Nearly half of private banking clients in
Germany (43%) are considering switching to another provider despite
being largely satisfied with their banks and wealth managers,
according to research firm MyPrivateBanking.

The study,
Client Monitor Wealth Management Germany, found 47% of clients
with investable assets of more than € 500,000 ($617,676)
were considering a change.

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This proportion reached 57% for clients up to
35 years old.

Almost half of the clients surveyed (49%) see a
conflict of interest in advisory services as wealth managers
receive kickbacks for a variety of products.

Small and medium sized private banks came out
as the winners, with the highest average approval ratings.

According to the research, financial crisis had
no major adverse effects on client satisfaction.

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MyPrivateBanking director of research Steffen
Binder said although most wealth managers got to grips with the
financial crisis, a long-term erosion of client loyalty was
evident.

“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,” he said.

MyPrivateBanking surveyed 300 high net worth
individuals in Germany with assets of more than € 250,000 and / or
a gross income of more than €150,000.

German client satisfaction
survey

Bank/Group

Client
Rating

 

Private Banks
(small/medium)

4.7

 

ING-DiBa

4.6

 

Sparda Bank

4.2

 

Average

4.1

 

Deutsche Bank

4.1

 

Commerzbank/Dresdner
Bank

4.1

 

Volks-/Raiffeisenbanken
(Coops)

4.0

 

Sparkassen (S&Ls)

3.9

 

Other

3.9

 

Postbank

3.6

 

 

Scale: 1  (not satisfied at all) – 5
(very satisfied)
       

Source: MyPrivateBanking.com