SOURCE: Luxury Institute

May 01, 2008 11:00 ET

Luxury Institute Survey: High Net-Worth Consumers Rank the Most Prestigious Commercial Bank Wealth Managers - JP Morgan Private Client Services, Wachovia Wealth Management and Deutsche Bank Private Wealth Management

NEW YORK, NY--(Marketwire - May 1, 2008) - High net-worth consumers rated JP Morgan Private Client Services the most prestigious commercial bank wealth manager in the 2008 Luxury Brand Status Index (LBSI) survey from the independent New York City-based Luxury Institute ( Respondents who would recommend JP Morgan Private Client Services said, "They have a very good national reputation," and "provide excellent services." Wachovia Wealth Management and Deutsche Bank Private Wealth Management rank second and third, respectively.

"This has been an unfortunate year for the reputations of many Wealth Management firms among wealthy consumers, particularly units attached to larger financial institutions that have proven to be unreliable as risk managers," said Milton Pedraza, CEO of the Luxury Institute.

"An unprecedented credibility shock, such as the one the financial services industry has begun to fully recognize, has brought many Wealth Management brand scores down dramatically. For example, the defunct Bear Stearns brand scored a record low 3.49 out of 10. On the other hand, its savior, the J.P. Morgan brand, did much to enhance its reputation, to the point that the Private Client Group scored highest, even higher than the Private Bank. Both did extremely well, but that is the halo effect of a great reputation among the wealthy," said Pedraza.

"As a result of industry disarray, and to increase the accuracy of the survey, we increased the minimum numbers of responders per brand by a third, and several boutique brands who have been leaders in previous years did not make the responder cutoff. That is required by the volatility in the category, but we believe it is worth the accuracy improvement in what we hope will be a unique set of circumstances. Our impartial surveys, conducted with independent panels, not biased panels, and tabulated by independent analytical firms, continue to strive to earn the trust of wealthy consumers, the media and the brands that are rated," Pedraza noted.

Following are the 6 Commercial Wealth Managers that were rated (alphabetical order):

1.      Citigroup Private Bank
2.      Deutsche Bank Private Wealth Management
3.      HSBC Private Bank
4.      JP Morgan Private Client Services
5.      Wachovia Wealth Management
6.      Wells Fargo Private Client Services

The proprietary Luxury Brand Status Index (LBSI) survey is the only measure of the prestige of leading brands among wealthy Americans. A national sample of 551 wealthy American consumers, with an average income of $751K and average net-worth of $13.9 million, was surveyed online. Survey results are weighted to match demographic and net worth profiles of the same audience according to the latest Survey of Consumer Finances from The Federal Reserve.

About the Luxury Institute

The Luxury Institute is the uniquely independent and impartial ratings, reviews and research institution that is the trusted and respected voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications and research that guides and educates high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute also operates the Luxury Board (, the world's first global, membership-based online community for luxury goods and services executives, professionals and entrepreneurs. To reach the Luxury Institute, please call 646-792-2669 or go to

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