Launched in 2012, the Top Private Banks & Wealth Managers survey is based on a comprehensive survey of the wealth managers and private banks as well as their clients, with high emphasis placed on client rankings of their firms across an extensive list of categories. This year 5,612 clients of wealth managers and private banks completed the online survey, with the high number of respondents enhancing the credibility of the findings.
There are three categories of overall winners with awards also for the best-performing firms in different client segments or “archetypes” of clients. PSG Wealth is the Top Wealth Manager of the Year: Large Institutions, with Standard Bank Wealth & Investment second.
Brenthurst Wealth Management is the Top Wealth Manager of the Year: Boutiques, followed by Gradige-Mahura Investments. Investec Private Bank wins the Top Private Bank of the Year award, with Standard Bank Private Bank second.
This is the second consecutive year that PSG Wealth wins in the category for large institutions with high ratings from clients securing it the award. The firm shows exceptional all-round strength, catering well to all investor archetypes. It is ranked second in two archetypes, passive lump-sum investor and young professional, and third in the wealthy executive archetype. Judges have been impressed with PSG Wealth’s entrepreneurial spirit as well as its constant efforts to evolve.
Brenthurst shoots up from fourth place last year to take the Top Wealth Manager award in the boutiques category. Founded in 2004 with Magnus and Sue Heysteck and Brian Butchart as the founding shareholders, the firm has enjoyed good growth, using a strong media presence to attract clients.
The winners of the archetype awards are extremely important because they reflect which firms cater best to different market segments, enabling investors to select the firm that best suits their particular needs.
NFB Private Wealth Management wins in two archetypes: passive lump-sum investor and young professional. RMB Private Bank is the top wealth manager for successful entrepreneurs, Carrick Wealth wins in the “wealthy executive” archetype and Standard Bank Wealth & Investment is the top wealth manager for internationally wealthy families.
The above awards use a combination of scores emanating from Intellidex’s assessment of the firms and the client rankings. The People’s Choice awards are based purely on client rankings and receiving the highest rankings from clients is cherished accolade. Gradidge-Mahura Investments is the people’s choice as the country’s top wealth manager, with Investec Private Bank being voted the top private bank award.
The People’s Choice accolade for Gradidge-Mahura stems from its relentless focus on putting client interests first. “We believe that we are here to serve our clients, and in doing so we will be successful. We aim to develop our staff and keep them suitably skilled so that they can add value to our clients on an ongoing basis,” says operations manager Cyril Chetty.
Covid-19 has changed just about everything but in the wealth management space, tried and trusted principles still apply.
As the markets crashed in early March at the onset of the pandemic, wealth managers spent much time assuaging client fears, persuading them to adapt portfolios where necessary rather than panic and sell. This task, they say, was smoothest with long-time clients with whom they’d developed trust, having managed them through previous market crises. Wealth managers emphasise that communication with clients has been key during this trying period, with reassurances prevalent.
Intellidex has been extremely impressed over the nine years we have been conducting this survey at the extremely high standards and professionalism of SA’s wealth management sector. That excellence has come to the fore in dealing with the Covid-19 pandemic.
For the full survey report published in FM Investors Monthly, click here.