World Finance magazine released its annual list of winners
in wealth management. You’ll never guess which of the big six won for Canada.
While both Scotiabank
and Royal Bank
are busy trimming the number of employees working within their wealth management divisions, another bank’s been getting all the accolades. Wednesday, CIBC announced
it’s been named the Best Wealth Management Provider in Canada for 2014.
Who is World Finance magazine, you might ask?
London-based, it’s part of World News Media, the umbrella corporation that produces four financially-focussed titles including World Finance. Delivering six issues a year on a bi-monthly basis, the magazine’s total readership is 120,000 with average monthly unique views of 75,000.
So, when it comes to financial matters, they’re in the big leagues. Besides, CIBC wouldn’t accept the award if it didn’t view World Finance as a credible information source.
WP reached out to CIBC Wealth Management to get some background information on the methodology used to select each of the country winners – including Canada. Jessica Steinberg, Director of Wealth Management Communications, was able to shine a little light on the process.
The selection panel for the awards have a combined 231 years of business journalism experience. Using this understanding the panel waded through reams of research data points that include fee transparency, range and quality of product offerings, customer relationship management systems, and pretty much everything else you’d expect from top drawer wealth managers.
In accepting the award, Steve Geist, Group Head, CIBC Wealth Management said, "We're honoured to be acknowledged as Canada's best wealth management provider. This award recognizes the strength of our business and commitment to providing leading solutions, a team-based approach, and personalized advice and service to support our clients in achieving their financial goals."
Who were the losers?
World Finance wouldn't reveal the actual votes for each bank but it did say that RBC, TD, BMO Harris Private Banking and Scotiabank were all in the mix.