The company surveyed 1,000 US consumers with at least $20,000 in investable assets to discover how they chose who to hire to undertake the responsibility of growing their assets.

It found that fees, pricing and other traditional considerations ranked lower than trust and reputation, noting almost two-thirds of existing investors thought trust and reputation were among the most important factors when choosing a wealth management provider, compared with 49% who cited pricing and fees.

Of the respondents, 58% identified trust and reputation as their leading consideration among prospective investors, while 56% cited transparency and brand credibility as the main factors contributing to trustworthiness.

Fraud and security concerns were also found to be influencing investors’ expectations of wealth managers as 56% said they were moderately to extremely concerned about the potential impact of fraud on their investments.

Joshua Turnbull, senior vice president of financial services at TransUnion, said: “Wealth managers have traditionally competed on performance, products and price. Our research shows that the competitive landscape is changing.

“Investors are telling us that confidence and credibility matter as much as – and sometimes more than – traditional decision factors. Trust has become a defining factor in how investors choose and evaluate wealth management providers. For firms navigating a rapidly evolving marketplace, understanding what builds confidence is critical.”