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World’s Rich Question Fees With Wealth Hitting $74 Trillion (2)

July 9, 2020, 3:40 PM

Even before this year’s market crash, the wealth-management industry’s richest clients were frustrated about fees.

A third of those with more than $1 million of investable assets were uncomfortable with them in 2019, according to Capgemini SE’s World Wealth Report 2020. Discomfort will likely rise in today’s volatile markets. The survey of more than 2,500 individuals found that about one-in-five plans to switch their primary wealth management firm in the next year, with high fees the top reason.

Their main concerns were about transparency, performance and value received. They also said they preferred fee structures to be performance- and ...