Judging Process

Nomination process for award categories:

  • Outstanding Institution - ($1m-10m)
  • Outstanding Institution - ($10m-30m)

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

HNWs viewpoint

The definition of HNW that the APBC uses is: A$1million in investible assets excluding any form of property

Over the course of 2009 HNWs were interviewed and asked a series of questions concerning their main private banking relationship. 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 these interviews were conducted in September 2009 and March 2010.

Examples of some of the questions asked are:

1. How satisfied are you with your primary private bank? Scale of 1-7

2. To what extent do you agree that your primary private bank

  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? 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? Scale of 1-7

Based on the opinions of HNW individuals, each private bank/ wealth manager will receive an overall score.

Round One - Total Possible HNW View Score: 60 points

During the course of the March 2010 HNW Interviews, private banks will be invited to nominate themselves for the 3 award categories. The closing deadline for submission of nominations is the 16th April 2010.

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 on the 17th May 2010 and the winners will be announced at the awards ceremony

Nomination process for award categories:

  • Outstanding UHNW Offering - $30M+

This award will be awarded purely on the opinions of the judging panel based on the submissions received from the nominating institution.

Judging Panel viewpoint

The judging panel will review the nominations submitted by the private banks in this category.

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

  • Institution with the best banking and investment expertise Score: 20 points
  • Institution with the best client relationship skills Score: 20 points
  • Institution with the best overall service levels Score 20 points
  • Institution with the best Advisory services: Score 20 points
  • Institution with ability to most tailor service to meet HNW individual needs Score 20 points

Total possible Judging panel points = 100

Institutions will be notified that they have made it to the final short list on the 17th May 2010 and the winners will be announced at the awards ceremony

Nomination process for award categories:

  • Outstanding Relationship Manager
  • Outstanding New Relationship Manager (<2 years working in private banking)
  • Outstanding Wealth/ Investment Advisor
  • Outstanding New Wealth/ Investment Advisor (<2 years working in private banking)

Each private bank will be asked if they would like to nominate anyone in either of these categories. Each private bank can nominate only one individual in each category.

The closing deadline for submission of nominations is the 16th April 2010.

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, scoring them across a range of criteria such as:

  • Courtesy and professionalism
  • Ability to assess client needs
  • Level of knowledge
  • Ability to package and deliver tailored solutions

The judges will make a final short list and the winners will be announced at the awards ceremony

Nomination process for award categories:

  • Private Banking Thought Leader

The closing deadline for submission of nominations is the 16th April 2010. 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, the final short list will be available on the 14th May 2010 and the winners will be announced at the award ceremony.