Smaller private banks get client satisfaction levels right – survey
Hoare & Co. and Kleinwort Benson Private Bank win top rankings
UK-based boutique private bank Hoare & Co. has come out on top of a client satisfaction survey by the research group MDRC.
Hoare & Co. scored the highest client satisfaction score in 2007 for UK domiciled clients with a rating of 82 out of 100. Kleinwort Benson Private Bank achieved the highest client satisfaction score for UK expatriate clients with a rating of 75.2.
But overall client satisfaction in UK private banks and wealth managers fell again in 2007, with the average index score for the sector at 59.8, just below the "Good" rating of 60, said the survey.
MDRC did not name the firms performing badly in the report, but said very sharp falls in client satisfaction were recorded by those firms adversely affected by the "credit crisis".
The overall fall last year was not evenly distributed, said MDRC with the top quartile firms increasing their scores by an average of 1.7%, compared with those in the bottom quartile, which fell by 10%.
In seven of the last 10 studies by MDRC on client satisfaction, Hoare & Co. has been top.
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