However, investors are now more likely to scatter assets across multiple providers and take advantage of “do-it-yourself” investment portals, according to research from , a provider of wealth management, data analysis and reporting solutions for the investment industry.

The report, entitled Being the 'Alpha' Advisor for Your Clients – A Brief Roadmap for Getting There and Staying There, said alpha advisors stand out in an industry where “providers are increasingly becoming commodities.”

“Today, it is even harder to be the alpha advisor,” said Brian Burns, president and chief operating officer of InvestEdge. “Clients are less reliant on a single firm. At the same time, high net worth investors have become more demanding – because they're so thoroughly exposed to information technology, they expect highly customized reporting and analysis.”

He added: “Clients say they want data. But what they really want is answers. What will set the best advisors apart is not the ability to aggregate large amounts of data but rather the ability to get at clients' pain points – their fear and confusion – and point them in the right direction.”