Market Research

US Regional Wealth Managers Ranked by Customers

Nick Parmee 30 April 2008

US Regional Wealth Managers Ranked by Customers

High net worth consumers rated BB&T Wealth Management the most prestigious regional bank wealth manager in the 2008 survey from the independent New York-based Luxury Institute. PNC Advisors and La Salle Bank Wealth Management came second and third respectively. Milton Pedraza, Luxury Institute chief executive, said: "Regional wealth management firms have not been spared the significant downdraft in ratings of the overall wealth management category in 2008. Wealthy consumers feel betrayed by financial institutions as a whole. Last year the benchmark score for this category was 6.56, with the first place firm receiving a score of 6.88. This year the category scored 5.60 with first place at 5.99. Enlightened, ethical and transparent CEOs will listen and take strong positive action to improve their brands." A national sample of 551 wealthy American consumers, with an average income of $751,000 and average net worth of $13.9 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.

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