Nearly one in four affluent U.S. investors now maintains both an advisor-managed account and a self-directed brokerage platform, a combination that new research identifies as a significant retention risk for wealth management firms. The Coalition Greenwich Voice of Client – 2026 Wealth Study, based on responses from more than 5,000 individual investors, found that 22% of affluent consumers—defined as those with up to $5 million in investable assets—use both types of accounts.
The study's headline finding: hybrid clients are 67% more likely than advisor-only clients to consider switching or leaving their primary advisor. Specifically, 15% of hybrid clients said they were actively considering or would consider switching, versus 9% of advisor-only clients. This quantifies a threat that many practitioners have sensed but struggled to measure.
The rise of zero-commission trading platforms since 2019 has complicated the client relationship picture. While roughly two-thirds of affluent consumers used a financial advisor in 2026, approximately 54% also used self-directed accounts, creating substantial overlap. However, the research cautions against viewing a self-directed account as automatic evidence of a deteriorating relationship.
Kieran Bol, Director of Research and Analytics in Wealth Management at Crisil Coalition Greenwich and co-author of the report Advised and self-directed: Winning the hybrid wealth client, challenged the stereotype of the DIY investor. "The stereotype of a self-directed investor is a young consumer who wants to bet on the market," Bol said. "In reality, relative to investors who rely solely on full-service advisors, those who use both advisor-led and self-directed accounts have a similar appetite for risk and are roughly the same age—with an average age of 63."
The study identified four motivations for hybrid behavior: enjoyment of stock picking, cost management, diversification across account types, and holding assets like cryptocurrency that fall outside advisor-serviced portfolios. However, hybrid clients are more price-sensitive, less convinced of the value of holistic advice, and three times as likely to be open to robo-advice. As FINRA research has shown, many investors lack advanced financial knowledge, which may explain some of this openness.
Beyond switching rates, the research reveals a loyalty gap. Twenty percent of hybrid clients said they would not follow their advisor to a new firm if the advisor moved, compared with 11% of advisor-only clients. For advisors changing firms—a dynamic that has accelerated—this gap represents a meaningful risk of asset attrition. Additionally, less than half of hybrid clients said they prefer an investment professional who can holistically meet their needs across investments, insurance, banking, and taxes, versus a majority of advisor-only clients.
This skepticism about comprehensive advice appears baked into the hybrid segment's orientation, regardless of satisfaction. The report's recommendations focus on transparency and diagnostic discipline. Nathaniel Brown, Director of Client Development in Wealth Management at Crisil Coalition Greenwich, said, "In the age of DIY investing, advisors must cultivate open relationships in which clients are comfortable discussing their complete financial picture, which will position the advisor to provide comprehensive advice that takes into account all assets—including those with the advisor and elsewhere."
The report advises a four-step approach: discover by asking about assets held elsewhere, diagnose the client's motivation for self-directing, demonstrate the value of holistic planning through regular ROI conversations, and monitor for early warning signs. For firms, the researchers recommend assessing whether product or platform gaps are driving clients to self-direct, and considering offering in-house self-directed options or lower-cost digital advisory services to keep assets and relationships closer to home.
As Goldman's survey on wealthy investors shows, clients are increasingly selective about where they place assets. The Coalition Greenwich data extends that pressure point: clients who feel their advisor is not meeting their full range of financial needs are more likely to hedge by going elsewhere with a portion of their assets. For advisors, the message is clear: hybrid clients are not necessarily lost, but they require proactive engagement to prevent asset drift.
