Among the steps advisors should take, according to the report, is to pay attention to the nonfinancial aspects of clients' needs and focus on a holistic, "experience-centric" practice.
"This demands a mind-set transformation 'from being an investment consultant to a life coach,'" the report said.
Surveyed investors cited transparency (73 percent), understanding of their needs and goals (67 percent) and promptness of requested follow-ups (66 percent) as important factors in the relationships they have with advisors, according to the report.