Most affluent individuals do not like the term "wealth management," a new study by SpectremGroup reveals. The study, TheAffluent and Their Perception of Wealth Management, surveyed the opinions of 503 affluent households with more than $500,000 in investable assets.

While 41% of respondents don't find the term "wealth management" appealing, the wealthier the individual, the more likely he or she was to like the term. The occupation of the individual also made a difference: Senior corporate executives were nearly twice as likely to find it appealing as business owners.

This may be explained by the fact that wealthy households are more confident that their assets qualify them for wealth management than those with less. But nearly half of affluent households believe their assets entitle them to additional services from their wealth manager.

The most requested services include comprehensive financial planning, estate planning, tax planning and personal consultation, passing on wealth to posterity, asset management and setting up trust funds. Those under 50 think advice on estate planning and financing college education should be included as well.

The wealthier the clients, the more likely they are to be aware of their financial services firm's wealth management program. Yet while 60% of households know of these programs, only 43% take advantage of them-most of which are older, wealthier clients. The study suggests that if your firm has such a program, make sure all clients—especially up-and-comers—are aware of it and its benefits.

All respondents believe independent financial planners are most equipped to provide wealth management services. Nearly 60% prefer a fee-based approach over a commission-based structure, as do business owners.

The study recommends that advisors find their sweet spot. Since the term wealth management gains credibility with the wealthy, the study notes, planners should determine whether most of their clients are worth in excess of $1 million and then use the term accordingly.