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Even the wealthy are poorly advised

ER - Acteurs du secteur financier
ABONNÉS

It’s not just small savers who often receive low-quality or poor investment advice from banks. Wealthy people too, are by no means always well advised. This was the outcome in a recent market test carried out by the Private Ban­king Prüfinstanz, a partnership between Verlag FUCHSBRIEFE and Dr. Richter | IQF, in which 18 Swiss-based banks they have specialised in dealing with high-net-worth international clients were evaluated.

Only five banks received unlimited recommendations. The consultation services provided by Schroder & Co Bank AG were rated as excellent, with those offered by Pictet & Cie., Barclays Bank, Liechtensteinische Landesbank and Morgan Stanley being very good.

All of the banks received a visit, which was arranged over the phone, from a couple of Asian origin, who were seeking advice on behalf of their family on investing USD 14 million. The money was to be used for the benefit of the investor’s three children during their studies in London and New York, as well as for purchasing a property and with a portion of the sum to serve as a hidden asset. At the same time, a number of different services were requested, inclu­ding assistance in looking for a property in London. Schroder stood out both in terms of its expertise and through the personalities of the consultants, who were excellently attuned to the client’s Asian way of thinking.

The results of the market test are presented in detail in the FUCHS REPORT ‘TOPs International: Best Banks for International Wealth Management’, which can be viewed at www.fuchsbriefe.de

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