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Nov. 08, 2013
Report: Websites for Wealth Management 2013

Wealth Managers’ Websites Getting Better - Top 3: ABN AMRO, Barclays and Coutts

Wealth Management Websites 2013

In our fourth annual global ranking of the websites of 50 leading wealth managers and private banks the websites of ABN AMRO Private Banking, Barclays Wealth and Coutts come out as the Top 3. Based on the results of the 2013 report “Websites for Wealth Management - Benchmarking Top 50 Wealth Managers' Websites” we are cautiously upbeat about the overall trends in the development of wealth manager websites. Although the average score for all the wealth managers evaluated remains the same, at 61%, as in 2012, this year’s analysis was based on tougher criteria and some entirely new areas of evaluation, such as adaptation for mobile devices.

ABN AMRO Private Banking was able to defend last year’s top spot with a solid showing in both the content section and in contact and interactivity. Second placed Barclays Wealth achieved a significant improvement in both its score and its ranking in our 2013 website evaluation, especially in relation to the transparency of portfolio performance. Third placed Coutts also achieved a considerable improvement and was particularly strong at catering for the specific needs of wealthy clients in a focused manner, in areas such as the provision of expert content.

Top 5 Wealth Management Websites (in total 50 wealth managers ranked) 

 Rank 2013
(Rank 2012)

 

Wealth Manager

Total Points (max. 100 pts)

     1    (1)

 

ABN AMRO

83

     2   (10)

 

Barclays

81

     3   (10)

 

Coutts

80

     4    (4)

 

Société Générale

78

     5    (6)    

 

UniCredit

76


ABN AMRO, Barclays and Coutts have achieved good to outstanding results across almost every required website feature. Overall we see real progress with wealth managerment websites, but it’s still much too soon for wealth managers to tell themselves that they’ve done all they can.

Overall Websites Progress but Areas Like Cost Transparency and Social Media Integration See Little Benefit

One especially encouraging indicator the report found is that wealth managers average 60% of the maximum score for mobile adaption of their websites (for smartphone users and/or tablet users). MyPrivateBanking also sees progress in the reduced number of wealth management institutions that are failing to provide a sufficiently distinct website offering for their wealth clients. Two-thirds of the evaluated wealth managers now have a dedicated web presence for wealthy clients. Compared to 2012, the number of Wealth Management websites that have an effective search function increased, but, with the score for accurate results only averaging about 50%, search performance is still far from adequate.

Nowhere do we see the need for improvements to be more pressing than in the still widespread lack of transparency in areas like communicating portfolio performance (average score 19% of possible points), costs and fees (27%), assets under management (41%) and advisor remuneration (24%). Against all of these crucial criteria the average scores actually got worse than in the 2012 evaluations. Moreover, in the highly important field of social media integration, the average score achieved, at 41%, is only very slightly better than 2012’s score.

Wealth managers should not take comfort that the lack of website transparency for portfolio performance and costs is so common. Wealthy investors will go to other more critical sources of information on these topics or will become more attracte
d to investment alternatives where these sorts of metrics are more easily obtained. Moreover, serious investors will notice what information is being withheld from them and individual wealth management websites will lose potential users as a result.

To address the most pressing problems with their websites the report concluded three key recommendation for wealth managers: first and foremost, they should increase their transparency and communicate hard data on costs, fees, portfolio allocation and performance, and advisor remuneration more openly. Secondly, social media features and interactive tools and video content have to be deployed far more and to much better effect. Thirdly, security and privacy protection should be at the top of the agenda. In the wake of the NSA scandal, website users – and private banking clients are certainly no exception – expect solid privacy policies and https-encrypted contact options

About the report:
The report "Websites for Wealth Management 2013 - Benchmarking Top 50 Wealth Managers' Websites“ analyzes in detail the strengths and weaknesses of the websites of 50 leading wealth managers and private banks worldwide. Based on 54 criteria grouped into three main categories of evaluation, the report benchmarks the user-friendliness, the quality of the content, the contact options and interactivity offered by the wealth management websites of each institution. For further information on the report please check here.

Analyzed Wealth Managers:
ABN AMRO, ANZ, Banque de Luxembourg, Barclays, BBVA, Bessemer Trust, BMO Harris, BNP Paribas, BNY Mellon, Bradesco, Charles Schwab, Citibank, Commerzbank, Coutts, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Fidelity, Goldman Sachs, HSBC, ICICI, ING, Intesa Sanpaolo, Investec, Itaú Private Bank, J.P.Morgan, Julius Bär, Lloyds Bank, Lombard Odier, Macquarie, Merrill Lynch, Morgan Stanley, Nordea, Northern Trust, Pictet, PNC, RBC, Santander, SEB, Société Générale, Standard Chartered, SunTrust, TD Bank, U.S. Trust, UBP, UBS, UniCredit, Vontobel, Wells Fargo.

 

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Report: Websites for Wealth Management 2013

Wealth Managers’ Websites Getting Better - Top 3: ABN AMRO, Barclays and Coutts

  Nov. 08, 2013

Wealth Management Websites 2013

In our fourth annual global ranking of the websites of 50 leading wealth managers and private banks the websites of ABN AMRO Private Banking, Barclays Wealth and Coutts come out as the Top 3. Based on the results of the 2013 report “Websites for Wealth Management - Benchmarking Top 50 Wealth Managers' Websites” we are cautiously upbeat about the overall trends in the development of wealth manager websites. Although the average score for all the wealth managers evaluated remains the same, at 61%, as in 2012, this year’s analysis was based on tougher criteria and some entirely new areas of evaluation, such as adaptation for mobile devices.

ABN AMRO Private Banking was able to defend last year’s top spot with a solid showing in both the content section and in contact and interactivity. Second placed Barclays Wealth achieved a significant improvement in both its score and its ranking in our 2013 website evaluation, especially in relation to the transparency of portfolio performance. Third placed Coutts also achieved a considerable improvement and was particularly strong at catering for the specific needs of wealthy clients in a focused manner, in areas such as the provision of expert content.

Top 5 Wealth Management Websites (in total 50 wealth managers ranked) 

 Rank 2013
(Rank 2012)

 

Wealth Manager

Total Points (max. 100 pts)

     1    (1)

 

ABN AMRO

83

     2   (10)

 

Barclays

81

     3   (10)

 

Coutts

80

     4    (4)

 

Société Générale

78

     5    (6)    

 

UniCredit

76


ABN AMRO, Barclays and Coutts have achieved good to outstanding results across almost every required website feature. Overall we see real progress with wealth managerment websites, but it’s still much too soon for wealth managers to tell themselves that they’ve done all they can.

Overall Websites Progress but Areas Like Cost Transparency and Social Media Integration See Little Benefit

One especially encouraging indicator the report found is that wealth managers average 60% of the maximum score for mobile adaption of their websites (for smartphone users and/or tablet users). MyPrivateBanking also sees progress in the reduced number of wealth management institutions that are failing to provide a sufficiently distinct website offering for their wealth clients. Two-thirds of the evaluated wealth managers now have a dedicated web presence for wealthy clients. Compared to 2012, the number of Wealth Management websites that have an effective search function increased, but, with the score for accurate results only averaging about 50%, search performance is still far from adequate.

Nowhere do we see the need for improvements to be more pressing than in the still widespread lack of transparency in areas like communicating portfolio performance (average score 19% of possible points), costs and fees (27%), assets under management (41%) and advisor remuneration (24%). Against all of these crucial criteria the average scores actually got worse than in the 2012 evaluations. Moreover, in the highly important field of social media integration, the average score achieved, at 41%, is only very slightly better than 2012’s score.

Wealth managers should not take comfort that the lack of website transparency for portfolio performance and costs is so common. Wealthy investors will go to other more critical sources of information on these topics or will become more attracte
d to investment alternatives where these sorts of metrics are more easily obtained. Moreover, serious investors will notice what information is being withheld from them and individual wealth management websites will lose potential users as a result.

To address the most pressing problems with their websites the report concluded three key recommendation for wealth managers: first and foremost, they should increase their transparency and communicate hard data on costs, fees, portfolio allocation and performance, and advisor remuneration more openly. Secondly, social media features and interactive tools and video content have to be deployed far more and to much better effect. Thirdly, security and privacy protection should be at the top of the agenda. In the wake of the NSA scandal, website users – and private banking clients are certainly no exception – expect solid privacy policies and https-encrypted contact options

About the report:
The report "Websites for Wealth Management 2013 - Benchmarking Top 50 Wealth Managers' Websites“ analyzes in detail the strengths and weaknesses of the websites of 50 leading wealth managers and private banks worldwide. Based on 54 criteria grouped into three main categories of evaluation, the report benchmarks the user-friendliness, the quality of the content, the contact options and interactivity offered by the wealth management websites of each institution. For further information on the report please check here.

Analyzed Wealth Managers:
ABN AMRO, ANZ, Banque de Luxembourg, Barclays, BBVA, Bessemer Trust, BMO Harris, BNP Paribas, BNY Mellon, Bradesco, Charles Schwab, Citibank, Commerzbank, Coutts, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Fidelity, Goldman Sachs, HSBC, ICICI, ING, Intesa Sanpaolo, Investec, Itaú Private Bank, J.P.Morgan, Julius Bär, Lloyds Bank, Lombard Odier, Macquarie, Merrill Lynch, Morgan Stanley, Nordea, Northern Trust, Pictet, PNC, RBC, Santander, SEB, Société Générale, Standard Chartered, SunTrust, TD Bank, U.S. Trust, UBP, UBS, UniCredit, Vontobel, Wells Fargo.

 

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