Only around a quarter of wealthy individuals say their financial advisor has a complete picture of their business, financial and personal goals, despite a majority believing advisors should have this kind of information, according to a new SEI poll.

Two out of three of wealthy individuals in the survey said that their advisors need to know all their goals to be successful, while only a quarter said that their advisors have that knowledge.

Perhaps more surprisingly, one out of five said that even their financial goals are known only to themselves.

The investment and technology firm believes that the findings point to a hole in the industry despite growing awareness about the psychology of wealth and finance since the credit crunch.

Behavioral finance, which uses insights from psychology and other disciplines to show how people often do not act as purely rational creatures but are in fact prone to emotional decision-making, has gained attention in recent years. Some firms, including Barclays Wealth and GenSpring Family Offices, try to allow for this in their investment process, and there is widespread discussion at least about a movement towards “goals-based” investing.

On the basis of the poll, however, SEI believes that the process still has a long way to go: “It’s time to end the financial ‘don’t ask, don’t tell’ and begin meaningful conversations between advisors and clients about what’s truly important,” said Michael Farrell, managing director for the company's private wealth management operation.

The Pennsylvania-based company says it recognizes the connection between goals in life and wealth and has brought in psychologists in a bid to boost its competence in the field.

On behalf of SEI, research house Phoenix Capital Research surveyed about 100 individuals and families with more than $5 million in investable assets.