- Roughly 22% of affluent consumers use both advised and self-directed account
- Advisor-led clients that also have a self-directed account are 67% more likely to consider switching or leaving their advisor than advisor-only clients
- But not every ‘hybrid’ relationship is at risk
October 6, 2026 — Nearly a quarter of affluent wealth management clients use self-directed investing accounts in addition to their full-service advisory relationships.
Since the debut of zero-commission trading in 2019, wealth management advisors have fought to retain clients and assets from the growing ranks of online trading platforms.
Among most affluent consumers, that fight has been largely successful. According to new data from the Coalition Greenwich Voice of Client – 2026 Wealth Study, roughly two-thirds of affluent consumers (those with up to $5 million in investable assets) used a wealth advisor in 2026.
However, during that same period, about 54% of affluent consumers used self-directed accounts. That means approximately 22% of affluent consumers are using both advised and self-directed accounts. And, advisor-led clients that also have a self-directed account are 67% more likely to consider switching or leaving their advisor than advisor-only clients.
But the presence of a self-directed account is not itself proof of dissatisfaction. Firms need to distinguish benign DIY behaviour from early signs of attrition. A new report from Crisil Coalition Greenwich leverages data from a survey of more than 5,000 wealth management clients to analyze the behaviors and motivations of affluent investors who use advisor-led accounts and self-directed platforms, and to advise wealth management firms and advisors about how to best service the needs of the growing segment of “hybrid” clients.
Dispelling stereotypes
That research revealed some surprising results. “The stereotype of a self-directed investor is a young consumer who wants to bet on the market,” says Kieran Bol, Director of Research & Analytics in Wealth Management at Crisil Coalition Greenwich and coauthor of Advised and self-directed: Winning the hybrid wealth client. “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 shows that “hybrid” investors use self-directed trading for a variety of reasons, some of which pose a risk to the advisor-led relationship, and some do not.
For example, some clients just like picking stocks. Other clients use self-directed accounts as a means lowering the overall cost of investing and managing their portfolios. In some of these cases, the presence of a self-directed account is not an indicator of trouble for the advisor. These clients might place a high value on the service and advice they receive from their advisor and be open to increasing the share of assets housed in the accounts with their advisor over time.
However, the presence of a self-directed account can sometimes represent a red flag and signal that a client is unhappy with the advisor-led relationship and exploring alternatives. In general, hybrid clients are more likely than other clients to switch firms, and less likely to follow an advisor to a new firm.
Advice that spans all assets
Self-directed investment accounts are now a fact of life for financial advisors. In today’s marketplace, virtually every book of business for full-service advisors will include some clients that also maintain self-directed accounts. In this environment advisors must understand their clients’ motivations for using a self-directed account and create a strategy that equally meets the needs of both pure advisor-led and hybrid clients.
In our view, that strategy should be one of full transparency: “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,” says Nathaniel Brown, Director of Client Development in Wealth Management at Crisil Coalition Greenwich.
Access the report here.