In Q4 of 2017, Deutsche Bank Wealth Management (WM) engaged Scorpio Partnership, a leading research and strategy consultancy to the global wealth sector, to conduct a review of relevant survey data (eleven historical projects across multiple regions) that provide an external view on WM performance and competitive positioning in regards to both the brand and client experience. The review utilized data pulled from Scorpio Partnership’s existing High Net Worth Individuals (HNWI)/Ultra-High Net Worth Individuals (UHNWI) insight databases spanning from 2014 to 2017.
Broadly, the review indicated strong client satisfaction scores for WM, while noting regional challenges in brand awareness (global brand awareness in line with key competitors). However, the report also highlighted reputational risk regarding trust and confidence in Deutsche Bank.
The review underscored that WM clients place more importance on market knowledge, financial research and staff experience than clients of competitor firms, and that WM outperforms in those areas, as well as in stability/security and quality of execution. Overall WM client satisfaction is competitive with peers, with WM clients markedly more likely to refer new business to WM (likelihood to refer at 43.6% vs global WM average of 28.1%; 2016 data).