A breakdown of long-standing business models and the crisis in client confidence during last year's financial spiral mean a new reality for wealth management firms.

More than a quarter of high-net-worth individuals withdrew assets from their wealth management firms or left that firm altogether in 2008, primarily due to a loss of trust or confidence, according to the 13th annual World Wealth Report compiled by Bank of America Corp.'s (BAC) Merrill Lynch Global Wealth Management and Capgemini Group.