Affluent investors are selecting and retaining advisers on the basis of performance, according to a study released Monday by Fidelity Investments.

Half of the 510 affluent investors in Fidelity’s nationwide "Wealth & Advice" survey said portfolio performance is more important than a relationship with an adviser.

The wealthiest were the most concerned with performance. Eighty-four percent of the ultra-high-net-worth investors, defined as those with $5 million or more of inevitable assets, said performance is "extremely important" or "very important" to their selection of a primary adviser. The figure was 68% for those with less.

Only 4% of the investors said personal relationship was more important – against 18% of the 320 advisers surveyed.

Nine out of 10 of the investors said they were satisfied with their primary adviser, but only 20% said they were more satisfied than a year earlier.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.