The founding years of today’s FINMA-licensed independent wealth managers show clear waves. These spikes aren’t by chance—they reflect moments of significant change, regulatory deadlines, and shifts in the industry.
The UBS Merger (1998)
The first significant wave followed the 1998 merger of the Schweizerische Bankgesellschaft and the Schweizerischer Bankverein to form UBS. This changed the Swiss private banking landscape. Many experienced bankers found themselves in a more centralised, less personal environment.
Several chose to leave and start independent firms focused on trust, discretion, and strong client relationships. From 1999 to 2004, the number of new firms increased significantly.
The Financial Crisis (2008)
The subsequent rise came after the 2008 global financial crisis. As trust in large financial institutions declined, clients sought safety, stability, and transparency. Relationship managers responded by launching boutique firms that offered a more personal and resilient service.
Between 2009 and 2012, new firms appeared again—not from optimism, but in response to a system-wide failure.
The Clariden Leu Wave (2012)
In 2012, Clariden Leu merged into Credit Suisse. The quiet decline of this respected brand sparked another wave, especially in Zurich, where many former Clariden bankers sought independence by founding their own companies.
The Regulatory Rush (2018)
The most significant spike in wealth management occurred in 2018. It was driven not by crisis but by new regulations: FinIA and FinSA. Until 2020, firms could be founded without FINMA approval.
Fearing a lengthy FINMA licensing process, many rushed to establish themselves beforehand. These firms were established to meet legal requirements, not to achieve strategic goals.
Summary
Most independent wealth managers started under pressure rather than from a long-term vision. Today, founding a firm often means racing against deadlines. Joining a licensed, established firm avoids this rush, allowing firms to focus on what matters most: their clients.
Do you see another cycle starting?
Die Quintessenz:
Pressure drove the founding of most independent wealth managers, rather than a long-term vision. Founding today means racing deadlines. Joining a licensed, well-established firm means avoiding that race—and keeping the focus where it belongs: on clients.
Do you see another cycle beginning?
Quelle: LinkedIn
