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Cape Town – Wealth managers and private banks are pushing the boundaries every year, a survey by research firm Intellidex showed.
Colin Anthony, general manager at Intellidex, a research and media firm focused on the financial services market, told Fin24 the firm has noticed that private banks and wealth managers are constantly implementing changes and improvements.
The survey is in its fourth year and aims to rank private banks and wealth managers according to client-specific needs.
“We submit the five ‘archetype clients’ to the firms and ask them how they would cater to specific needs. They represent different market segments and were developed in consultation with the industry.
“The archetype winners therefore are very important, because not all firms try to provide all services to all market segments. That means the winners of each archetype excel in that market segment – which for clients is important to know.
“We feel those are in fact more important than the overall winners,” Anthony said.
The awards are ranked according to two categories, namely private banks and wealth managers, where those with a transactional banking licence are excluded from the wealth manager category.
FNB Private Wealth/RMB Private Bank scooped the top position as the overall winner for private banks, and Sanlam Private Wealth led the wealth management pack.
Anthony explained that the assessment process was set up so that each private bank and wealth manager was asked how they would cater for the needs of each of these typical clients.
"Our panel of judges then assessed those responses, together with client feedback from the client survey, to give scores to each institution," he said.
The top three for each client type are listed below:
