In the quest for simplicity and consolidation, about one in five investors closed their accounts last year according to a new Cogent Research report.

Thirteen percent of affluent Americans closed at least one investment account in the last year, more than double the pace reported in the previous five years. Investors cited consolidation, rollovers, fees, or a need to access funds as the main reasons for these actions.

The Cogent Investor Brandscape report is based on a nationally representative survey of 4,000 American investors with at least $100,000 in investable assets.

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