Westpac has topped the charts as Bank of the Year in NZ Adviser’s first Advisers on Banks report, released yesterday.
took second place performing strongest in commission structure and BNZ
came third with interest rates and product diversification opportunities as its strong points. The complete rankings can be found below with the corresponding overall score for each bank and you can download the full report here
Consistency was Westpac’s strong point, topping the performance indicators in BDM support, electronic lodgement, product range and training & development. It was also in the top three for commission structure, communication & engagement, credit policy and product diversification opportunities.
Westpac's national manager Third Party & MMM Channels, Teresa Jacques told NZ Adviser
, “We’re so pleased to win the award. It’s a fantastic reflection of the hard work the Westpac team put into their advisor relationships.
“We take a real partnership approach to working with advisors and constantly look for opportunities to grow and improve those partnerships. In that spirit, we’d like to thank all the advisors we work with too.
“It’s particularly pleasing to be recognised more broadly, with success in a number of categories this year,” said Jacques.
Advisers were asked to rate the performance of the banks they had dealt with in the last 12 months against 11 criteria, ranging from turnaround times to product diversification opportunities, with the final rankings based on an average of these category scores.
was named best for communication & engagement and credit policy while The Cooperative Bank excelled in turnaround times and TSB Bank
held off its rivals in clawback policy.
Advisers also gave their views on products, commission structure and what services are most important to them as well as other topics including turnaround times and BDM support.
You can read the full report here.
Ranking Bank Overall score
1 Westpac 3.12
2 ANZ 2.97
3 BNZ 2.95
4 ASB 2.93
5 The Cooperative Bank 2.75
6 SBS Bank
7 TSB Bank 2.62