USAA Investment Management and BB&T are the top performers in the first annual Greenwich Excellence Awards in Wealth Management and Personal Investment Services.

USAA Investment Management won four awards and BB&T won three in the new Greenwich Associates program, which recognizes excellence among both “traditional” providers of wealth management and investment services, as well as the units of state and federally chartered banks with distinct Wealth and Investment business lines. Awards are given in four categories nationally for both types of providers.

From 2014 to 2015, Greenwich Associates research found that fewer clients of retail Wealth and Personal Investment Services firms surveyed were “very likely” to recommend their provider (56%, down from 63%). Much of this shift was driven by declines in perceived performance in two factors critical to clients: customer service and investment ideas and advice.

“Only 11 firms, including ‘traditional’ bank units and other retail wealth and investment services providers were able to buck this trend and achieve superior results in these critical metrics last year,” says Greenwich Associates consultant Duncan Banfield. “That’s no small feat among a population of 150+ nationally-known providers.”

As Wealth Management providers compete intensely to capture new client assets in a volatile investing environment, delivering a differentiated level of client service has never been more challenging – and crucial.  Adding to the complex dynamics are “traditional” banks seeking to further grow their positions by expanding their own wealth and advisory businesses.

“Standing out in a market where both mass affluent and high net-worth individuals have so many ways to invest their money requires exceeding an array of different customer expectations,” says Duncan Banfield, “and those that do deliver have built true customer-centric organizations.”