You'd think the goal of investing would be to make money. But if you ask clients of financial wealth managers across the globe, "what's your top goal?," most of them will say that financial performance is not it.
In fact, only 33 percent rank performance No. 1. The rest of the top picks are either engagement, trust, or some combination of these two or three factors. All these other factors added up to the 67 percent of people who didn't put financial performance as their most important factor.
The data, brand new in a report from EY's (formerly Ernst & Young) wealth management practice, suggest that competitor wealth managers don't actually have to offer the best financial performance in order to steal clients. EY released a report Tuesday based on a global survey of 2,000 wealth management clients and 60 wealth management executives.
It also means current wealth managers could lose their clients even after having good performance.