The reports show that clients, both ultra and high net worth indviduals, do not trust banks and question if they are receiving value for money.

The report comes at a time when private banks have boomed, although data from various reports shows that wealth managers so far manage a relatively small fraction of all potential wealth, a position often referred to as “share of wallet”.

Clients have assumed private banks are advised to sell rather than provide a service according to MDRC’s survey of 2,000 high net worth individuals with at least £500,000 to invest.

Deloitte’s interviews with 50 high net worth and ultra-high net worth individuals targets the top end of the HNW market (those having more than £7 million in assets). The report advises private banks to regain the trust of alienated clients.

MDRC agrees with Deloitte that wealth managers need to evolve services quickly to keep up with the changing make-up and aims of high net worth clients.

Quick turnover of relationship managers was a common complaint from many high net worth individuals in both the MDRC and Deloitte reports.

“Churning is clearly an issue for private banks,” Chris Harvey, global head of banking at Deloitte, was quoted as saying. “You get used to dealing with one relationship manager but now where has he gone?”