14Nov2024

Key Factors in Selecting a Custodian Bank ๐Ÿ’ผ

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

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 bankโ€™s financial stability? Let us know what you focus on first!

Competitive Fees

70%

EAM Desk Support

20%

Financial Stability

10%

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 bankโ€™s 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, itโ€™s 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 practiceโ€™s goals, ensuring long-term success for their business and clients.

Source: LinkedIn Poll

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Wealth managers evaluating custodian bank selection factors

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