Forty per cent of UK clients with investable assets of over £5 million think that private banks do a poor job of meeting their expectations and providing the right level of service, according to a survey of 300 individuals worth in excess of £5 million, according to a new survey by Family Bhive.

The online wealth management forum, which aims to make choosing a wealth manager a more transparent process for clients, also found that 50 per cent of those surveyed who use an asset manager to run their investments said they had reason to take their business elsewhere.

Analysts point out, though, that most high net worth clients are multi-banked and that moving to a new bank is now an onerous proposition within the know-your-customer regime.

And some large international private banks are also thought, currently, to be making it difficult for clients to switch to other banks by using administrative delaying tactics.