Poll results (october 2024)
As an independent wealth manager, I know many aspects are essential when selecting a custodian bank. However, one factor always stands out during the practice selection process. Is it the fees, brand reputation, quality of EAM desk support, or even the bankโs financial stability? Let us know what you focus on first!
Competitive Fees
EAM Desk Support
Financial Stability
Note: We have removed all individuals not working in the EAM industry to ensure the evaluation is relevant to our LinkedIn audience.
What Matters Most to Swiss independent Wealth Managers?
When independent wealth managers select a custodian bank, several vital factors influence their decisions. A recent poll revealed that 70% of wealth managers consider competitive fees the most critical factor. Lower fees can significantly impact client returns, making cost efficiency a crucial consideration in the selection process.
In contrast, 20% of wealth managers prioritise the quality of support from the bankโs External Asset Manager (EAM) desk. For them, having reliable, knowledgeable, and responsive support is essential to smoothly managing day-to-day operations. Vital EAM desk service allows wealth managers to deliver exceptional value and maintain an edge in a competitive market.
Interestingly, only 10% of participants ranked financial stability as their top priority. This indicates that most wealth managers view financial stability as a basic expectation rather than a differentiating factor. They assume that any reputable custodian bank will be financially secure.
When evaluating the critical factors in selecting a custodian bank, itโs clear that wealth managers focus on more than just basic needs. The right partner can offer far-reaching benefits, from fee transparency to tailored EAM support. Understanding these factors allows wealth managers to align their bank choices with their practiceโs goals, ensuring long-term success for their business and clients.
Source: LinkedIn Poll
