MyPrivateBanking Directory of Wealth Managers and Private Banks Reaches 500 Entries

In a further step to bring in more transparency to the Wealth Management Market MyPrivateBanking.com has created the largest free online database of private banks and wealth managers from across the world.

On the MyPrivateBanking.com website, those interested can find the detailed profiles of more than 500 private banks and wealth managers in 60 countries. These profiles contain, besides the contact data, current information about locations, number of employees, legal form, date of establishment and the amount of the assets managed. The analysts at MyPrivateBanking.com have thoroughly scrutinised every individual provider. The data is based exclusively on the details furnished by the provider and can be verified.

The database addresses the large number of customers that are unhappy and willing to change, but did not so far have an opportunity for making a quick search of wealth managers and private banks and comparing them, free of cost. Until now, the information was scattered all over, difficult to compare and often not collected using independent methods. 

The profiles of private banks and wealth managers are linked to the online evaluation portal on MyPrivateBanking.com, where customers have already evaluated more than 100 of those wealth managers and private banks. The unique combination of independently collected basic data pertaining to wealth managers and private banks with corresponding customer evaluations makes it easier for the user to search and select a wealth manager or private bank:

• Simple search and contact across national boundaries: Assets are mobile and wealth management customers are increasingly willing to look at providers abroad. The online platform maintains all local contact data and supports search across several countries through corresponding functions.  

• Verified and comparable data make the pre-selection easier: Data about the amount of the managed assets, the international footprint and size of the wealth manager or private bank collected independently allow the user to make a pre-selection based on his preferences.  

• Customer evaluations as subjective, additional information: The evaluations of the wealth managers or private banks by others give the user additional assessments that support him in the pre-selection, or during more in-depth discussions with the wealth managers or private banks.

The linking of the database and the evaluation portal is a unique instrument in supporting the customer across all levels of the decision making process. The customer ratings of over 100 private banks and wealth managers across the world already show a strong need among customers to share their experiences with their wealth manager or private bank. The relatively high levels of dissatisfaction with wealth managers and private banks that were expressed in the evaluations conducted so far reflect the disappointments of the last 18 months.

The database will be continuously updated and expanded. It is planned to provide free and detailed information on more than 1000 private banks and wealth managers by 2010.