During the boom period of the late '90s, high net worth individuals were less keen to bother their advisers, either because they had been tempted to go it alone by the countless electronic trading platforms and DIY approaches being launched at the time, or because they felt uncertain, and with the market (and their portfolios) steadily climbing, were inclined to leave investment decisions to the sole discretion of their financial counselors.

However, dramatic falls in the markets, combined with difficulties in integrating self-directed investment systems into existing private banking infrastructures meant that the novelty soon wore off for many high net worth investors, and hand-holding is once again the flavour of the month.

'The initial uptake, even in traditional private banking, was quite high,' explained Ian Woodhouse, wealth manager and European banking analysts with PricewaterhouseCoopers in London. 'But the volumes disappeared in a significant way in this self-directed segment when the markets became more challenging.'

Although the general trend is for greater interaction between private bankers and their clients, the direction in which this new closer relationship leads is varied. Richard Worts, the managing director of British portfolios at Global Asset Management, revealed recently that many of his wealthy clients were content to sit tight for the moment, explaining: 'Many have not been impacted so much because their portfolios are well diversified.'

William Oullin, managing director of global banking at Barclays Private Banking, however, has a different experience. As the markets begin to show signs of improvement following the September trough, revealed Mr Oullin, certain clients are eager to get back in the fray, hoping to pick up some bargains. 'We have had to temper their enthusiasm,' said Mr Oullin. 'We are just trying to help them not get back too early.'