Business Directory, Press Releases, Jobs, Products, Services, Articles
Businesses Articles Press Releases Follow @PRcom
Press Release Pricing | News by Category | News by Country | News by US Region | Recent News | News on Your Site

Press Releases

MyPrivateBanking GmbH

Press Release

Receive press releases from MyPrivateBanking GmbH: By Email RSS Feeds:

Wealthy Clients in Germany Threaten to Switch Banks

A new study by MyPrivateBanking shows that over 40% of wealthy private clients consider changing banks. Clients of small/medium private banks and direct banks are highly satisfied.

Frankfurt am Main, Germany, May 20, 2010 --( Private banking clients in Germany are by and large satisfied with their banks and wealth managers. However, nearly half of the clients (43%) still consider switching to another provider. This is the main finding of the "Client Monitor Wealth Management Germany" for which the research firm MyPrivateBanking surveyed 300 wealthy private clients in Germany. With respect to past experience, the clients rated the offerings and services of their banks with an average of 4.1 points (maximum 5 points) and gave the German banks good grades. The financial crisis had no major adverse effects on client satisfaction. However, in the future banks will have to be wary of waning customer loyalty because, in spite of high satisfaction ratings, clients are keeping a critical eye on their wealth manager and are ready for a change, should a competitor offer better terms.

About half of the clients surveyed (49%) see a conflict of interest in advisory services as the wealth managers receive kickbacks for a variety of products. Another threat to the wealth managers is declining loyalty affecting high net worth and the younger bank clients in particular. Among the clients with investable assets of over euro 500,000, 47% are considering a change and for those clients up to 35 years old, this proportion reaches as high as 57%. "Although most wealth managers got to grips with the financial crisis, a long-term erosion of client loyalty is evident," says Steffen Binder, Director of Research MyPrivateBanking on the challenges for the wealth managers. "In particular, the key target group of young, affluent clients is now much more willing to switch banks if they feel that a competitor will give them a better deal."

In the assessment of the individual banks and groups of banks the small and medium sized private banks came out as the winners. The clients of these banks awarded an average score of 4.7 out of a maximum of 5 points. Runner up is direct bank ING-Diba which follows with 4.6 points. The large banking groups Deutsche Bank, Commerzbank/Dresdner Bank, Sparda Bank and the Cooperative Banks occupy the middle ground in respect of client satisfaction. The lowest satisfaction rates among wealthy clients have the Postbank with 3.6 points, and the Savings and Loans banks with 3.9 points.

"These results show that banks, which are uniquely positioned in the market have the most satisfied clients," said Christian Nolterieke, managing director of MyPrivateBanking. "The medium and small Private Banks differentiate themselves through the competence of their advisers and the clear focus on wealth management. ING-Diba has the clear positioning as a winner on costs. Lack of any differentiation, by contrast, leads to low client loyalty and satisfaction."

MyPrivateBanking Research recommends banks and wealth managers to undertake a thorough review of their strategic positioning. Especially for the important client groups of younger affluent and high net worth individuals targeted offerings should be developed, so that they remain loyal to their wealth manager in the future. Conversely, the declining client loyalty offers also an opportunity for a pro-active client acquisition strategy by those banks and wealth managers that react fastest to the new challenges.

About the Study: The “Client Monitor Wealth Management Germany” of MyPrivateBanking Research provides a comprehensive analysis of client needs and client satisfaction for the German wealth management market and is published annually. For the study 300 high net worth individuals in Germany with assets of more than euro 250,000 and / or a gross income of more than euro 150,000 were surveyed. Their needs, attitudes and levels of client satisfaction are analyzed comprehensively and in depth. For the eight largest banks and groups of banks client satisfaction profiles, propensity to switch providers and other essential data are presented in detail. More information.

About is an independent platform for information and networking among wealthy private clients and with wealth managers across the world. Established in 2009 in Switzerland, offers a variety of information to assist investors and providers in making their decisions. This includes in-house research, articles and updates related to wealth management, detailed bank directories and client evaluations of wealth managers across the world. The interactive “MyWealth” online network allows the clients looking for wealth managers to get in touch with one another and exchange experiences. aims at making wealth management more transparent, more cost effective and giving it a greater client focus. For further information please check

Contact Information
Steffen Binder
+49 (0) 69 974 611 16

Click here to view the list of recent Press Releases from MyPrivateBanking GmbH
Promote Your Business