While super funds may be required to chase mass market advice, high-net-worth clients will drive demand for independent financial advisers, according to research.

The ‘2023 State of Wealth Report’ – from private wealth firm LGT Crestone and researcher CoreData – found that, across all age cohorts for high-net-worth individuals (HNWIs), there is a desire to work with “independent” financial advisers (40 per cent) compared to a ‘bank-aligned’ adviser (20 per cent), a company that is aligned with a bank or institution (18 per cent) or a super fund (10 per cent).

The research did not define the ‘independent’, leaving interpretation of the laden term in the hands of HNW respondents