During the financial crisis, the majority of high-net-worth clients maintained accounts with at least two financial advisors, Boston-based Cerulli Associates said in a January report. The report also suggested that wealthy clients are poised to change advisory firms once the markets recover. High-end registered investment advisors are among the types of companies that are positioned to win business.

Wealthy investors, tend to be very deliberate and like to try out advisors before shifting their money, says Cerulli analyst Katherine Wolf. After well-respected and seemingly stable companies failed, merged or were severely weakened by the crisis, clients diversified their financial advisory relationships across firms, rather than jumping ship. Among clients with $10 million or more in investable assets, 60% worked with advisors at two or more firms in June 2009, compared with 43% in August 2008, according to Cerulli's most recent data. This tactic allowed clients to put the second advisor through a test run before handing over the bulk of their assets.

Although Cerulli does not expect a deluge of client turnovers, it does contend that momentum is building for change. Advisory firms that can convey a sense of unflappable stability and demonstrate a commitment to client service will be the ones that win business. Market leaders will be firms that have maintained strong balance sheets, avoided scandals and remained focused on client service.

Large, high-end RIAs are among the firms that have the characteristics clients prize, Cerulli says. At press time, Cerulli did not have enough data to estimate how much potential business the RIA channel could win if wealthy clients switch advisors. The company polls advisors and investors semi-annually, though, and hopes to have more information in October.