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RMB and Sanlam take top honours

In private bank and wealth manager survey.

RMB Private Bank/FNB Private Wealth is the top-ranked private bank in an assessment of South Africa’s private banks and wealth managers.

In its fourth year, the Private Banks and Wealth Managers Survey, conducted by research house Intellidex, investigates the decision-making processes at the firms and their costs, and obtains details about staffing levels, offices and the size of the businesses.

Standard Bank’s wealth grouping (Standard Bank Wealth & Investment, Standard Private Bank and Melville Douglas) took second place (down from first place last year) and Nedbank Private Wealth third.

Sanlam Private Wealth took the top spot in the wealth managers’ category and PSG Wealth holds onto second place – both retaining last year’s results. Citadel moved up into third place, replacing Stonehage Fleming.

People’s Choice

The People’s Choice awards are based on feedback from clients who complete an online survey. The questions are designed to assess the different strengths and weaknesses of the firms.

Investec Private Bank/Wealth & Investment won the Private Banks People’s Choice award. Brantam Financial Services won the People’s Choice award in the wealth managers’ category, having been ranked second-best last year.

Archetype Awards

Each private bank and wealth manager was asked how they would cater for the needs of each of the following typical client archetypes. Based on the responses and client feedback, the judges scored each firm. The winners for each archetype are listed below:

Passive Lump-Sum Investor

Private Bank: FNB Private Wealth/RMB Private Bank
Wealth Managers: Sanlam Private Wealth

Up-and-Coming Professional

Private Bank: Standard Bank
Wealth Manager: Citadel / PSG Wealth

Successful Entrepreneur

Private Bank: Nedbank Private Wealth
Wealth Manager: Citadel / PSG Wealth

Wealthy Executive

Private Bank: FNB Private Wealth/RMB Private Bank
Wealth Manager: Sanlam Private Wealth

Internationally Wealthy Family

Private Bank: Absa Private Bank and Absa Wealth & Investment Management
Wealth Manager: Maitland

Private banks are defined as those which have a banking licence and include transactional banking products in their range. Wealth managers are those that tend to focus on investment management rather than transactional or debt products.

A record 2 700 clients participated in the online survey and were entered into a draw to win R10 000 cash.

The judging panel consisted of Intellidex chairman Stuart Theobald; financial analyst Orin Tambo and project editor Colin Anthony.

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