“Success breeds complacency. Complacency breeds failure. Only the paranoid survive”, said Andy Grove, the Intel Visionary.
We are now in our 10th year, and it has never been clearer to us that the competition is fierce. Everyone is still chasing the highly saturated market. Some players are new and hungry, some are cautiously protecting what they have, and some are striving for a balance between the two. Last year, many mid-tier players surprised our jurors with their digital efforts, product innovation, and brand enhancement, and it is encouraging to see their continuous dedication to surpassing competitors in uniquely healthy and ethical ways.
As a profit-for-purpose organization, the BENCHMARK’s awards programs are not about simply handing out trophies—they are designed to act as customers’ activist seeking to validate what is going behind the scenes of the providers, while helping providers perform better ethically each year. The Methodology ensures there is no sugar-coating or prettification, and dives deeply into the providers’ operations, values, and practices. The process also holds the companies accountable for their behavior, and by offering them an opportunity to access the 70-page regional gap analysis report that covers the industry’s market landscape, client demand assessment, and their own competency assessment, the companies are able to build on their strength and bridge the gaps of their shortcomings.
This year, in addition to our refreshed website, the awards are also upgraded! BENCHMARK is excited to associate with Scorpio Partnerships, the engine behind the three largest global HNWI client insight programs, to execute and implement an industry benchmarking report for the awards through the highest quality responses of respondents around the region. The inaugural customer survey named as the BENCHMARK Wealth Management Gap Analysis Report released in January 2019, is aimed at enabling the committee to dive more deeply into each client relationship and create a comprehensive market overview. The survey questions focus on shedding light on how affluent clients see and engage with the contestants, while the Smart Questionnaire focuses on a few key award areas: Brand Strength, Good Governance, Product Propositions, Digital Capability, and Client Journey and Experience. Check out the Categories now!
The BENCHMARK Wealth Management Awards series is now available in four countries – Hong Kong, Singapore, Taiwan and Malaysia. The awards focus on recognizing best-practice Wealth Protection providers and Affluent Banking providers.