Ultra-HNWs Rate Bessemer Trust, Goldmans Top Wealth Management Firms

Contributing Editor

10 July 2006

New York-based wealth management boutique Bessemer Trust was rated the brand with the best reputation among America’s ultra-high net worth individuals, according to a study by the Luxury Institute, a New York City-based consultancy. Goldman Sachs, US Trust, Northern Trust and JP Morgan Private Bank round out the “A-List” wealth management firms. Bessemer, UBS and National City were rated brands whose stature improved most in the past 12 months, according to the study. In the category of price worthiness and willingness to recommend, Bessemer dramatically outperformed the competition among ultra-wealthy consumers familiar with the brand, said the Luxury Institute. The study surveyed a sample of 500 wealthy consumers. Respondents were required to have a minimum gross annual household income of $200,000 and net worth of $5 million. The Luxury Institute said the survey results are weighted to match the demographic and net worth profile of the same audience as the latest Survey of Consumer Finances from the US Federal Reserve. More details on this survey can be found at www.luxuryinstitute.com