Santander Current Accounts found that most people have had the same current account for more than 16 years, while the average UK resident’s longest partnership has run for just over 14 years. Moreover, 17 per cent of respondents had held their current bank account for over 30 years.

But before the banking industry congratulates itself too heartily, it should consider the fact that 31 per cent of people said the reason they had stayed with the same bank was “simply out of habit”.

The significance for the wealth management industry is that we can assume that private clients may sometimes be subject to the same inertia, and while firms might view a relatively low churn rate as a mark of satisfaction this could be anything but the case. Furthermore, a client may stay even if mildly dissatisfied, but they are hardly likely to act as a “net promoter” – referrals being a crucial source of new business for the wealth management industry.

The retail banking industry does seem to have gone above and beyond to retain its clients to a large extent however: the Santander study found that for 52 per cent of people the help and support their bank has provided has been what has made them stay, while 18 per cent cited financial benefits.

A remarkably frank 7 per cent of respondents said that “financial benefits” had been their reason for staying with their life partner.