World's richest 'no longer trust banks'

The world's richest clients are now less loyal to their private bankers and wealth managers as well as less trusting and more demanding, according to a PwC survey.

The financial crisis and recent frauds including the Madoff scandal have badly dented high net worths' confidence in the advice they are receiving, according to the Times. PwC detects a greater willingness to change adviser amongst the wealthy, with private banks losing half their mandates when a family fortune is passed to the next generation. Clients are also more suspicious about the safety of their investments with around a third demanding "controls reports" or paperwork describing how proper safeguards are in place. Meanwhile, customer satisfaction is less than adequate with s...