Clients of wirehouse advisors are much less likely to leave than those who work with independent brokers, InvestmentNews writes.

In 2015, just 5% of wirehouse clients left their advisors over high fees but 16% left independent broker-dealers and 20% left dually-registered advisors, according to a Cerulli Associates survey cited by the publication.

The rate may have something to do with the types of clients the various advisors target.

The same study found that in 2015 brokers at Morgan Stanley, Bank of America, UBS and Wells Fargo had about 24% of their business focused on customers who have more than $5 million in investable assets. Such clients may value the skills their advisors bring to manage more complicated accounts, according to the survey.

On the other hand, just 3% of independent broker-dealers and 9% of advisors registered with both the SEC and Finra focused on accounts with more than $5 million, the survey found.

“Niche specialization helps advisors tell a compelling story that demonstrates to the client how they receive value in exchange for the fees they pay,” Cerulli wrote, according to InvestmentNews. “Clients who are not able to see this value will naturally be more sensitive to fees."

Meanwhile, two-thirds of all financial advisors focus on the “sweet spot” range — clients who have between $100,000 and $2 million and thus require financial advice but don’t have the need for specialization, Cerulli found, according to InvestmentNews.