My Private Banking

MyPrivateBanking Research

Privacy Vulnerable on Private Banking Websites

The majority of Private Banks and Wealth Managers worldwide shows little regard for the protection of personal data on their public websites. MyPrivateBanking Research surveyed 195 websites in the 17 most important banking markets and found that 61% of the banks do not offer secure web messaging. Almost as high, at 59%, is the proportion that do not give privacy warnings to users of their website... more

Guest Commentary by Rick Bookstaber

The Gold Bubble

I am not going to spend time here talking about how the price of gold is off-the-wall, that it is not just a bubble in the making, but a bubble waiting to burst. I don’t want to waste your time on that point.We all know it is a bubble.... more

Gold Hits $1000 but Long-Term Perspective for Commodities Doubtful

Series on ETFs (2): How Risky Are They Really?

ETFs and the Risk of Default

This article addresses the default risk of ETFs. The simple answer is short: in general, there is no risk of default for ETFs. A fund sponsor is usually required to keep fund assets (e.g., stocks) separately from the fund sponsor’s own assets. There is, however, another riskier type of ETF called a swap-based ETF... more

New MyPrivateBanking Report Released

Best Private Banking Websites: UBS, Deutsche Bank and Credit Suisse

The Private Banking websites of UBS, Deutsche Bank and Credit Suisse come out as winners in a ranking of the online presence of the world's top 20 Wealth Managers. In the study UBS ranked first, with a total score of 82 out of possible 100 points. Overall, the report titled "How Wealth Managers Win Clients Online" came to the conclusion that the biggest Wealth Managers have no reason yet to be satisfied with their Internet presence.... more

Wealth Managers: Lessons from the HSBC Data Theft

A New Business Model for Private Bank Employees?

We don’t know how many client files “Hervé” and his mysterious female companion have stolen from their employer HSBC. The estimates range from “under 10” (HSBC statement) to 130,000 (statement of the French prosecutors). But fact is that sensitive data of a Private Bank have again been stolen by an employee of that bank.... more

Comment: Good Old Times for Offshore Wealth Managers Gone

Time for a New Strategy

The latest data from the Swiss National Bank show that foreign assets in private Swiss bank accounts have declined by almost 30% since the beginning of 2008 whereas domestic assets have declined by only about 14%. One important reason for this is the huge amount of net money outflows of private foreign money. ... more

Series on ETFs (1): How Risky Are They Really?

ETFs and the Tracking Error Risk

Given the present "ETF-hype", some investors fear that ETFs might carry their own “dirty little secrets” to make them more profitable for the issuer but also riskier for the fund client. In order to answer these questions we will publish a series of articles to take an in depth look at the major risks of ETFs... more

Wealth: Engaging Potential Clients Online

Most Wealth Managers Miss Out on Opportunities of Interactive Internet

Wealth Managers do not use interactive tools sufficiently on their websites. In our recent study the majority of the websites displayed an outdated internet functionality from back in 2000. A failure to engage the client on the website and learn about his needs and preferences.... more

Advice: Reduction of Wealth Management Costs

Specialised Providers Negotiate Fees and Kickbacks on Behalf of Clients

The majority of private banking clients underestimate the cost saving potential of their mandates. Not all costs are obvious to the clients and more often than not they don´t utilize the room for negotiations with their wealth managers to reduce the fees. However, new service providers are emerging to assist the client in gaining more cost transparency and realize the savings potential. They negotiate on the client´s behalf with the wealth managers... more

Advice: Results of Private Banking Report

Dealing with Costs - Recommendations for Clients and Advisers

In our mystery shopping study we analyzed the investment proposals we received from the top-20 European wealth managers in respect to their asset allocation and cost structure. Both areas showed significant weaknesses and following we have compiled a list of recommendations for clients and as well wealth managers on how to deal with costs: ... more

Wealth: New Trend in Client Behavior

Wealthy Individuals Increasingly Use Social Online Networks

The Internet is changing from being a platform of information to a social network, enabling the senders and recipients of information to engage in real communication, feedback and networking. And hence the Internet is turning more and more into a social network. An important trend for wealth managers is that affluent or wealthy individuals use more frequently the general platforms like... more

How Wealth Managers Can Win Clients Online

Wealth Managers: Reality Check on DAX-Prognoses 2007 - 2009

Stock Market Forecasts are Far from Accurate

Around the turn of the year banks and wealth managers publish their forecasts for the development of the major stock indices in the new year. Most of them conclude them with the prediction of the index points at year-end closing. Media coverage for these forecasts is guaranteed, accuracy however not at all, as a recent analysis shows.... more

Analysis: The Future of Wealth Management

Good Bye Offshore Clients – But What Now?

Offshore is neither a value proposition nor competitive advantage anymore. Only an approach build on systematic and strategic client segmentation can lead to a new and improved market positioning that differentiates banks in offshore jurisdictions successfully from their foreign and domestic competitors. ... more

New Survey on Top European Private Banks

Insufficient Client Focus

MyPrivateBanking.com has just released its annual survey on the top European based private banks. 20 of the most important private banks in Europe were selected to assess the quality of their customer interface, their investment proposal and the total cost of asset management. ... more

Wealth Management: Industry Analysis

Are Private Foreign Assets Fleeing From Switzerland?

Yesterday Bank Julius Bär has made an interim statement announcing that some assets have left the bank in Switzerland because of the difficult regulatory environment. We are wondering how big the impact on the Swiss banking system really is. Have foreign account holders already moved substantial amounts of assets because of the pressure of the US, Germany and others on the banking secret? We have taken a look at recent statistics from the Swiss National Bank to clarify the big picture.... more

Advice: Results of Private Banking Survey

How to Improve Your Investment Proposal

At the height of the financial crisis, early in 2009 MyPrivateBanking conducted a mystery shopping study among the top-20 European wealth managers. The investment proposals of many of these banks revealed significant weaknesses in the process of determining the right asset allocation. We have compiled a list of the most important measures for an asset allocation that is not driven by the sentiment of the day but by objective criteria capturing the the goals and situation of the client. ... more

Interview with Raoul Hinder, CEO & Co-Founder of Portfolio Consulting AG

"It's All About Transparency"

All asset managers tell you that they are good. But are they? Portfolio Consulting, an independent service provider based in Switzerland and Germany, analyses the returns and costs of wealth managers and makes their performance and their risk transparent. Raoul Hinder is the co-founder and CEO of Portfolio Consulting AG. In this interview he explains how objective portfolio controlling works, what its benefits are and where the wealth management industry is headed. ... more

Wealth: Results of of Private Banking Survey

Costs are too High and too Hidden

One major goal of our survey was to uncover the total costs of wealth management the client has to pay, that for two reasons are widely underestimated by clients: Firstly, the official fees are mostly in the range of 1% to 2% per year and look rather small. However, over the years they add-up and will cut your return by 30 to 40% after a decade. Secondly, besides the visible stated fees clients have to pay... more

New Equity Fund Report Released

Most Equity Funds of Wealth Managers Disappoint

The equity funds returns of the 15 biggest asset management companies and banks worldwide are worse than the respective benchmark indexes. This is the main conclusion drawn by a new study done by the analysts of MyPrivateBanking.com. In the process, equity funds with focus on the regions of USA, Europe, Asia and global coverage were analysed. ... more

Interview: Alan Miller on the Fund Industry

"The More You Pay for It, the Worse the Product Is"

Alan Miller is Senior Partner and Fund Manager at Spencer-Churchill Miller Private, a boutique wealth management organisation. Alan Miller was formerly the Chief Investment Officer and founding shareholder of New Star Asset Management from early 2001 until his departure in early 2007. Recently he has made various critical comments about the high fees and the often low performance of the mutual fund industry.... more

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"We See Shift in Strategy"