Bessemer Trust, Goldman Sachs Earn Top Honors as Most Prestigious Wealth Management Firms in Luxury Institute Survey.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- For the first time in its history, the Wealth Management industry gets a report card from its' penultimate arbiter - the wealthy client. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the new Wealth Management Firm survey published by the New York based Luxury Institute, Bessemer Trust Bessemer Trust is a wealth management and investment advisory firm established in 1907 by Henry Phipps, a partner of Andrew Carnegie in the Carnegie Steel Company. From 1907 to 1974 the private company managed the substantial assets of the Phipps family and was headed by a family and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. earned top honors as the most highly regarded firms as rated and ranked exclusively by Penta-millionaires and Ultra High Net Worth households (total net worth of $5 million+), who assessed 30 of Barron's Top 40 U.S. Wealth Managers. The survey was conducted with 400+ households whose average annual income is $1.1 million and average net worth is $17.2 million. The research registered the wide dispersion in brand awareness within the top 30 Wealth Managers among the ultra-wealthy. Merrill Lynch scored a solid 82% awareness while the lowest firm scored a10% rating. Boutique firm Bessemer Trust, earned very high ratings among the niche segment of ultra-wealthy who know the firm. Goldman Sachs, on the other hand, had very high awareness, and earned high marks. Deutsche Bank Private Wealth management also scored very high in the overall value standings, as did J.P. Morgan and Neuberger Berman. "The Wealth Management industry is mostly inwardly focused," said Milton Pedraza, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , the Luxury Institute. "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." As the objective and independent voice of Wealthy American consumers, the Luxury Institute asked them 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 Pedraza. Brands rated: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Private Bank, Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. 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 HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , 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 PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Advisers, Smith Barney, SunTrust Banks, U.S Bank Private Client Group, U.S. Trust, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Wealth Management, Wachovia Corporation, Wells Fargo Private Client Services, William Blair and Company, and Wilmington Trust. About the Luxury Institute The Luxury Institute is a subscription-based research organization focused solely on the top 10% of America's wealthy. The firm provides a portfolio of publications to guide and educate high net-worth individuals and companies that cater to them on leading edge trends, consumer rankings and ratings of luxury brands, and best practices. Publications include the monthly Wealth Report, the Luxury Brand Status Index surveys, and the Luxury Best Practices surveys. To reach the Luxury Institute, call 646-792-2669 or visit wwww.luxuryinstitute.com |
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