By Hal M. Bundrick

NEW YORK (

MainStreet

)--Wealth management firms might want to re-think their team approach to client service. High net worth individuals say they prefer to work with a single point of contact that is responsible for the overall relationship and able to coordinate it throughout the firm. The findings are from the

World Wealth Report 2013 released by Capgemini and RBC Wealth Management, based on feedback from over 4,400 global high net worth individuals.

And an opportunity for asset-gathering may be at hand. 41% of these wealthy investors say they would rather work with just a single firm.

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The report also finds that while a large majority (61%) of wealthy investors say they have trust and confidence in their advisors, less (45.4) are trusting of the financial markets. Three-quarters of the affluent clients believe that, in spite of challenging markets and economic factors, they will generate additional wealth in the coming year.

But that optimism is tempered by a primary desire for wealth preservation rather than growth. Nearly one-third (32.7%) said they favored a conservative investment approach with a goal of wealth preservation, while 26.3% said their investment profile was for growth. That defensive posture is reflected in their asset allocation as well: almost 30% of their wealth was held in cash and deposits.

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"Despite a marked focus on capital preservation and high cash allocations, high net worth individuals achieved a record level of wealth in 2012, suggesting further growth lies ahead if trust and confidence in the markets increase further," said M. George Lewis, Group Head, RBC Wealth Management & RBC Insurance.

Advisors may be surprised to learn of the increasing desire of high net worth individuals to interact with their advisors digitally rather than face-to-face. While the report showed most clients still prefer direct contact, 23.7% favored digital contact, expressing a desire for "real-time, anytime" information, rather than scheduled, paper-based reports.

Investable wealth of the world's high net worth individuals grew by 10% in 2012, attaining a record high of $46.2 trillion. One million individuals joined the global high net worth population which now totals 12 million, an increase of over 9% from 2011.

--Written by Hal M. Bundrick

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