Luxury Institute News

September 5, 2012

Wealth Management Boutiques Beat Big Banks In Luxury Institute Brand Status Survey Of Pentamillionaires

(NEW YORK) September 5, 2012 – Investors with at least $5 million in assets and minimum annual income of $200,000 prefer smaller boutiques instead of larger Wall Street firms in the latest Wealth Management Luxury Brand Status Index (LBSI) survey from the independent and objective New York-based Luxury Institute.  LBSI scores comprise respondents’ evaluations (1-10) of each brand’s quality, exclusivity, social status and ability to deliver special client experiences.

Brown Brothers Harriman earns top honors with the highest LBSI score of 7.01, and ranks first on each of the four sub-categories. Brown Brothers’ closest competition comes from Boston Private Bank and Trust (6.37), Neuberger Berman Private Asset Management (6.3) and Bessemer Trust (6.27).

Wealthy investors also show a strong streak of independence with the largest share (8.7%) saying that they would use Fidelity for future wealth management services. Fidelity is also the most recommended brand, with 61% of pentamillionaires saying they would refer friends and family to Fidelity.  Only 32% would recommend Goldman Sachs.

“Reputations for honesty and superior client service are what make the smaller firms standouts in this survey,” said Luxury Institute CEO Milton Pedraza. “This is demonstrated by revered brands Rockefeller and Glenmede, which barely missed the mark in attaining a statistical sample, but would have been in the top range otherwise.”

Respondents reported $15 million average net worth and average income of $720,000.

 About the Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the objective and independent global voice of the high net-worth consumer. The Institute conducts extensive and actionable research with wealthy consumers about their behaviors and attitudes on customer experience best practices. In addition, we work closely with top-tier luxury brands to successfully transform their organizational cultures into more profitable customer-centric enterprises. Our Luxury CRM Culture consulting process leverages our fact-based research and enables luxury brands to dramatically Outbehave as well as Outperform their competition. The Luxury Institute also operates LuxuryBoard.com, a membership-based online research portal, and the Luxury CRM Association, a membership organization dedicated to building customer-centric luxury enterprises.

 

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