ABSA STOCKBROKERS & PORTFOLIO Management has been active since 1959 and the bank has steadily developed from an execution-only broker into a fullservice, advice-based offering that specialises in wealth creation and income generation. Its offering is very solid for sophisticated investors needing advice, as well as for small investors.
Absa makes an effort to make ETFs affordable and accessible to clients. It has introduced a debit order facility on ETFonly accounts and ranks third in the taxfree savings accounts category, which incorporates ETFs. In December 2016 it launched the World Trader account, which gives clients access to more than 30,000 shares and ETFs worldwide.
This year it has focused on enhancing and automating back-office functions in an effort to ensure a more seamless and client-focused experience. Absa believes these upgrades are a key component in client service and retention.
Absa’s efforts to streamline client services are paying off: almost 50% rated the ease of opening a tax-free savings account as excellent. Also, clients are happy with the bank’s overall service — 41% rated it as excellent.
Clients are inclined to recommend the bank; 61% say they are extremely likely or very likely to do so.