{"id":12368,"date":"2025-03-05T15:16:40","date_gmt":"2025-03-05T14:16:40","guid":{"rendered":"https:\/\/vapa.ch\/?p=12368"},"modified":"2026-10-28T08:44:34","modified_gmt":"2026-10-28T07:44:34","slug":"discretionary-vs-advisory-investment-private-banking","status":"publish","type":"post","link":"https:\/\/vapa.ch\/de\/diskretionare-vs-beratende-anlage-private-banking\/","title":{"rendered":"Verm\u00f6gens\u00adverwaltungs- vs. Beratungs\u00admandat: die wichtigsten Unterschiede"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12368\" class=\"elementor elementor-12368\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"has_eae_slider elementor-element elementor-element-31cf5a10 e-con-full e-flex e-con e-parent\" data-eae-slider=\"41186\" data-id=\"31cf5a10\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-149a9ce7 elementor-widget elementor-widget-text-editor\" data-id=\"149a9ce7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Choosing the right <a href=\"https:\/\/vapa.ch\/pricing-of-advisory-vs-discretionary-wealth-management-services\/\">investment approach<\/a> is one of the most important decisions in <strong><a href=\"https:\/\/vapa.ch\/wealth-management-in-switzerland-guide\/\">wealth management in Switzerland<\/a><\/strong>. Some investors want full control over every trade, others prefer to delegate to experts. So which model fits you \u2014 a <strong>discretionary mandate<\/strong> or an <strong>advisory mandate<\/strong>? Below we compare discretionary vs advisory in detail. We look at how they work in the Swiss context, what they cost, and which investor profile benefits most.<\/p>\n<h2>What is a Discretionary Mandate?<\/h2>\n<p>Under a <strong>discretionary mandate<\/strong>, you delegate investment decisions to your wealth manager. Banks and asset managers label the same service differently \u2013 <strong>discretionary portfolio management<\/strong>, <strong>discretionary investment management<\/strong> or, mainly in the UK, <strong>discretionary fund management<\/strong> . In Switzerland the legal substance is identical: a written mandate that authorises the manager to invest on your behalf within agreed limits. You define the goals, the investment strategy and your risk tolerance in an investment policy statement. The professionals then execute it on your behalf.<\/p>\n<p>On paper, that delegation covers the investment universe, risk limits, fees and termination rights. The details are in our guide to <a href=\"https:\/\/vapa.ch\/discretionary-investment-mandate-explained\/\">what is actually written in a discretionary investment mandate<\/a>. They monitor markets daily, rebalance the portfolio and react to volatility without needing your sign-off for each transaction. This frees clients \u2014 especially busy HNWIs and UHNWIs \u2014 from day-to-day investment tasks while keeping their long-term objectives on track.<\/p>\n<h3>Pros of a Discretionary Mandate<\/h3>\n<ul>\n<li><strong>No effort required<\/strong> \u2013 experts handle all investment decisions within your agreed framework.<\/li>\n<li><strong>Fast market reaction<\/strong> \u2013 the manager can act immediately, with no approval delays.<\/li>\n<li><strong>Professional, disciplined risk management<\/strong> \u2013 the portfolio stays aligned with your profile.<\/li>\n<\/ul>\n<h3>Cons of a Discretionary Mandate<\/h3>\n<ul>\n<li><strong>Higher fees<\/strong> \u2013 active, hands-on management typically costs more.<\/li>\n<li><strong>Less direct control<\/strong> \u2013 you hand over day-to-day decision-making authority.<\/li>\n<\/ul>\n<h2>What is an Advisory Mandate?<\/h2>\n<p>An <strong>advisory mandate<\/strong> keeps you in control. The same service is often marketed as <strong>advisory portfolio management<\/strong>. Whatever the label, the decisive point is that every order needs your approval. Your wealth manager provides research, strategy and concrete recommendations, but you approve every transaction before it goes through. This suits investors who enjoy being involved and want full oversight of their portfolio. It combines expert guidance with personal decision-making authority. It also means the responsibility for acting (or not acting) ultimately rests with you.<\/p>\n<h3>Pros of an Advisory Mandate<\/h3>\n<ul>\n<li><strong>You stay in control<\/strong> \u2013 no trade happens without your approval.<\/li>\n<li><strong>Lower fees<\/strong> \u2013 costs are typically lower than those of a discretionary mandate.<\/li>\n<li><strong>Expert insights<\/strong> \u2013 you get professional research and ideas before you invest.<\/li>\n<\/ul>\n<h3>Cons of an Advisory Mandate<\/h3>\n<ul>\n<li><strong>Time-consuming<\/strong> \u2013 you must review and approve every recommendation.<\/li>\n<li><strong>Slower reactions<\/strong> \u2013 in fast-moving markets, waiting for approval can cost opportunities.<\/li>\n<\/ul>\n<h2>Discretionary vs Advisory mandate: Key Differences at a Glance<\/h2>\n<table>\n<tbody>\n<tr>\n<td><strong>Feature<\/strong><\/td>\n<td><strong>Discretionary Mandate<\/strong><\/td>\n<td><strong>Advisory Mandate<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Decision making<\/td>\n<td>Wealth manager decides<\/td>\n<td>You decide<\/td>\n<\/tr>\n<tr>\n<td>Time commitment<\/td>\n<td>Minimal<\/td>\n<td>High<\/td>\n<\/tr>\n<tr>\n<td>Typical fees<\/td>\n<td>Higher (all-in management fee)<\/td>\n<td>Lower (advisory fee + transaction costs)<\/td>\n<\/tr>\n<tr>\n<td>Control<\/td>\n<td>Low<\/td>\n<td>High<\/td>\n<\/tr>\n<tr>\n<td>Market responsiveness<\/td>\n<td>Fast<\/td>\n<td>Slower (depends on your approval)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Discretionary vs Advisory: What Each Mandate Costs<\/h2>\n<p>In the discretionary vs advisory decision, fees are often what tips the balance, so it helps to understand how they are structured. A <strong>discretionary mandate<\/strong> usually carries a single, all-in management fee charged as a percentage of assets under management. In Switzerland this commonly falls in the region of <strong>0.8%\u20131.5% per year<\/strong>, depending on portfolio size and complexity. An <strong>advisory mandate<\/strong> typically has a lower base advisory fee, but each transaction you approve may incur separate costs. An active advisory portfolio can therefore end up closer to a discretionary one in total. The key difference is predictability. Discretionary fees are largely fixed and transparent, while advisory costs depend on how often you trade. For the exact figures that apply to your situation, see our <a href=\"https:\/\/vapa.ch\/pricing-of-advisory-vs-discretionary-wealth-management-services\/\">pricing overview<\/a>.<\/p>\n<p>Expressed in basis points, the usual Swiss ranges look like this. All-in <strong>discretionary portfolio management<\/strong> at a private bank commonly costs <strong>80\u2013150 basis points per year<\/strong>. Independent wealth managers typically charge <strong>60\u2013120 bp<\/strong>, with custody of <strong>20\u201340 bp<\/strong> paid separately to the custodian bank. An advisory mandate usually combines a base fee of <strong>50\u2013100 bp<\/strong> with per-transaction charges. That is why two advisory clients with identical portfolios can pay very different totals.<\/p>\n<p>Performance-fee models lower the base by 10\u201330 bp in exchange for a share of gains above a hurdle. However, they are only acceptable with a high-water mark. All of these bands fall with size. Above CHF 5 million, all-in rates below 100 bp are realistic. Moreover, above CHF 10 million you can negotiate 50\u201380 bp. A full breakdown of the underlying categories \u2013 custody, transactions, FX and reporting \u2013 is in our guide to <a href=\"https:\/\/vapa.ch\/private-banking-fees\/\">Swiss private banking fees<\/a>.<\/p>\n<h2>What Happens in Practice at Different Portfolio Sizes?<\/h2>\n<p>The theory is the same at every size; the practice is not. Below roughly <strong>CHF 1 million<\/strong>, most banks implement a discretionary mandate through standardised model portfolios or strategy funds. As a result, individual positions are the exception. That keeps costs workable, but it also means little personalisation. At this size, advisory coverage often means campaign-driven product ideas rather than a structured advisory process.<\/p>\n<p>Between <strong>CHF 1 and 5 million<\/strong>, individual securities become the norm and the relationship gains substance. You get a named portfolio manager or adviser, a documented investment policy and the first real room to negotiate fees. This is where the choice between the two models genuinely opens up. After all, an advisory mandate only earns its keep if your adviser calls you before the market moves, not after.<\/p>\n<p>From <strong>CHF 5 million<\/strong> upwards, discretionary investment management becomes bespoke. Think direct bond positions instead of bond funds, institutional share classes, individual exclusions and consolidated reporting. Advisory clients at this size typically gain access to a dedicated specialist desk. In addition, fee schedules shift from list prices to negotiated basis points.<\/p>\n<p>Above roughly <strong>CHF 15\u201320 million<\/strong>, the setup starts to resemble a small family office. Typical features: several custodian banks, one manager consolidating the whole picture, and a discretionary core with advisory satellites. At that level the mandate label matters less than governance \u2013 who monitors the manager, how often, and against which benchmark.<\/p>\n<h2>How Are These Mandates Regulated in Switzerland?<\/h2>\n<p>In Switzerland, both discretionary and advisory mandates fall under the <a href=\"https:\/\/www.fedlex.admin.ch\/eli\/cc\/2019\/758\/en\" target=\"_blank\" rel=\"noopener\">Financial Services Act (FinSA)<\/a>. Independent portfolio managers are licensed by <a href=\"https:\/\/www.finma.ch\/en\/authorisation\/portfolio-managers-and-trustees\/\" target=\"_blank\" rel=\"noopener\">FINMA<\/a> and supervised on an ongoing basis by a FINMA-authorised supervisory organisation. Independent portfolio managers must hold a FINMA licence, and all advisers must meet FinSA\u2019s suitability and transparency requirements before advising clients. This regulatory framework protects investors regardless of which mandate they choose. It also means a discretionary manager carries a formal duty to act within your agreed risk profile. In contrast, in an advisory relationship the final responsibility for each decision remains with you. An independent, FINMA-licensed wealth manager gives you an adviser whose incentives align with yours, not with a bank&#8217;s product shelf.<\/p>\n<p>Since 2020 the Financial Services Act (FinSA) has drawn a sharp line between the two services. Portfolio management \u2013 the discretionary form \u2013 and comprehensive investment advice that looks at the whole portfolio both require a <strong>suitability assessment<\/strong>. The provider must understand your financial situation, knowledge, experience and objectives, and document a risk profile. Advice on isolated transactions triggers only the lighter <strong>appropriateness test<\/strong>, and pure execution-only business requires neither.<\/p>\n<p>FinSA also segments clients as retail, professional or institutional. Above certain wealth thresholds, clients can opt out of parts of the protection. Independent portfolio managers additionally need a FINMA licence and affiliation with a supervisory organisation. These rules have been fully in force since the FinIA transition period ended in 2022. Swiss case law requires providers to disclose retrocessions and, absent a valid waiver, pass them on to the client. In practice this means more paperwork at onboarding, and considerably better documentation if something later goes wrong.<\/p>\n<h2>Discretionary vs Advisory: Which Investor Profile Fits?<\/h2>\n<p>The right choice depends on your time, temperament and involvement. A few typical profiles:<\/p>\n<ul>\n<li><strong>The busy entrepreneur or executive<\/strong> who has little time and wants a professionally managed portfolio usually chooses a <strong>discretionary mandate<\/strong>.<\/li>\n<li><strong>The hands-on, cost-conscious investor<\/strong> who enjoys following markets and wants to approve every move tends to prefer an <strong>advisory mandate<\/strong>.<\/li>\n<li><strong>Many HNWIs and UHNWIs combine both<\/strong>. For example, they use a discretionary mandate for the core portfolio, and advisory services for specialised investments where they want a say.<\/li>\n<\/ul>\n<p>Finally, learn more about <a href=\"https:\/\/vapa.ch\/why-choosing-a-personal-wealth-manager-is-the-better-choice\/\">why a personal wealth manager can be the better choice<\/a>.<\/p>\n<h2>How to Decide: Five Questions Before You Sign<\/h2>\n<p>Before committing to either model, test yourself on five points. First, <strong>response time<\/strong>. When markets fall ten percent in a week, do you want the portfolio adjusted the same day? Or do you want the phone call first? Second, <strong>discipline<\/strong>. Will you actually read and answer recommendations? Or will they expire unread in your inbox, turning your advisory mandate into an expensive newsletter? Third, <strong>total cost<\/strong>. Compare the all-in basis points of a discretionary mandate against your realistic advisory trading volume, not the base fee alone.<\/p>\n<p>Fourth, <strong>documentation<\/strong>. In both models, insist on a written risk profile and investment strategy. FinSA requires it, and it is your main protection in a dispute. Fifth, <strong>reversibility<\/strong>. Choose the mandate you can live with for three years. Because circumstances change, confirm up front what switching between advisory and discretionary costs. If the answers point in both directions, the split solution \u2013 a discretionary core with advisory satellites \u2013 is usually the honest compromise.<\/p>\n<h2>Which Investment Style Suits You? Take the Quiz<\/h2>\n<p>Not sure which approach is right for you? Try our <a href=\"https:\/\/vapa.ch\/swiss-independent-wealth-management-blog\/equities-bonds-cryptocurrency-hedge-funds-commmodities-wealth-management\/investor-type-quiz\/\">investor type quiz<\/a>. Answer a few quick questions and receive personalised recommendations tailored to your goals and risk profile.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e099026 elementor-widget elementor-widget-html\" data-id=\"e099026\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"investor-quiz\">\n    <h3>Discretionary vs Advisory Mandate: Which Suits You?<\/h3>\n    <p class=\"quiz-intro\">Answer five quick questions to find out which mandate fits your profile.<\/p>\n\n    <form id=\"quizForm\">\n        <div class=\"question\">\n            <p><strong>1. How much time can you spend on investments?<\/strong><\/p>\n            <div class=\"answers\">\n                <label><input type=\"radio\" name=\"q1\" value=\"discretionary\"> Very little<\/label>\n                <label><input type=\"radio\" name=\"q1\" value=\"advisory\"> I want to be involved<\/label>\n            <\/div>\n        <\/div>\n\n        <div class=\"question\">\n            <p><strong>2. Do you prefer experts making decisions?<\/strong><\/p>\n            <div class=\"answers\">\n                <label><input type=\"radio\" name=\"q2\" value=\"discretionary\"> Yes, I trust professionals<\/label>\n                <label><input type=\"radio\" name=\"q2\" value=\"advisory\"> No, I like control<\/label>\n            <\/div>\n        <\/div>\n\n        <div class=\"question\">\n            <p><strong>3. Are you okay with higher fees for convenience?<\/strong><\/p>\n            <div class=\"answers\">\n                <label><input type=\"radio\" name=\"q3\" value=\"discretionary\"> Yes, if it saves me time<\/label>\n                <label><input type=\"radio\" name=\"q3\" value=\"advisory\"> No, I prefer lower costs<\/label>\n            <\/div>\n        <\/div>\n\n        <div class=\"question\">\n            <p><strong>4. How do you feel about market changes?<\/strong><\/p>\n            <div class=\"answers\">\n                <label><input type=\"radio\" name=\"q4\" value=\"discretionary\"> I want experts to react quickly<\/label>\n                <label><input type=\"radio\" name=\"q4\" value=\"advisory\"> I want to decide myself<\/label>\n            <\/div>\n        <\/div>\n\n        <div class=\"question\">\n            <p><strong>5. Would you rather make every investment decision?<\/strong><\/p>\n            <div class=\"answers\">\n                <label><input type=\"radio\" name=\"q5\" value=\"advisory\"> Yes, I like control<\/label>\n                <label><input type=\"radio\" name=\"q5\" value=\"discretionary\"> No, I prefer a hands-off approach<\/label>\n            <\/div>\n        <\/div>\n\n        <div class=\"quiz-buttons\">\n            <button type=\"button\" onclick=\"calculateInvestorResult()\">See My Result<\/button>\n        <\/div>\n    <\/form>\n\n    <div id=\"quiz-result\"><\/div>\n<\/div>\n\n<style>\n    #investor-quiz {\n        max-width: 600px;\n        width: 100%;\n        text-align: left;\n        padding-top: 20px;\n        padding-bottom: 50px;\n        margin: auto;\n    }\n\n    #investor-quiz h2 {\n        font-size: 24px;\n        color: #000;\n        text-align: left;\n    }\n\n    #investor-quiz .quiz-intro {\n        font-size: 16px;\n        color: #555;\n        margin-bottom: 30px;\n    }\n\n    #investor-quiz .question {\n        margin-bottom: 40px;\n    }\n\n    #investor-quiz .question p {\n        font-size: 17px;\n        font-weight: bold;\n        padding-bottom: 10px;\n    }\n\n    #investor-quiz .answers label {\n        display: flex;\n        align-items: center;\n        padding: 4px 0;\n        font-size: 16px;\n        cursor: pointer;\n    }\n\n    #investor-quiz input[type=\"radio\"] {\n        appearance: none;\n        -webkit-appearance: none;\n        width: 16px;\n        height: 16px;\n        border: 2px solid #0072B1;\n        border-radius: 50%;\n        outline: none;\n        margin-right: 10px;\n        cursor: pointer;\n        flex-shrink: 0;\n    }\n\n    #investor-quiz input[type=\"radio\"]:checked {\n        background-color: #0072B1;\n        border: 4px solid white;\n        box-shadow: 0 0 0 2px #0072B1;\n    }\n\n    #investor-quiz .quiz-buttons {\n        display: flex;\n        justify-content: flex-start;\n        gap: 15px;\n        margin-top: 20px;\n    }\n\n    #investor-quiz .quiz-buttons button {\n        flex: 1;\n        max-width: 250px;\n        padding: 12px;\n        font-size: 16px;\n        color: black;\n        background: transparent;\n        border: 2px solid black;\n        cursor: pointer;\n        text-align: center;\n        transition: all 0.3s ease-in-out;\n    }\n\n    #investor-quiz .quiz-buttons button:hover {\n        background: black;\n        color: white;\n    }\n\n    #investor-quiz #quiz-result {\n        text-align: left;\n        font-size: 17px;\n        color: #333;\n        margin-top: 30px;\n        padding: 25px;\n        background: linear-gradient(90deg, #f8f8f8, #e6e6e6);\n        border-left: 5px solid #0072B1;\n        display: none;\n        box-shadow: 0px 4px 10px rgba(0, 0, 0, 0.1);\n    }\n\n    #investor-quiz #quiz-result h3 {\n        font-size: 20px;\n        margin: 0 0 10px;\n        color: #000;\n    }\n\n    #investor-quiz #quiz-result p {\n        font-weight: normal;\n        line-height: 1.5;\n        margin: 0 0 15px;\n    }\n\n    #investor-quiz .result-cta {\n        display: inline-block;\n        padding: 12px 22px;\n        background: #0072B1;\n        color: #fff;\n        text-decoration: none;\n        font-weight: bold;\n        transition: opacity 0.3s ease;\n    }\n\n    #investor-quiz .result-cta:hover {\n        opacity: 0.85;\n    }\n\n    #investor-quiz .result-link {\n        color: #0072B1;\n        font-weight: bold;\n    }\n<\/style>\n\n<script>\n    function calculateInvestorResult() {\n        var answered = document.querySelectorAll('#investor-quiz input[type=\"radio\"]:checked');\n        var resultBox = document.getElementById(\"quiz-result\");\n\n        if (answered.length < 5) {\n            resultBox.innerHTML = \"<p style='font-weight:bold;margin:0;'>Please answer all five questions to see your result.<\/p>\";\n            resultBox.style.display = \"block\";\n            return;\n        }\n\n        var discretionary = 0, advisory = 0;\n        answered.forEach(function (a) {\n            if (a.value === \"discretionary\") { discretionary++; } else { advisory++; }\n        });\n\n        var html = \"\";\n        if (discretionary > advisory) {\n            html =\n                \"<h3>A Discretionary Mandate suits you best<\/h3>\" +\n                \"<p>You value convenience and professional decision-making over hands-on control. A discretionary mandate lets a dedicated wealth manager run your portfolio within your agreed risk profile \u2014 so you stay free for what matters while your investments are actively managed.<\/p>\" +\n                \"<p>Learn more about <a class='result-link' href='https:\/\/vapa.ch\/discretionary-investment-mandate-explained\/'>how discretionary mandates work<\/a>.<\/p>\" +\n                '<a class=\"result-cta\" href=\"mail' + 'to:blog' + '@' + 'vapa.ch\">Book a free consultation<\/a>';\n        } else if (advisory > discretionary) {\n            html =\n                \"<h3>An Advisory Mandate suits you best<\/h3>\" +\n                \"<p>You prefer to stay in control and approve every decision, while drawing on expert research and recommendations. An advisory mandate gives you professional guidance with the final say always in your hands \u2014 often at lower fees.<\/p>\" +\n                \"<p>Learn more about <a class='result-link' href='https:\/\/vapa.ch\/discretionary-investment-mandate-explained\/'>what a discretionary mandate would involve instead<\/a>.<\/p>\" +\n                '<a class=\"result-cta\" href=\"mail' + 'to:blog' + '@' + 'vapa.ch\">Book a free consultation<\/a>';\n        } else {\n            html =\n                \"<h3>A combined approach could be ideal<\/h3>\" +\n                \"<p>Your answers are balanced between control and convenience. Many HNWIs and UHNWIs combine both \u2014 a discretionary mandate for the core portfolio and advisory services for specific investments. A short conversation is the best way to find the right mix.<\/p>\" +\n                '<a class=\"result-cta\" href=\"mail' + 'to:blog' + '@' + 'vapa.ch\">Discuss your options with us<\/a>';\n        }\n\n        resultBox.innerHTML = html;\n        resultBox.style.display = \"block\";\n        resultBox.scrollIntoView({ behavior: \"smooth\", block: \"nearest\" });\n    }\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad0667a elementor-widget elementor-widget-text-editor\" data-id=\"ad0667a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n<p><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">When it comes to <strong>discretionary vs advisory<\/strong>, both mandate models have strengths. A discretionary mandate offers convenience and quick execution, while an advisory mandate delivers flexibility and lower costs. The right choice depends on your time, experience, and preferences. A transparent wealth manager in Switzerland can help you combine both models to build a balanced, long-term strategy.<\/p>\n<p><\/p> Whichever model you choose, review it annually: a mandate agreed at CHF 2 million rarely fits unchanged at CHF 8 million, and fee schedules negotiated years ago are seldom the ones you would sign today.\n<p>Are costs part of your decision? Our <a href=\"https:\/\/vapa.ch\/fee-simulation-between-private-bank-and-independent-wealth-manager\/\">fee simulation between private bank and independent wealth manager<\/a> shows what a discretionary mandate costs in both setups.<\/p>\n<h2>FAQ: Discretionary vs Advisory Mandate<\/h2>\n<h3>How do I choose between a discretionary and an advisory mandate?<\/h3>\n<p>It comes down to time, control and cost. If you prefer to delegate and value fast execution, choose a discretionary mandate. If you want to approve every trade and pay a lower base fee, choose an advisory mandate. Still undecided? Many investors combine a discretionary core with advisory satellites \u2014 the five questions above help you test yourself.<\/p>\n<h3>What is the difference between discretionary and advisory portfolio management?<\/h3>\n<p>In discretionary portfolio management the manager decides and executes within your agreed strategy. In advisory portfolio management the adviser recommends and you decide. The difference shows up in speed, in the cost structure and in who carries responsibility for each individual decision.<\/p>\n<h3>How much does a discretionary mandate cost in Switzerland?<\/h3>\n<p>Typically 80\u2013150 basis points all-in at private banks and 60\u2013120 bp at independent wealth managers. In addition, 20\u201340 bp custody applies where the custodian bank is separate. Rates fall noticeably with portfolio size and are negotiable above CHF 5 million.<\/p>\n<h3>Is discretionary fund management the same as a discretionary mandate?<\/h3>\n<p>In substance, yes. Discretionary fund management is the term commonly used in the UK, while Swiss law under FinSA speaks of portfolio management. In all cases the manager invests on your behalf within a written mandate.<\/p>\n<h3>Who is responsible if my portfolio loses money?<\/h3>\n<p>Market risk stays with you in both models. A discretionary manager is liable for breaching the mandate \u2013 for example, exceeding its risk limits \u2013 but not for market losses within it. In an advisory mandate every approved transaction is formally your own decision, which makes disputes harder to win.<\/p>\n<h3>Can I combine a discretionary and an advisory mandate?<\/h3>\n<p>Yes, and many wealthy clients do exactly that. They hold a discretionary core mandate, and an advisory mandate for themes or single positions where they want a say. The two can sit at the same institution or be split between a bank and an independent manager.<\/p>\n<h3>Can I terminate a discretionary mandate at any time?<\/h3>\n<p>Under Swiss mandate law a mandate can in principle be terminated at any time. Watch the practical exit points instead: notice periods, the cost of unwinding illiquid positions, and the custodian bank\u2019s transfer-out fees.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c89302 elementor-widget elementor-widget-text-editor\" data-id=\"7c89302\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Read also:<\/strong> <a href=\"https:\/\/vapa.ch\/discretionary-investment-mandate-explained\/\">What Is Actually Written in a Discretionary Investment Mandate<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Choosing the right investment approach is one of the most important decisions in wealth management in Switzerland. Some investors want full control over every trade, others prefer to delegate to experts. So which model fits you \u2014 a discretionary mandate or an advisory mandate? Below we compare discretionary vs advisory in detail. We look at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_122096905244470929_329580246915571":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[88],"tags":[198,184,66],"class_list":["post-12368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-investment","tag-investment-management","tag-investment-performance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Discretionary vs Advisory: How to Choose | independent wealth management<\/title>\n<meta name=\"description\" content=\"Discretionary vs advisory 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