Banks not reaching high net worth investors

John Kavanagh
Fewer than half of Australians with investable assets of A$1 million or more visited an investment adviser in 2014.

The population of high net worth investors grew from 400,000 in 2013 to 443,500 last year, according to latest Investment Trends HNWI report.

The increase was the largest in five years, driven by increases in equity and property values.

Investment Trends said that only 175,000 high net worth investors consulted an investment adviser last year. At the same time, a large number of investors said they had unmet advice needs.

Among private banks catering to this market, ANZ Private Bank achieved the highest satisfaction score, followed by NAB Private.

Among stockbrokers, Macquarie Private Wealth had the biggest share of this investor group, followed by Bell Potter and Morgans.