The younger generation is far more willing to use non-UK based international banks such as UBS and JP Morgan than older people, who tend to be more favourable towards traditional private banks such as Coutts and C Hoare & Co, a survey by Ledbury Research shows.

The report, drawn from a survey of 500 wealth management clients, showed that there is a clear “age” issue that drives demand for different business models of wealth management.

“The convenience of a global network is clearly highly valued by younger clients who live in different international hubs for business purposes. In addition, younger clients tend to be driven more by reputation, which is influenced by the advertising and marketing initiatives of the large international banks,” the report said.

The Ledbury report also showed that almost a third of clients are completely or very satisfied with the service they receive, but within certain categories of firm, there is a wide variation. For example, clients of brokers – firms such as Killik & Co and Charles Stanley – are the most satisfied (23 per cent of respondents said they were totally happy), while only 6 per cent of private bank clients said they were completely satisfied. International banks’ clients only got a 7 per cent reading for the same question.

The Ledbury report also noted other differences between client types. “Private banks, for example, tend to attract clients who value reputation and recommendations from those close them such as friends and family,” the report said.