- 33% of millionaires surveyed were found to be unhappy with the fees their wealth manager charges them, Capgemini's World Wealth Report showed.
- More than one in five of those high net-worth individuals might switch firms in 2021 with high fees being the main driver of any switch for 42% of those surveyed, it said.
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The world's richest people aren't happy about how much it's costing them to manage their money, according to a new survey from consultancy Capgemini.
The pandemic eliminated more than $18 trillion from global markets between February and March before a slight recovery in April, as per Capgemini's World Wealth Report 2020 .
Many rich investors became increasingly critical of high money management fees and a third of those individuals, having over $1 million in investable assets, said they were uncomfortable with charges in 2019.
"HNWIs [high net-worth individuals] are also becoming increasingly critical over wealth managers' fees," the report said.
That may drive a further wedge between asset managers and clients in 2020 as uncertainty and volatile markets could foster higher scrutiny around advising fees, the report said.
More than one in five of those high net-worth individuals might switch firms in 2021 with high fees being the main driver of any switch for 42% of those surveyed.
They also cited a leaning towards service-based fees as compared to asset-based ones a percentage based on a portfolio's market value demonstrating a higher interest in value delivered, the report showed.
Read More: UBS has compiled an investing playbook for all the possible election outcomes. Here are the 6 trades it recommends to profit from a Trump triumph and 10 for a Biden blue wave. Capgemini's report comes soon after investment bank UBS announced its super-rich clients would have access to zero management fee strategies from July 7 onwards. The zero-fee client offering was limited to three funds from Natixis, Breckinridge Capital Advisors, and Goldman Sachs Asset Management. Another potential opportunity for firms was a budding interest in sustainable investing (SI), which regards environmental, social and governance standards, the Capgemini report said. Capgemini 40% of those wealthy people, with over $30 million in investable assets, are willing to put their cash into sustainable investing, according to the report. 80% of wealth management firms have implemented sustainable investing options, the survey showed. The main reasons behind rich people's interest in SI are higher returns and lower risks. Early in the year, equities were the most favored asset class and made up 30% of the rich's portfolio while 17% went to fixed income, 15% in real estate, 13% in alternative investments, and 25% in cash. Read More: Buy these 15 stocks that are shielded from COVID-19 fallout and primed to beat the market even as virus cases spike, Evercore says NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America See Also: Mitch McConnell opens the door to another stimulus check for Americans, saying people earning under $40,000 a year have been 'hit the hardest' A gauge of US service activity posts is biggest monthly jump since 1997 as the economy reopens These 6 charts from the June jobs report show how much the economy has recovered and how much further it has to go SEE ALSO: JPMorgan's market guru says stocks can hit new records this summer as hedge funds and quants put $400 billion to work