Almost three in five (58%) 30 to 60 year old investors have increased their interactions with their financial adviser in the last 12 months, according to a new report.

The clients have increased their adviser contact in reaction to market volatility, according to the latest EY European Wealth Survey.

Clients wanted more interaction with their adviser with only 35% of UK investors strongly agreeing that they have sufficient interactions with their financial adviser, according to EY’s survey of over 1,000 European wealth management clients.

Those surveyed were not adverse to AI being part of the advice process, with 56% saying they expect it to be part of the advice process. However only 32% of UK investors (37% Europe-wide) said they trust AI as much as human advisers.

Data privacy was the biggest concern when it comes to AI, with 38% of UK investors expressing less trust in AI tools compared to human advisers.

The data also found a shift in fee structure preference, with clients looking for more fixed and performance-based models.

Concerns around hidden costs were significant with 29% of UK millennial investors expressing concern about them, compared to 9% of Gen X and 7% of Baby Boomers.

Roopalee Dave, UK wealth management leader at EY said economic challenge and geopolitical uncertainty means advisers need to adapt and responjd to changes in client demands.

She said: “Challenging times require more frequent communication, assurances that risks are being managed, and advice that keeps pace with external impacts. All this while still managing broader change to benefit investors, from tech transformation and digitalisation to increased sustainability and risk management.”

Savanta surveyed 3,600 wealth management clients across 30 countries, including 1,000 in Europe, on behalf of EY between October and December 2024.