(NEW YORK) May 28, 2009 – The Luxury Institute reported today the top-rated wealth management brands in the 2009 Luxury Brand Status Index (LBSI) survey, which identifies the top brands that exhibit true luxury in numerous categories based solely on the independently verified ratings of wealthy and ultra-wealthy consumers.
High net-worth consumers rated Bessemer Trust the “Best of the Best” among 35 wealth management brands. Bessemer Trust has consistently been rated number one in previous years. It towers above all competitors across the four indices that comprise the LBSI. Bessemer Trust also is the firm that wealthy consumers are most likely to rank as worthy of premium fees for their services. Consumers willing to recommend Bessemer Trust say it has a “client-centric, long-term focus,” provides “specialized attention,” delivers “excellent service and quality research” and has a “superb record and fine service.” La Salle Bank and BB&T were rated second and third, respectively.
The LBSI asks high net-worth consumers to rate luxury brands by category across four equally weighted components: Consistently Superior Quality, Uniqueness and Exclusivity, Making the Customer Feel Special Across the Entire Experience and Being Consumed by People Who Are Admired and Respected.
The “Best of the Best” are: (LBSI score out of 10)
- Wealth Management
- o Bessemer Trust Company- 6.54
- o La Salle Bank Private Wealth Management- 5.89
- o BB&T Wealth Management- 5.86
“The dramatic shift in rankings for TARP-related brands this year was decisive and swift,” said Milton Pedraza, CEO of the Luxury Institute. “While many leaders in the wealth management executive suite turn a deaf ear to what their ultra-high net-worth customers and prospects are saying, we have seen the top-rated names that made negative headlines topple in the rankings, with most finding themselves in the bottom tier. The ultra-wealthy tell us that they have been damaged not only by fraud and incompetence, but by revered brands of wealth managers who were brilliant in executing clear conflict of interest strategies and betting against even their best clients. This is an opportunity for the honest men and women in the wealth management industry, and there are many, to stand for something other than fees. If there was ever an industry in need of gut-wrenching innovation and reinvention, based not only on what you do, but how you do it, the wealth management sector is it”.
The proprietary Luxury Brand Status Index (LBSI) survey is the only unbiased measure of the prestige of leading brands among wealthy and ultra-wealthy Americans. A national sample of 1,013 ultra-wealthy American consumers, with minimum household income of $489,000 and average investable assets of $6.9 million, was surveyed online. Survey results are weighted to match demographic and net-worth profiles of the same audience according to the latest Survey of Consumer Finances from The Federal Reserve.
About the Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the uniquely independent and impartial ratings and research institution that is the trusted and respected voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications and research and consulting services that guides and educates high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute also operates the LuxuryBoard.com (www.LuxuryBoard.com), the world’s first global, membership-based online community for luxury goods and services executives, professionals and entrepreneurs.
For Further Information, Please Contact:
The Luxury Institute, LLC
Phone: (914) 909-6350