Rising markets provide temporary cover for a variety of wealth management ills, including a less-than-satisfying rapport with one’s financial adviser. With portfolios under pressure, however, even some very wealthy investors – those with $25m or more – will no longer tolerate rocky relationships.

“[My advisory team] doesn’t seem to have good customer service or a yearly plan ... the follow-through is not present,” says one member of the Institute for Private Investors, a peer-networking organisation for ultra-wealthy families. The investor, who recently shared her grievances in an online forum for IPI members, is on the verge of firing her advisers.