Apathy is the prime reason that self-directed affluent clients stay with their current financial advisors, according to a new report from ultra high net worth consulting firm Spectrem Group.

Responding to a survey, 21% of self-directed affluent investors cited “no reason” when asked why they stay with their primary financial services providers, according to the Spectrem report released today.

Spectrem says this finding is surprising given that 48% of these investors have been with their primary providers for more than 10 years and another 18% between 6 and 10 years.

Service (19%) and low fees (13%) were the next highest-scoring reasons for provider loyalty. Trust, which ranked as the top reason for loyalty among investors who are reliant upon advisors, was in the bottom half of the list at just 8%.

“Self-directed investors are a sizable and important segment of the affluent market and the apathy expressed about their primary financial services providers is very significant. It suggests competing firms with stronger capabilities are in a position to poach these clients with relative ease. Financial services firms catering to self-directed investors should take note — their client bases are at risk,” said Catherine McBreen, managing director of Spectrem Group, in a release.

When self-directed affluent investors were asked about the one thing they would like to change about their primary providers, 47% chose “nothing.” This appears to underscore their overall sense of apathy, Spectrem concludes.

Among the affluent market segments that are reliant upon advisors — advisor dependent and advisor assisted — taken together, 22% cited trust as the top reason for provider loyalty. Next were service (17%) and personnel (15%). Just 10% selected “no reason.” Similar to the self-directed segment, however, 54% said they would change nothing about their primary providers.

The report is based on survey responses from more than 500 affluent households (affluent households are defined as those with more than US$500,000 in investable assets). The survey data was gathered via telephone interviews conducted in October and November of 2004 and have a margin of error of plus or minus 4 percentage points.