JP Morgan Private Client Services is the most prestigious commercial bank wealth manager in the US, according to a poll of high net worth US individuals by the Luxury Institute, a research organisation.

The blue-blooded bank’s private client services arm ranked top in the 2008 Luxury Brand Status Index survey from the New York-based institute. Wachovia Wealth Management and Deutsche Bank Private Wealth Management rank second and third, respectively.

"This has been an unfortunate year for the reputations of many wealth management firms among wealthy consumers, particularly units attached to larger financial institutions that have proven to be unreliable as risk managers," said Milton Pedraza, chief executive of the Luxury Institute.

"An unprecedented credibility shock, such as the one the financial services industry has begun to fully recognise, has brought many wealth management brand scores down dramatically. For example, the defunct Bear Stearns brand scored a record low 3.49 out of 10,” he said.

“On the other hand, its savior, the JP Morgan brand, did much to enhance its reputation, to the point that the Private Client Group scored highest, even higher than the Private Bank. Both did extremely well, but that is the halo effect of a great reputation among the wealthy," said Mr Pedraza.

In the same survey Northern Trust was rated the most prestigious private bank. Respondents who would recommend Northern Trust commented that they are "well-established and have been focused on wealth management for a long time." Goldman Sachs and JP Morgan Private Bank tied for second place.

Mr Pedraza said: "The industry has seen its overall reputation damaged as wealthy consumers, who value competence and trust as the most critical attributes of a wealth manager, count heavy losses. Goldman Sachs and JP Morgan are, not surprisingly, among the few who continue high in the rankings. Investors are so confounded that some great boutique brands, normally rated highly, did not get enough familiarity ratings to be included, since the bad news from large institutions has absorbed the attention span of investors. Not all brands have been affected equally, yet many have been hit hard. As bad news continues to trickle out, we will see more damage. Many industry CEOs will choose to ignore the voice of their clients and prospects, but it is truly time that private bank brands come down from their imaginary gilded perches, measure their brand reputations, and take immediate action to earn back the trust and confidence of wealthy investors. Our independent and impartial surveys deliver the unbiased quantitative and qualitative scorecards that these tattered brands need to begin to recover from the damage."

These findings follow the institute’s recent assessment of PNC Advisors and La Salle Bank Wealth Management as the top regional wealth managers in the US market.