Clients are facing delays of up to three months due to the lengthy onboarding processes of some wealth managers, according to a new report.

The wealthier the new client, the more protracted the onboarding process is, according to the survey of wealth managers by fintech Avaloq.

A third (29%) of wealth managers said it takes them three months or more to onboard ultra-high net worth clients, with only 13% onboarding in under a week.

For affluent clients, 33% of wealth managers said that onboarding takes up to a month.

Internal approval processes and the amount of manual intervention required were cited as the biggest reasons for the delays.

Wealth managers in the UK also found onboarding a longer process than their European counterparts.

Internal approval processes were highlighted as a pain point by 88% of UK respondents versus 76% in Europe, and manual intervention was flagged as an issue by 70% of UK respondents compared to the European average of 62%.

The majority (96%) of those surveyed said that simplifying or automating the onboarding process would offer an improvement.

Suman Rao, managing director for the UK and Ireland at Avaloq, said: “The onboarding process leaves clients with a lasting impression of their new wealth manager, so it is vital that it runs smoothly. Not only does this set the tone for a positive client relationship, but it also increases the chances that the client is likely to stay and invest over the long term.”

• Avaloq surveyed 200 wealth managers in February and March.