When looking for a new advisor, the world's up-and-coming wealthy are most attracted to managers who can demonstrate a blend of values and value, according to a new study by SEI, Scorpio Partnership and NPG Wealth Management.

The study surveyed 3,025 respondents globally with an average of $2.9 million in net worth.

Seventy-four percent of respondents chose a firm's reputation for quality of products and services as the most important attribute when picking a financial advisor; costs associated with products and services followed at 64 percent.

The study found that more than a fifth (22 percent) seek out the advice of friends or family before selecting an advisor, while 15 percent of respondents conduct their own research of the advisor market.

For respondents, the top reasons to hire an advisor were the desire to diversify assets (30 percent), followed by the purchase of a home (21 percent) and a promotion or change in career (20 percent).

According to the results, respondents work with multiple providers for advice regarding their personal investments. While they typically work with three or four firms, they entrust half of their investable wealth to a primary advisor. But, at the same time, the survey found less than a third (31 percent) of respondents believe their primary advisor has a solid understanding of their total financial picture.

While reputation and cost were the top factors in choosing an advisor, performance (17 percent) was the top factor for respondents in deciding whether to stay with their primary advisor. Having the solutions and services to meet their needs was second (15 percent), followed by being happy with the advice provided (13 percent).

"This study shows that the future wealthy are constantly searching for a more valued relationship and are open to the idea of switching primary advisors in order to attain it," said Kevin Crowe, head of solutions, SEI Advisor Network. "Advisors who understand what it takes to capture the attention of the future wealthy are the ones who will successfully attract and engage long-lasting relationships."