Just because people are affluent doesn’t mean they’re impressed with their financial institution.

In its seventh annual survey of affluent investors who do business with various banks and financial firms, PNC found that most wealthy investors are receptive to pitches from other service providers.

Asked to assign a letter grade to their financial institution, 44 percent gave a “C”, saying they “didn’t make much of a difference one way or another.”

Meanwhile, 31 percent responded with a “B”, saying “they helped some but could have done more.”

Only one in 10 feel their financial institution’s actions were personally harmful in some respect and rate it either a “D” or an “F”.

Just 15 percent said their advisors “really made a huge positive difference,” or an “A”, according to the nationwide survey of 1,097 affluent individuals, all of whom have at least $500,000 in investible assets.

“This should serve as a wake-up call in the financial advisory business,” said Thomas Melcher, managing director of Hawthorn, the division of PNC Wealth Management that serves clients with $20 million or more in investable assets.

“These results clearly tell us that most wealthy investors are willing to listen to a provider who has a better story and that managing wealth is more than managing their investments.”

Also, the impact of stock market volatility remains palpable, with 48 percent of affluent investors still fearful, though the survey was done before the election.

The survey by the Chicago market’s fourth-biggest bank was conducted online within the United States in September and October 2010.

Findings have a margin of error of plus or minus 3 percentage points.

byerak@tribune.com