The Excellence in Retail Financial Services Awards

Our Evaluation Criteria

Best Private Banks

The Private Bank awards invite entries from top-tier private banks worldwide. These accolades, divided into regional and country categories, recognise institutions that have demonstrated exceptional service and performance in their respective territories. You may apply for more than one category or just for your own country and we will assess if your institution qualifies for a more regional award.

Questions we ask:

1. What is your institution’s long-term vision for serving high and ultra-high-net-worth clients? How does this vision differentiate you from your peers?
2. Please describe the quality of your client service managers, how they are trained and the KPIs given to them to achieve.
3. Can you provide examples of how your institution has effectively executed its strategies for serving high and ultra-high-net-worth clients in a manner that exceeds expectations? We assume that your institution provides unique or market-leading products or services to your ultra-high-net-worth clients. We want to know how does your firm customises its services to meet the unique needs and goals of each family you serve on all fronts – entrepreneurship, succession etc? Could you share an example demonstrating your ability to service your client to achieve broader and more complex outcomes that are beneficial both to the client and to society as a whole?
4. What are some of the most significant achievements your institution has made in private wealth management in 2022/2023?
5. Could you provide a summary of your private banking performance? What were the key factors that contributed to your success?
6. Please state three key reasons why you deserve to win this award: Make a compelling case outlining your key successes and achievements over the past year that haven't been covered in the previous points.

Best Multi-Family Offices

The Best Multi-Family Offices Awards acknowledge the superior services provided by multi-family offices across the globe. Recognising regional excellence from North America to APAC, and identifying leadership in specific countries, these awards honor the dedication and expertise of these entities in managing wealth, protecting assets, succession planning, and providing a range of specialized services for HNWI and UHNW families.

Questions we ask:

1. What is the story behind your MFO and why is it attractive for ultra-high-net-worth clients? How do you set yourself apart from other multi-family offices?
2. How do you work differently with your family and individual clients, and institutional clients?
3. Please describe the quality of your client service managers, how they are trained and the KPIs given to them to achieve.
4. Describe any innovative services, tools, or strategies your firm has implemented in the past year to enhance the wealth management process for families. What impacts have these had on your clients' wealth?
5. We want to know how does your firm customises its services to meet the unique needs and goals of each family you serve on all fronts – entrepreneurship, succession etc? Could you share an example demonstrating your ability to service your client to achieve broader and more complex outcomes that are beneficial both to the client and to society as a whole?
6. How does your firm approach philanthropic planning and charitable contributions? Share any initiatives or strategies you have employed to support families in managing their philanthropic activities.
7. Describe your firm's approach to succession planning for multi-family offices. How do you ensure a smooth and efficient transition that respects the wishes of the family while preserving their wealth?
8. Could you provide a case study or example where your firm has successfully guided a family through a complex succession process? What strategies or tools did you employ to achieve a successful outcome?

Service Achievement Awards

This category recognises leadership across 32 categories in wealth management and philanthropy. It identifies excellence in areas such as charitable trusts, digital and discretionary wealth management, family asset protection, and high-net-worth services. You may apply for any one or several of these recognitions listed below. The research team might recommend you submission for an alternative award if they find it suitable.

Questions we ask:

1. Describe your institution's core mission and how it influences your approach to wealth management or related services?
2. How does your institution support clients in navigating complex financial situations such as inheritance, asset protection, insurance, and investment planning?
3. What unique or innovative services, products, or initiatives did your institution introduce in the past year? How have they contributed to your clients' wealth management or related needs?
4. How does your institution demonstrate a commitment to client service excellence? Please provide examples of how this commitment has been actualised.
5. What measures has your institution taken in the past year to ensure the security, growth, and preservation of your clients' wealth?
6. Describe how your institution incorporates digital technology or innovative tools to enhance your service offerings, and how these have improved client outcomes?
7. How does your institution differentiate itself from competitors in the wealth management sector or the specific category you're applying for?
8. Please state three key reasons why you deserve to win this award: Make a compelling case outlining your key successes and achievements over the past year that haven't been covered in the previous points.

Impact Achievement Awards

This category recognises leadership in wealth management and philanthropy. It identifies excellence in areas such as charitable trusts, digital and discretionary wealth management, family asset protection, and high-net-worth services. You may apply for any one or several of these recognitions listed below. The research team might recommend you submission for an alternative award if they find it suitable.

Questions we ask:

1. Can you describe the project/initiative/campaign your institution has implemented that aligns with the category you're applying for? What makes your project/initiative/campaign stand out compared to similar efforts in the sector or category?
2. What was the specific problem or need that your project/initiative/campaign sought to address?
3. What are the specific social or environmental outcomes that the project aims to achieve?
4. What actual measurable impact has your project/initiative/campaign had within its targeted community or demographic? Has the project conducted any third-party evaluations or independent audits to validate its impact claims? Are there any external validations or certifications that the project has obtained to verify its impact claims, such as accolades from governments or non-government organisations, verifiable third-party certifications, etc.?
5. To what extent do the projects incorporate innovative approaches, technologies, or strategies that have the potential to generate long-term positive impacts and contribute to future sustainable development goals?
6. What partnerships or collaborations were established during the implementation of your project/initiative/campaign? How did these partnerships contribute to its success?
7. How has your institution involved stakeholders (e.g., clients, employees, community members) in the planning or execution of the project/initiative/campaign?
8. What efforts has the project made to ensure transparency and accountability in its operations and reporting of impact?
9. For environment-related projects, how does the project assess the long-term sustainability and scalability of its impact beyond the project duration?
10. For social projects, how does the project ensure the inclusion and empowerment of marginalised or vulnerable groups in its activities and impact assessment?

Top Private Banking Centres in Asia Pacific Award

This award honour outstanding private banking centres across the region, highlighting institutions that demonstrate excellence, innovation, and a strong commitment to raising the standards of wealth management. In a financial landscape increasingly dominated by digital services, the importance of physical bank branches remains significant. These branches provide a secure and private setting that is crucial for in-depth financial planning and personalised advisory services, thereby reinforcing strong client relationships built on trust and personal interaction.

Questions we ask:

Branch Performance and Vision:
Reflecting on the past year, how would you evaluate the overall performance of your private banking centre? Additionally, what are your key goals and strategies for the upcoming year?
Client Relationships and Retention Strategies:
"Can you describe the strategies your branch employs to retain high-net-worth clients and ensure high levels of client satisfaction?"
Operational Efficiency:
"What are the most significant operational challenges your branch faces, and how have you addressed these challenges to maintain or improve operational efficiency?"
Advisory Capability:
Could you elaborate on the range and depth of your advisory services? Specifically, how do you ensure that your advice remains tailored to the individual financial and non-financial goals?
Integrated Solutions:
"Can you elaborate on how you provide integrated financial solutions (like corporate or investment banking services) to your clients, especially the entrepreneur clients?”
Digital Innovation and Client Engagement:
"How has your branch integrated digital technologies to enhance client engagement and service delivery? Can you provide examples of how this has added value to your clients?"
Team Dynamics and RM Empowerment:
"Could you discuss how you foster a supportive and productive team environment within the branch? Specifically, how are relationship managers empowered and trained to meet client needs effectively?"
Local Market Understanding and Adaptation:
"How does your branch adapt its strategies and services to align with local market conditions and client preferences? Can you share a recent initiative that demonstrates this local adaptation?"

Scorecard for Top Private Banking Centre in Asia Pacific

Category	Subcategory	Points
Business Performance		30
	Assets Under Management （AUM） and Net New Assets （NNA）	10
	Revenue per Relationship Manager （RM）	8
	Portfolio Performance vs. Benchmarks	6
	Other Key Performance Indicators demonstrating the success of your wealth centre	6
Client Relations		25
	Client Retention Rate and Acquisition Rate	8
	Client Satisfaction Scores	8
	Cross-Selling Ratio	5
	Exclusive Events and Networking Opportunities	4
Operational Excellence		20
	RM Empowerment and Training Programs	7
	Compliance and Risk Management	5
	Efficiency in Digital Engagement and Transaction Processing	4
	RM Turnover Rate	4
Service and Experience		15
	Customised Service and Personalisation	4
	Ambience and Environment of the Centre	4
	Security and Privacy Measures	4
	Technology Integration and Digital Experience	3
Brand and Market Positioning		10
	Historical and Cultural Significance of the Centre	3
	Brand Reputation and Heritage	3
	Community Engagement and Social Responsibility	2
	Accessibility and Convenience of Location	2
Total Points		100