Some 63 per cent of ultra high net worth investors are "fully satisfied" with their advisor relationships, a new survey by the Institute of Private Investors finds.

The study, Both Sides Now: Perceptions of the Advisor-Investor Relationship, aims to demonstrate the trends among investors, as regards to diversifying across multiple firms. In the survey, 69 per cent of investors said they relied on a primary advisor, while 50 per cent said they relied on one firm. Only 19 per cent said they used more than one firm in the role of a primary advisor.

Regarding impressions of their advisors, 68 per cent of the respondents said that their advisor had open, transparent and fair fees. This builds on the findings of research released six months earlier, when 81 per cent of investors said they trust their advisors to act in their best interests.

"We are seeing a clear trend towards engaging in more of a partnership with the advisor, a natural evolution as investors learn more about due diligence in the aftermath of the financial crisis," said Charlotte Beyer, the founder and chief executive of IPI.

"Investors are realizing they cannot abdicate the responsibility of overseeing their wealth. At least for ultra-wealthy clients who have taken a more active role, the relationship is on a solid footing. Advisors have longer-lasting relationships with investors who wish to be a partner in a dialogue," she added.

IPI has a national membership of 1,100 ultra high net worth investors.