Innovation a must in an increasingly tough environment
PSG Wealth was again recognised as the Top Wealth Manager of the Year: Large Institutions at the prestigious digital Intellidex Top Private Banks and Wealth Managers Awards, for the fourth consecutive year. The firm dominated this year’s awards, also securing three archetype awards: lump-sum investor, retiree, and young professional.
According to the awards survey, which gathered input from the clients of 13 of South Africa’s top wealth managers and private banks, erosion of wealth and concerns about whether clients’ capital will have the longevity to provide for their living years were listed as primary issues for clients.
PSG Wealth Chief Executive of Distribution, Dan Hugo: “Clients have had to get used to living in a vastly different world. They’ve been faced with previously unheard-of uncertainties. Previous solutions typically applied to financial concerns were no longer found to carry the same degree of certainty in relation to longer-term planning and solutions.”
With a focus on digital transformation, PSG Wealth recently upgraded internal systems to enable more efficient and effective client reporting and data. Its CRM system, myPractice, allows the firm to build a holistic picture of the lifetime of advice and reviews for a single client. In addition to this, digital acceptance functionality makes it possible for advisers to upload and have documentation approved without needing to physically see a client.
PSG Wealth takes a podium position for all six individual archetype awards
Coming in the top three places for all six awards, PSG Wealth again asserted its market leading position by achieving four first places that included a new category for retirees. The table below highlights PSG Wealth’s growing prominence over the years.
According to Investors Monthly, the archetype awards present six client archetypes and assess how the firms cater to each. The archetypes cover the spectrum of client market segments and many wealth managers use them in their own market segmentation of clients.
“It is very exciting to be able to share the good news that shows we’re on the right track in delivering on our clients’ needs. The consistent dedication to delight our clients by our Wealth advisers, office support staff as well as our support divisions has certainly paid off,” says Hugo.