JP Morgan’s wealth service top survey
JP Morgan Private Client Services has come out on top of a survey ranking the most prestigious wealth managers in the US.
The New York-based Luxury Institute Survey used a national sample of 551 wealthy American consumers, with an average income of $751,000 and average net-worth of $13.9 million. Wachovia Wealth Management and Deutsche Bank’s Private Wealth Management rank second and third, respectively in the survey.
"This has been an unfortunate year for the reputations of many Wealth Management firms among wealthy consumers, particularly units attached to larger financial institutions that have proven to be unreliable as risk managers," said Milton Pedraza, chief executive.
"An unprecedented credibility shock, such as the one the financial services industry has begun to fully recognize, has brought many Wealth Management brand scores down dramatically. For example, the defunct Bear Stearns brand scored a record low 3.49 out of 10. On the other hand, its saviour, the JP Morgan brand, did much to enhance its reputation, to the point that the Private Client Group scored highest, even higher than the Private Bank. Both did extremely well, but that is the halo effect of a great reputation among the wealthy," he added.
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