Handelsblatt Elite Report 2020: Schoellerbank takes first place again

The Handelsblatt Elite Report, the largest bank test in the German-speaking market, has once again selected the top asset managers. A total of 350 banks from Germany, Austria, Switzerland, and Liechtenstein were assessed in this year’s test and review period. Along with the editorial staff, 250 experts rated the banks as test customers. Schoellerbank yet again received the highest number of points, putting it in first place in Austria for the eighth year in a row. What is more, the tradition-rich bank is the only Austrian company in the top ten of the Elite Report.

After an initial assessment, the number of candidates was reduced to 259 and only 46, or 17.7 per cent, of the tested asset managers made it into the ranking based on the 42 practice-based parameters. Of that group, 38 were from Germany, four from Austria, and two each from Switzerland and Liechtenstein. Depending on the points awarded, the pyramid of top asset managers was assigned the rankings “cum laude”, “magna cum laude”, and “summa cum laude”. In the ranking for the 2020 Elite Report, 29 of the asset managers received the ranking “summa cum laude”, with Schoellerbank situated at the top of this pyramid of honourees.

Attentiveness of customer advisors an important criterion

The criterion of attentiveness on the part of customer advisors was given particular emphasis in the 2020 Elite Report. The advisory culture was analysed with a focus on whether advisors engage with customers by asking them about their specific needs and personal wishes. According to Hans-Kaspar von Schönfels, editor-in-chief of Elite Report, “At many banks, experienced employees retire and the younger advisors rely more on the recommendations offered by their computers. The elite asset managers, including Schoellerbank, have a high level of innate intelligence and rely on research, attentiveness, and a customer-focused approach.”

Original quote on Schoellerbank from the 2020 Elite Report

“This fine institution specialised in private asset management very early on and now enjoys a decisive advantage due to its years of experience. It’s no wonder that the bank ascended into a position as a market leader far beyond the borders of Austria (currently EUR 13 billion in assets under management). […] A deep understanding of the customer’s wishes is translated into keen and practical sustainability. And this highly appreciated level of ambition can also be seen in the actual structuring of assets. The groundwork for the necessary orientation is done by a bright team of analysts who scour the globe for opportunities and at the same time caution against risks. Their sensible motto is ‘Invest rather than speculate’. This explains the innate intelligence that prepares the ground for growth. Anyone who wants to dive into the world of the research experts would do well to give the very informative bank magazine, mehr Vermögen, a read.”

Global Finance – Best Private Bank Award 2020

The renowned US financial journal Global Finance also selects the best private banks each year. This award is received by the banks that were able to successfully overcome the prevailing challenges in the finance industry – with creative solutions, opportune products, and innovative service. Schoellerbank was named the “Best Private Bank in Austria” for the fifth time in a row. The editors of Global Finance once again selected the winners of the Private Bank Awards with the help of experienced experts with market knowledge accumulated over many years. Along with independent research, the editors used information gathered in surveys to evaluate a range of objective and subjective factors.