Ninety percent of mass affluent and high net worth investors who had an advisor when the market downturn began last year are still working with that same adviser, according to a new survey released yesterday by Northstar Research Partners.

What’s more, close to two-thirds of the investors surveyed report a high level of trust in their primary financial advisers. Twenty percent of the respondents said they are relying on their adviser even more than before, and only 27 per cent said their trust in their advisor has declined since before September 2008.

“What this study clearly shows is that the best opportunities for financial services companies are in cultivating their existing client base," said Jim Neuwirth, managing director for Northstar.

Wealth managers said they weren’t surprised by the findings.

“I think a lot of people believed that what happened in 2008 was an anomaly and don’t blame their advisor personally,” said Tom Henske, a partner for Lenox Advisors in New York. “And even if they’re not thrilled with their advisor, leaving is not easy, because you’re going from a person you know to a person you don’t know.”

According to Jeff Rupp, managing director for Dallas-based Bluffview Wealth  Management, the survey underscores  the underlying trust most clients have in their advisors.

“Even if they’re disappointed by results occasionally, I think most clients believe their advisors are honest and trust them,” Mr Rupp said. “And if they don’t trust them, that’s when they’re more likely to pull money out.”

Not surprisingly, investors become more risk-averse over the past year, according to the survey.

Among investors between 25 and 45 years old, the number classifying themselves as conservative investors more than doubled, from 22 per cent last year to 54 per cent this year.

The online survey, conducted in conjunction with Sullivan, a strategy and design firm, queried 1,539 investors with more than $100,000 in investable assets, including more then 200 investors with investable assets in excess of $1 million.