report here
“ EY Global Wealth Research Report 2025: Average 2.3 Wealth Management Providers, Top 5 Reasons to Select Wealth Management Providers are Investment Performance, Investment Products & Services, Brand & Reputation, Fee Structure, Personal relationship with Advisor, Top 5 Concerns for Wealth & Investments are Economic Stability, Inflation, Market Volatility, Geopolitical risks, Regulation & Policy Changes, Top 5 Concerns on Alternative Investments are High risk, High Fees, Unclear Risk-Return Profile, Lack of Consistent Returns, Lack of Liquidity, Top 3 Wealth Management Services Currently Using are Basic Financial Planning & Retirement Planning Services, Tax Planning, Managed Accounts, Top 3 Preferred Payment for Wealth Management Services are Fixed Fee, Performance-Based, AUM “
EY Global Wealth Research Report 2025: Average 2.3 Wealth Management Providers, Top 5 Reasons to Select Wealth Management Providers are Investment Performance, Investment Products & Services, Brand & Reputation, Fee Structure, Personal relationship with Advisor, Top 5 Concerns for Wealth & Investments are Economic Stability, Inflation, Market Volatility, Geopolitical risks, Regulation & Policy Changes, Top 5 Concerns on Alternative Investments are High risk, High Fees, Unclear Risk-Return Profile, Lack of Consistent Returns, Lack of Liquidity, Top 3 Wealth Management Services Currently Using are Basic Financial Planning & Retirement Planning Services, Tax Planning, Managed Accounts, Top 3 Preferred Payment for Wealth Management Services are Fixed Fee, Performance-Based, AUM
EY has released the EY Global Wealth Research Report 2025, providing key insights from 3,600 affluent, HNW & UHNW clients on managing wealth & investments. See below for key findings & summary | View report here
EY Global Wealth Research Report 2025
Summary
- Top 5 Concerns for wealth & investments – Economic Stability, Inflation, Market Volatility, Geopolitical risks, Regulation & Policy Changes
- Top 5 areas Wealth Managers preparing clients very well – Regulation & Policy Changes, Interest Rates, Economic Stability, Market Volatility, Inflation
- Portfolio to be Reallocated – 79% to reallocate between 0% to 50%
- Top 3 Portfolio Reallocation Reasons – Better returns, More investment products & services, Better experience with digital tools & technology
- Currently using alternative investment products – 51%
- Top 5 Concerns on alternative investments – High risk, High fees, Unclear risk-return profile, Lack of consistent returns, Lack of liquidity
- Top 7 Top Wealth Management Providers used by clients – Full-service Institution / Universal Bank 33%, Asset / Fund Manager 30%, Commercial / Retail Bank 28%, Independent Financial Advisory Firm 26%, Brokerage Firm / Platform 25%, Private Bank 24%, Alternative Investment Firm 23%
- No. of Wealth Management Providers used by clients – 2.3 average Wealth Management Providers
- Client plan on to increase no. of Wealth Management Providers – 32%
- Likely to move money or switch primary provider in next 3 years – 66%
- Top 3 Wealth management services currently using – Basic financial planning & retirement planning services 65%, Tax planning 64%, Managed accounts 52%
- Top 5 Reasons for selection of wealth management provider – Investment performance 62%, Investment products & services 50%, Brand & reputation 47%, Fee structure 45%, Personal relationship with financial advisor / relationship manager 37%
- Top 3 Satisfaction of primary wealth manager – Access to range of products & services, Investment performance & returns, Financial advisor / Relationship manager
- Top 3 Preferred payment for wealth management services – Fixed Fee, Performance-based, AUM
- Top 5 Important topics to discuss with advisor – Preserving & protecting wealth, Investment strategy & portfolio allocation, Understanding all financial activities impacting financial health, Creating or reviewing progress of financial plan, Preparing for retirement, Reducing tax
- Top 3 engagement from financial advisors – Values-based investment, Transition investment, Digital assets
- Have discussed with financial advisor on impact on market volatility – 52%
- Increased planned meetings with financial advisor on impact on market volatility – 44%
- Taken more control on investment portfolio with recent market volatility – 44%
- Financial goals preparation – 67% already met goals or well prepared
- Top 2 Reasons for being unprepared for financial goals – Uncertain investment returns due to market volatility, Impact of taxes
- Top 2 Areas becoming more complex than 2 years ago – Investing needs, Financial planning for inheritance / wealth transfer
- Preparation to transfer wealth – 50% already transferred or well prepared
- Importance of discussing estate transition – 64%
- Using Multi-generational planning services – 42%
- Financial advisor / relationship manager has adequately engaged family on wealth transfer – 69%
- Satisfaction with family wealth recommendations – 81%
- Likely to use same advisor as grantor of inheritance – 82%
- Top 3 expected use of inherited financial assets – Stay invested, but split across other asset classes 50%, Stay invested without change 42%, Buy home or investment property 36%
- Top 3 actions recommended by clients for wealth managers to retain beneficiaries after wealth transfer – Build trust through open & honest communication 52%, Offer personalized & tailored financial strategies 46%, Have a clear & transparent fee structure 45%
- Importance of discussing preparation for transfer of my estate – 93%
- Expects to receive inheritance from family members – 46%
- Expects to leave estate to spouse or child – 81%
- Expects Wealth provider to use AI – 60%
- Top 3 Concerns on use of AI – Data privacy & security, Misuse of data, Accuracy of AI
EY Global Wealth Research Report 2025
1) Outlook & Investments
Top 9 Concerns for wealth & investments:
- Economic Stability – 55%
- Inflation – 52%
- Market Volatility – 45%
- Geopolitical risks – 43%
- Regulation & Policy Changes – 41%
- Interest Rates – 39%
- Investment Products – 22%
- Family Protection – 20%
- Housing Affordability – 16%
- No Concerns – 1%
Top 6 areas Wealth Managers preparing clients very well:
- Regulation & Policy Changes – 51%
- Interest Rates – 46%
- Economic Stability – 41%
- Market Volatility – 41%
- Inflation – 40%
- Geopolitical Risks – 35%
Portfolio to be Reallocated:
- 0% to 25% – 33%
- 26% to 50% – 45%
- 51% to 75% – 16%
- 76% to 100% – 5%
Top 10 Portfolio Reallocation Reasons:
- Better returns – 50%
- More investment products & services – 40%
- Better experience with digital tools & technology – 35%
- Lower cost – 34%
- Better access to specialists (tax, legal, alternative investments) – 33%
- Clearer guidance – 31%
- Financial advisor / relationship manager changed / keeps switching – 28%
- Increased focus on family matters & wealth transition – 28%
- Consolidate accounts with another provider – 24%
- Provider with greater presence on social media – 19%
Current usage & interest in using alternative investment products:
- Currently using – 51%
- Not using but interested – 27%
- Not using & not interested – 22%
Top Concerns on alternative investments:
- High risk – 49%
- High fees – 38%
- Unclear risk-return profile – 38%
- Lack of consistent returns – 31%
- Lack of liquidity – 31%
- Unclear or opaque valuations & performance – 26%
- High lock-in periods – 25%
- High minimum investment – 24%
- Lack of investment opportunities – 17%
- Don’t know how to access them -10 %
- Not provided the option – 9%
- I have no concerns – 9%
2) Wealth Management Providers
Top Wealth Management Providers used by clients:
- Full-service Institution / Universal Bank – 33%
- Asset / Fund Manager – 30%
- Commercial / Retail Bank – 28%
- Independent Financial Advisory Firm – 26%
- Brokerage Firm / Platform – 25%
- Private Bank – 24%
- Alternative Investment Firm – 23%
- Digital Assets / Crypto Wallet Trading Platform – 15%
- Annuity Provider – 13%
- Fintech – 12%
- Family Office – 9%
No. of Wealth Management Providers used by clients – Region:
- North America – 1.7
- Latin America – 2.7
- Europe – 2.1
- Middle East -2.3
- APAC – 2.9
- Average – 2.3
No. of Wealth Management Providers used by clients – Wealth:
- Mass Affluent – 1.8
- HNW – 2.4
- VHNW – 2.6
- UHNW – 2.8
- Average – 2.3
No. of Wealth Management Providers used by clients – Age Group:
- Millennials (Age 25 to 41) – 2.8
- GenX(Age 42 to 57) – 2.3
- Boomers (> Age 58) – 1.6
- Average – 2.3
Client plan on using no. of Wealth Management Providers:
- Increase – 32%
- Same – 61%
- Decrease – 3%
- Don’t know – 5%
Likely to move money or switch primary provider in next 3 years:
- Highly likely – 32%
- Moderately likely – 34%
- Moderately unlikely – 20%
- Highly unlikely – 9%
- Don’t know – 5%
3) Review of Wealth Manager
Top 12 Wealth management services currently using:
- Basic financial planning & retirement planning services – 65%
- Tax planning – 64%
- Managed accounts – 52%
- Multi-generational planning – 42%
- Health care / eldercare advisory – 39%
- Direct indexing – 34%
- Executive compensation & stock compensation consulting – 34%
- Family governance services – 32%
- Family office consulting services – 32%
- Private philanthropic advisory services – 27%
- Speciality asset management (Eg. agricultural land, oil & gas rights) – 24%
- Art advisory & acquisition services – 22%
Top 14 Reasons for selection of wealth management provider:
- Investment performance – 62%
- Investment products & services – 50%
- Brand & reputation – 47%
- Fee structure – 45%
- Personal relationship with financial advisor / relationship manager – 37%
- Digital tools & technology – 34%
- Recommendations by friends / family – 23%
- Values-based investing – 22%
- Independent referral from professionals (lawyers, accountants) – 17%
- Access to family planning – 16%
- Transition investment – 16%
- Diversity of firm – 14%
- Philanthropy – 11%
- Financial advice via social media – 10%
Top 10 Satisfaction of primary wealth manager:
- Access to range of products & services – 85%
- Investment performance & returns – 84%
- Financial advisor / Relationship manager – 81%
- Create clear picture of overall financial health – 80%
- Access to effective digital tools – 80%
- Financial advisor / Relationship manager helps to understand recommendations – 79%
- Sufficient interactions with Financial advisor / Relationship manager – 78%
- Financial reviews always provide added value – 76%
- Provide access to specialists & expertise in tax, legal matters & alternative investments – 74%
- Provide recommendations on managing family wealth – 71%
Preferred payment for wealth management services:
- Fixed Fee – 23%
- Performance-based – 22%
- AUM – 15%
- Combination – 11%
- Transaction-based – 10%
- Subscription – 8%
- Per Hour – 4%
4) Client Engagement & Actions
Important topics to discuss with advisor:
- Preserving & protecting wealth – 86%
- Investment strategy & portfolio allocation – 79%
- Understanding all financial activities impacting financial health – 77%
- Creating or reviewing progress of financial plan – 75%
- Preparing for retirement – 74%
- Reducing tax – 72%
- Personal financial budgeting – 70%
- Physical & mental health – 66%
- Preparing for transition of my estate – 64%
- Investing in real estate, infrastructure, alternative products – 61%
- Values-based investments – 53%
- Transition investment – 49%
- Philanthropy – 42%
Engagement from financial advisors:
- Values-based investment – 20%
- Transition investment – 19%
- Digital assets – 18%
- Alternative investments – 15%
- Specialized investment products (Eg. IPOs, private placements) – 15%
- Passively managed funds – 15%
- Credit & loan products – 13%
- Actively managed funds – 12%
- Customized or specialty loan products (Eg. yachts, aviation) – 11%
- Life insurance / risk / protection – 9%
- Cash / cash equivalents – 8%
- None of these – 19%
Have discussed with financial advisor on impact on market volatility:
- Mass affluent – 39%
- HNW – 54%
- VHNW – 67%
- UHNW – 62%
- Total – 52%
Increased planned meetings with financial advisor on impact on market volatility:
- Mass affluent – 29%
- HNW – 48%
- VHNW – 58%
- UHNW – 44%
- Total – 44%
Taken more control on investment portfolio with recent market volatility:
- Mass affluent – 37%
- HNW – 45%
- VHNW – 53%
- UHNW – 47%
- Total – 44%
Actions taken on political instability:
- Discussed current events with financial advisor – 44%
- Taken more control on investment portfolio – 38%
- Increased planned meetings with financial advisor – 35%
- Inflation-protected assets – 34%
- Increase cash allocation – 22%
- Increase portfolio allocation to onshore – 18%
- Increase portfolio allocation to offshore – 17%
5) Financial Planning & Insights
Financial goals preparation:
- Already met financial goals – 15%
- Well-prepared – 52%
- Somewhat prepared – 30%
- Not prepared – 2%
Reasons for being unprepared for financial goals:
- Uncertain investment returns due to market volatility – 55%
- Impact of taxes – 36%
- Impact of non-core investments such as crypto currencies & real estate portfolio performance – 26%
- Unsure of performance of secondary provider – 23%
- Not sure how to – 21%
- Not contributing / insufficient contribution to savings or investments – 21%
- Not following wealth management provider plan – 14%
Areas becoming more complex than 2 years ago:
- Investing needs – 45%
- Financial planning for inheritance / wealth transfer – 45%
- Financial planning for retirement – 43%
- Holistic view of wealth – 41%
Client Survey on Wealth Management Firms:
- Satisfaction with value for money – 83%
- Concerns about hidden costs – 49%
6) Inheritance / Wealth Transfer
Preparation to transfer wealth:
- Already transferred – 6%
- Well prepared – 44%
- Somewhat prepared – 39%
- Not prepared – 7%
- Not sure – 4%
Importance of discussing estate transition:
- Extremely important – 27%
- Very important – 37%
- Important – 64%
Inheritance / wealth transfer planning changes:
- More complex – 45%
- Less complex – 17%
Multi-generational planning services:
- Using – 42%
- Do not use but interested – 34%
- Do not use & not interested – 25%
Financial advisor / relationship manager has adequately engaged family on wealth transfer:
- Agree – 69%
- Neutral – 20%
- Disagree – 12%
Satisfaction with family wealth recommendations:
- Agree – 81%
- Neutral – 11%
- Disagree / Not applicable – 6%
Using same advisor as grantor of inheritance
- Likely – 82%
- Unlikely – 14%
- Don’t know – 4%
Expected use of inherited financial assets:
- Stay invested, but split across other asset classes – 50%
- Stay invested without change – 42%
- Buy home or investment property – 36%
- Fund retirement – 29%
- Fund schooling & education of my children / grandchildren – 27%
- Supplement or replace income – 20%
- Donation – 16%
- Pay debts – 11%
- Other / Don’t know – 2%
Actions recommended by clients for wealth managers to retain beneficiaries after wealth transfer:
- Build trust through open, honest communication – 52%
- Offer personalized, tailored financial strategies – 46%
- Have a clear and transparent fee structure – 45%
- Show a strong understanding of individual financial goals and needs – 44%
- Demonstrate expertise in wealth transfer and estate planning – 42%
- Understand family dynamics, values and relationships – 38%
- Engage early with spouse, children and heirs to build trust – 37%
- Show a track record of successful client outcomes – 31%
- Propose a financial advisor or relationship manager whose profile meets my expectations – 28%
Importance of discussing preparation for transfer of my estate:
- Very important – 64%
- Somewhat important – 29%
- Not important – 7%
Expects to receive inheritance from family members:
- Yes – 46%
- No – 47%
Expects to leave estate to spouse or child:
- Yes – 81%
- No – 12%
7) Artificial Intelligence
Expects Wealth provider to use AI:
- Yes – 60%
- Do not expect – 20%
- Not sure – 21%
Aware of AI being used to manage wealth:
- Yes – 37%
- Maybe – 34%
- No – 11%
- Not sure – 18%
Trust in AI tools vs Human Advisors:
- Trust AI tools more – 10%
- Trust Human advisors more – 38%
- Same – 28%
- Do not trust AI tools – 15%
Top 7 Concerns on use of AI:
- Data privacy & security – 51%
- Misuse of data – 47%
- Accuracy of AI – 46%
- Lack of human touch – 42%
- Dependence on technology – 35%
- Lack of an emotional context – 28%
- Integrity – 26%
Type of data clients willing to share to AI:
- Financial goals & planning information – 47%
- Risk tolerance & investment preferences – 46%
- Demographic information – 38%
- Investment portfolio details – 34%
- Transaction history & spending patterns – 30%
- Tax records & related financial documents – 29%
- Information about loyalty programs and offers I use – 26%
- Conversations with my financial advisor / relationship manager- 22%
- Social media behaviour – 18%
- Medical history – 17%
- None of the above – 14%
EY Global Wealth Research Report 2025
EY has conducted the Global Wealth Research Report on a biennial basis for the past decade. The objective of the current research remains the same: to survey wealthy clients in the spectrum from entry to ultra HNW investors on their wants, needs and expectations for the firms that manage their wealth. The EY organization worked with market research consultancy Savanta to conduct an extensive survey of nearly 3,600 wealth management clients across over 30 geographies. The survey was in market from October 30, 2024 to December 24, 2024.
Wealth segment (assets):
- Mass affluent (US$250k to US$1m) – this includes all sub-segments of the affluent market all the way up to high-net-worth investors
- HNW (US$1m to US$4.9m)
- VHNW (US$5m-US$29.9m)
- UHNW (US$30m+)
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