The US wealth management industry has come through the recent pandemic relatively unscathed, with tailwinds from higher interest rates and the rise of new client segments. Despite the near-term macroeconomic uncertainty, the industry has experienced unprecedented innovation. To stay competitive, top wealth managers need to adapt their models and find new meaning and purpose. Here are some tips for staying ahead of the curve. In this article, we will explore the Nomination process, Rankings, and Scope of the awards.
Five Star Wealth Manager award program recognizes and promotes wealth management firms
The Five Star Wealth Manager award program honors Connecticut-area wealth managers who provide exceptional client service. Applicants are evaluated based on several criteria, including advisor credentials, regulatory and compliance history, client acceptance and retention, and professional designations. Applicants need not be members of any organization or pay a fee to be considered for the award. Five Star Wealth Managers are recognized by their peers and are recommended for the honor by a peer panel.
This year, 2,533 wealth managers in the St. Louis area were considered for the Five Star Wealth Manager award. Two hundred and sixty-seven candidates were named as 2020 Five Star Wealth Managers. The Five Star Wealth Manager award program is an independent, third-party evaluation process that highlights the performance of financial firms. It is sponsored by the National Association of Personal Financial Advisors (NAFA).
The Five Star Wealth Manager award is presented every two years to outstanding investment advisers. Nominees are identified through peer nomination and pre-qualification by a Five Star Professional based on an objective set of criteria. Qualifications include the number of assets under management, the number of client households served, and a favorable regulatory history. The Five Star Professional evaluates each nominee according to the criteria, utilizing internal and external data sources.
Each of the five awardees undergoes a rigorous interview process to determine which firms will receive the 2019 and 2020 awards. During this process, a Five Star Professional performs a regulatory review of the wealth manager. This process utilizes the Investment Advisor Public Disclosure website and other supporting processes. The result is a list of five firms with exceptional ratings from current and former clients.
In April, Aite-Novarica Group released its first ranking of wealth managers based on assets under management. It used publicly available information from firms, third-party research reports, and existing knowledge to rank the top wealth managers by assets under management. The firm’s data includes discretionary and nondiscretionary assets under management, but excluded self-directed brokerage accounts. Its research shows that big banks are struggling to compete with the smaller wire houses.
While this trend is not yet complete, it is a start. The number of firms under management (AUM) is a useful indicator for judging a wealth manager’s ability to attract wealthy clients. ADV Ratings recently released a ranking of the world’s largest wealth management firms by AUM. These are the firms’ total assets as of July. The data is presented in U.S. dollars. The AUM figure indicates the firm’s ability to attract wealthy clients.
Another factor to consider when selecting a wealth manager is the amount of assets under management (AUM). AUM is a measure of how much money a firm manages. Assets under management can be advisory or investment-related. In asset-management, the manager collects a fee based on the total AUM of all clients. It then manages those assets according to the client’s mandate. The firm also provides advice to its clients regarding financial products and services.
The rankings of wealth managers include financial services firms in the United States, Asia Pacific, and Latin America. The Best Wealth Managers list is based on quantitative and qualitative criteria, including assets under management and industry experience. However, this list does not consider portfolio performance due to the varying objectives of clients. The SHOOK Research team receives no compensation from advisors who appear on the list. Therefore, this ranking is not intended to endorse or discredit any investment firm or advisor.
Scope of awards
The Scope of awards for top wealth managers has announced the winners of its 2018 edition. The awards recognise excellence across multiple investment concepts. The winners of this year’s awards have been carefully curated by the Scope Group, Europe’s leading independent credit rating company and media partner of Handelsblatt. The awards, now in their sixth year, are the leading source of industry recognition in Germany. The winners of each category will be announced at a special ceremony on November 16 in Frankfurt.
DWS won the Real Estate Global category, achieving the best performance among peer-groups in both the short and medium-term. Deka Immobilien won the Real Estate Europe category, with its outstanding asset access and transaction expertise. In the long-term, Deka-ImmobilienEuropa outperformed its peers. BNP Paribas, meanwhile, won the Retail Estate Germany category, where its ESG positioning and high trading quality were highlighted by the award jury.
The Five Star Wealth Manager Award, meanwhile, recognizes investment professionals who meet a string of objective criteria. The Five Star Professional evaluates candidates based on ten criteria, including five years of experience, favorable regulatory history, and firm review. Nominees do not pay to be considered for the award, which makes the Five Star Professional’s selection process rigorous. Moreover, the award does not guarantee future investment success.
Financial Planning Magazine’s Influencer Award, for example, honors individuals who contribute to the financial advice industry. The magazine’s selection process is rigorous, with awards recognizing those who have achieved the highest level of client satisfaction and service excellence. In addition to the Influencer Award, the magazine also presents other prestigious awards to practitioners. For example, the Financial Planning Magazine has a special award for “practice management” and “industry contributor”.
The National Association of Plan Advisors (NAPFA) has a nomination process for top wealth managers. Nominations are solicited from readers of Financial Advisor, Private Wealth Management, and Fiduciary Research Manager Summit. Each nomination is weighted differently, depending on whether the nomination comes from a partner, coworker, or friend. Once received, nominations are reviewed by members of the planning committee, who determine the finalists.
The process of evaluating candidates for the list is rigorous, and involves a series of quantitative and qualitative criteria. The criteria include client retention, revenue production, and assets under management. Additionally, candidates are evaluated for their compliance record, fee structure, breadth of services offered, and years of experience. Once a candidate has met all of the criteria, she or he is then interviewed. If a nominee receives more than one award, she may be deemed an honoree by her peers.
A firm may be a Five Star Wealth Manager based on the number of clients they have served, their client retention rate, and their regulatory history. This distinction is given to a small group of wealth managers, ensuring that only those firms with the highest quality credentials will make the list. It is important to note that the process is rigorous and is not an endorsement for any particular investment firm. If you have questions or concerns about a specific investment manager, please do not hesitate to contact Five Star Professional.
For eleven consecutive years, Generational Wealth Advisors has been recognized as a Top Wealth Manager by D Magazine. Their profile will appear in the November 2021 issue. This award recognizes the best wealth management firms in the Dallas area, and the firm must act as a fiduciary on behalf of their clients. A panel of local wealth managers evaluated each entry and determined the final list. There are many reasons to choose Generational as your wealth management firm.
The Investment Advisor Group, which includes the editors and art directors of both publications, chose the winners based on their logos. They are finalists in the category of Best Wealth Manager Logo. The winning logos are highly appealing to potential clients and are featured in the July issue of Research and Investment Advisor. Each winner will receive a special award, including a photo of their winning logo and a questionnaire about their marketing firms.
Another notable honor for Glassman Wealth Services is being recognized as a Top Wealth Advisor in the Washington, DC, area. The firm was chosen from more than one thousand firms, and Barry Glassman was cited as a Top Financial Advisor in Washington, DC. Washingtonian magazine’s survey surveyed hundreds of financial professionals. Barry Glassman was the top vote-getter in financial planning, and his firm was selected among the Top 100 fee-only advisors in the United States.
The Weatherly Asset Management team is proud to be included in two recent awards and rankings. The Financial Advisors Magazine 2017 RIA Survey featured the firm in the issue published in July. And in June, Weatherly Asset Management was named a Finalist in the Financial Times’ list of the Top 300 Registered Investment Advisors. The company chose to participate in this prestigious list to gain national exposure and industry recognition. Carolyn Taylor was also recently named a finalist for a San Diego Business Journal article about the importance of women in the financial advisor industry.