Once a brand establishes itself in the financial sector, it often monopolizes the client’s psyche. However, the duration and process of achieving this status vary. Major banks like UBS, Julius Baer, or Pictet Group are household names in Switzerland. Yet, few people can list even five independent Swiss wealth management companies and their core markets.
Despite the implementation of automatic information exchange, wealth managers are still hesitant to disclose their primary client domiciles. This reluctance often leads to a cycle where bankers, aiming to grow with like-minded relationship managers, end up at private banks again, covering almost all standard client domiciles.
A Young industry building recognition
The independent wealth management industry is relatively young compared to the longstanding private banking tradition. The age of a bank doesn’t necessarily equate to its fame. For example, Rahn+Bodmer Co., established in 1750, is likely less known than Vontobel, founded in 1924. Moreover, the list of the world’s top 3 most valuable and strongest brands shows that age is not the sole factor for recognition, with the oldest among them, Microsoft, founded just 46 years ago.
The wealth manager Flossbach von Storch in Germany is widely known, suggesting that independent Swiss wealth managers could build similar recognition in their home market.
Source: LinkedIn
