Wealth Management Brands Rated

Stephen Harris

15 June 2005

Bessemer Trust and Goldman Sachs top the list of the most prestigious wealth management firms in the US, according to a survey conducted by New York-based Luxury Institute. The survey asks American ultra-high net worth individuals and families a series of questions on which wealth managers they rate. Brand awareness is also assessed. According to the Luxury Institute, the survey showed a wide dispersion in brand awareness within the top 30 wealth managers among the ultra-wealthy. Merrill Lynch scored 82 per cent awareness while the lowest firm scored a 10 per cent rating. Boutique firm Bessemer Trust, earned very high ratings among the niche segment of ultra-wealthy who know the firm. Goldman Sachs also scored hire on brand awareness. Deutsche Bank Private Wealth management also scored very high in the overall value standings, as did JP Morgan and Neuberger Berman. “The wealth management industry is mostly inwardly focused," said Milton Pedraza, chief executive of Luxury Institute. He added: “Very little empirical consumer research is conducted on this most important customer segment. For the first time, this breakthrough annual tracking survey provides an accurate map of the landscape of the wealth management industry from the perspective of the wealthy consumer.” The Luxury Institute asked wealthy consumers to rate each brand on delivering superior quality, exclusivity, on whether the brand is used by people who are admired and respected, and on the ability of each brand to make clients feel special throughout the customer experience. The survey also measured worthiness of a price premium and each brand's increase or decrease in status over the past 12 months. "Some wealth managers, large and small, naively say that they do not consider themselves luxury brands, but ultra-wealthy consumers beg to differ. The Three R's: Results, Reputation and Referrals drive this category and wealthy clients and prospects have spoken," said Mr Pedraza. The brands rated were: Bank of America Private Bank, Bank of New York Private Client Services, Bessemer Trust Company, Charles Schwab, Citigroup Private Bank, Credit Suisse First Boston Private Client, Deutsche Bank Private Wealth Management, Deutsche Bank, Alex Brown, Fidelity Investments, Goldman Sachs, Harris Private Bank, HSBC, JP Morgan Private Bank, Lehman Brothers, Mellon Financial Corporation, Merrill Lynch, Morgan Stanley Private Wealth Management, National City Private Client Group, Neuberger Berman, Northern Trust, PNC Advisers, Smith Barney, SunTrust Bank, US Bank Private Client Group, US Trust, UBS Wealth Management, Wachovia Corporation, Wells Fargo Private Client Services, William Blair and Company, and Wilmington Trust. The survey was conducted with over 400 households whose average annual income is $1.1 million and average net worth is $17.2 million.