PEOPLE’S CHOICE AWARDS
Top private banks and wealth managers based on client feedback
CLIENTS OF PRIVATE BANKS AND
wealth managers select the winners of the People’s Choice awards by completing an online survey. Their rankings are extremely important to the participating firms and the process forms an integral part of the survey. The opinions of clients in any market segment are an important factor in assessing a company’s services and products. In the case of our survey, these opinions also serve as one of the checks to the information provided by the firms themselves. We asked clients of private banks and wealth managers all about their service providers in an online questionnaire conducted earlier this year. This year 5,977 clients started the survey and 3,642 people completed it — a huge increase on last year when 2,732 clients (also a record) participated. The high number of respondents ensures the survey findings are highly credible. These awards are based purely on that feedback. Two sets of responses went into these rankings with equal weight given to each: clients’ overall satisfaction levels and their willingness to recommend their service provider to friends and family. For this industry, client referrals are critical. In fact, quite a few wealth managers do little marketing and rely only on word of mouth. The core questions in the survey related to client perceptions of the standards of service, the range of products to suit their specific needs and other satisfaction ratings. We also invited them to comment on aspects outside the range of questions and answers, and the responses informed the final judging process. Verso Wealth, in its debut year of participation in our survey, wins the People’s Choice award as Top Wealth Manager. In the private banks category, Investec Private Bank wins for the fifth time — a truly remarkable achievement. These winners are discussed in more depth in the main article on page 12.
All those who completed the online client questionnaire for the People’s Choice awards were entered into a random draw to win R10,000 cash to be deposited into their private bank or wealth management account. CONGRATULATIONS to our R10,000 cash prize winner: Dean Chapman of Sunninghill, Johannesburg.