High-net-worth investors have more advisors than those with fewer assets, and their relationships continue to grow, according to Cerulli Associates.  

High-net-worth investors, those with $5 million or more in investable assets, had an average of three advisors per household, while the average for those with $100,000 or less in investable assets is 2.6, according to Cerulli Associates, a financial research firm in Boston.

The number of advisors relationships also seems to be growing among wealthy clients. High-net-worth households had an average of 3.7 investment advisors in 2012, up from 3.3 in 2008, according to Cerulli.

High-net-worth investors may be beginning to consolidate their advisors, meaning advisors should consider how to position themselves to be chosen when decisions are made, according to Cerulli.

“High-net-worth investors have more provider relationships and are more likely to change providers than other investors,” says Bing Waldert, Cerulli director. “In addition to diversifying their assets, these investors also diversify their sources of advice.”

The high-net-worth marketplace is particularly competitive for advisors and asset managers because of the large balances the investors have and the complex situations that require a number of services, according to Cerulli.

“High-net-worth investors are a unique segment [that is] typically served by a unique group of providers ,” Waldert says.