Judging Process

Nomination process for award categories:

  • APBC Outstanding Private Bank 1-10 M (HNW segment)
  • APBC Outstanding Private Bank 10M+

These awards will be based on a combination of 500 HNW interviews and the opinions of the judging panel.

500 HNWs viewpoint

The definition of HNW that the APBC uses is: A$1million in investible assets excluding the property that is their main residence

The HNW viewpoint consist of two rounds of interviews spaced over 6 months. In September 2008 100 HNWs were interviewed and asked a series of questions concerning their main private banking relationship.

Examples of some of the questions asked are:

1. How satisfied are you with your primary private bank (primary advisory institution if not private banking client)? Scale of 1-7
2. To what extent do you agree that your primary private bank (primary advisory institution if not private banking client)
  1. Understands your financial needs
  2. Is able to cater for your financial needs
  3. Provides the advice you need
  4. Is proactive with ideas
  5. Values your business
  6. Handles complaints effectively
3. How satisfied are you with the following aspects of your primary private bank (primary advisory institution if not private banking client)? Please rate each from 1-5, where 1 is very unsatisfied and 5 is very satisfied.
  1. The level of service received
  2. Having a dedicated point of contact (relationship manager)
  3. The pricing of the products and services
  4. The range of products and services offered
  5. The fact that the private bank screens the products and services for the most applicable ones
  6. Access to specialist advisors
  7. The investment returns
  8. Understanding your financial needs
  9. Proactively anticipating your needs
4. How satisfied are you with the service provided by your relationship manager at your primary private bank (primary advisory institution if not private banking client)? Scale of 1-7 5. Do you feel your private bank/primary advisory institution listens to your needs?
  1. Yes
  2. No
6. Thinking about the following private banking institutions, please state how good you consider each to be with regards to investing your assets on a scale of 1-10, where 1 is very poor and 10 is excellent.

Each private bank/ wealth manager will then receive an overall round one score.

Round One - Total Possible HNW Score: 40 points Eligible private banks will then be asked to nominate themselves in each award category.
Nominations from private banks will be accepted between 09.03.09 and 31.03.09

In order to ensure that the viewpoint of the HNWs is not subject to a point in time where market movements and spikes might affect their opinion the APBC will, in March 2009, interview another 400 HNWs with an investible wealth of more than A$1 million excluding residential property.

They will be asked to score their private bank/ wealth manager across 4 sub categories:

  • How good is their banking and investment expertise Score: 10 points
  • How good are their client relationship skills Score: 10 points
  • How good is their overall client service Score 10 points
  • How able were they to tailor the service/ investment plan to meet HNW individual needs Score 10 points
Round two - Total possible HNW score = 40 points

Judging Panel viewpoint

The judging panel will then review the nominations submitted by the private banks in conjunction with the HNW scores.

Each judge will submit his/ her short-list of five institutions for each category based on the following criteria.

  • Private bank with the best banking and investment expertise Score: 10 points
  • Private bank with the best client relationship skills Score: 10 points
  • Private bank with the best overall service levels Score 10 points
  • Private bank with ability to most tailor service to meet HNW individual needs Score 10 points
Total possible Judging panel points = 40 Institutions will be notified that they have made it to the final short list and the winners will be announced at the awards ceremony

Nomination process for award categories:

  • Best Newcomer - Relationship Manager (0-2 years)
  • Best Relationship Manager

These awards will be based on a combination of mystery shopping and the opinions of the judging panel.

Each private bank will be asked if they would like to nominate anyone in either of these two categories.

Nominations from private banks will be accepted between 09.03.09 and 31.03.09.

Nominees will be asked to complete a short document explaining why they think that they should win the award.

Based on the nomination forms, the judging panel will decide on the top 5 nominees, who will then be mystery shopped between 30.03.09 and 15.04.09 and scored across a range of criteria such as:

  • Courtesy and professionalism
  • Ability to assess client needs
  • Level of knowledge
  • Ability to package and deliver tailored solution
Based on these mystery shop scores and the nomination forms, the judges will make a final decision and the awards will be announced on the night.

Nomination process for award categories:

  • Best Private Banking Thought Leader
Nominations from private banks will be accepted between 09.03.09 and 31.03.09

Based on the nomination forms, the judges will decide on a short list of five individuals who will then be notified and interviewed by the Australian Private Banking Council.

The judges will make a final decision based on the interviews and the award will be announced on the night of the awards ceremony.