When working with financial advisors, wealthy clients seek more risk management and better understanding of their emotional needs, according a recent survey by Merrill Lynch Global Wealth Management and Capgemini.

The survey found that among high-net-worth individuals (at least $1 million in investable assets), the top priorities they seek from their advisors are transparency and simplicity, along with specialized advice (both 93%) and effective risk management (90%).

These people said they want to more actively work with their advisors to understand the nature and potential performance of specific investments, to manage downside risk and get advice that's in tune with their risk profile.

In that vein, according to the 14th annual World Wealth Report, clients want "fundamental changes" in how they're served by advisors. In particular, they want advisors to have a better grasp of their emotional and intellectual needs.

In response, says the survey, wealth management firms and advisors are starting to incorporate emotional factors and behavioral finance concepts into portfolio management to deliver the right level of high-touch advice and market-relevant products and services.