To mark its 40th anniversary, the Swiss Association of Asset Managers (VSV/ASG) published a special edition. It looks at how our profession evolved. It also looks at the challenges of the past four decades. Leading experts of yesterday and today share their analyses there. I was glad to add my own view on independent wealth management. The full interview appeared on the VSV website on 22 July 2026.
Note: AI translated this English version from the German original. You will find the source at the bottom of this page.
Which Success Factors Will Decide Independent Wealth Management?
VSV: The profession keeps growing more complex, in particular because markets, geopolitics, strategy and human capital interact. Which success factors do you consider decisive in the coming years?
We manage and shape trust, not products. In my view, therefore, one thing remains the core of entrepreneurial success: the relationship between adviser and client. Typically, that client is a UHNWI. Technology plays an ever more important role in independent wealth management. Yet it is never an end in itself. Instead, technology should enable relationship managers to answer client wishes faster and more individually.
Alongside people and technology, our independence matters greatly. So does our open architecture, and with it the avoidance of conflicts of interest. Together, these give clients a strong reason to choose Marcuard Heritage.
In short, independent wealth management needs the right talent, innovative AI-based intelligence, and a culture that lives change as the normal case.
Last but not least, the industry needs an association like the VSV. It stands behind the sector, represents shared interests and advises its members. Today we rank equal to the banks under FINIG and FIDLEG. That is, not least, its achievement.
Custodian Banks and Independent Wealth Management as Partners
VSV: You have often commented on the future relationship between custodian banks and asset managers. You contrasted a B2B-oriented private bank with a traditional private bank that serves independent managers. How do you see this development?
Over recent years, the ties between custodian banks and independent wealth management firms became noticeably more professional. Both sides understood that they depend on each other. We bring the client relationship and the investment expertise. The bank brings the custody function, the settlement and the market access. The real question, therefore, is not who wins. It is how much of a genuine partnership this interplay becomes.
For me, the decisive dividing line in independent wealth management runs elsewhere. It does not separate pure B2B banks from traditional houses. Rather, it separates those who truly understand our business model from those who do not yet. Some traditional private banks built excellent, dedicated services for independent managers. Others did not. What matters is whether a bank sees us as a partner.
As an independent wealth manager, we deliberately work with more than 30 custodian banks. As a result, we spread risk and create flexibility for the client. Moreover, we keep a healthy competition on quality alive. Ultimately, that benefits everyone.
What Progress Means for Independent Wealth Management
VSV: Progress must serve trust and must not become an end in itself. What do you say to this statement in the context of independent wealth management and technology?
As a rule, every data point helps an independent wealth manager improve forecasts and gain insight. Clients benefit most, however, under two conditions. First, the relationship manager knows how to curate and interpret that data. Second, they understand client needs in detail. The biggest mistake is to regard digitalisation as progress per se. Ultimately, the question is not what technology can do. The question is what strengthens client benefit and client confidence.
Precisely when everyone talks about artificial intelligence, the human element becomes the real differentiator. For that reason we deliberately bring technological expertise into the firm, right up to board level. We do so not to replace people. Rather, we do so to strengthen a deeply human-centred approach to wealth management.
Why Abu Dhabi Is a Wake-Up Call, Not a Threat
VSV: Hubs such as ADGM (Abu Dhabi Global Market) are on the rise, known for an attractive regulatory framework. How should wealth managers in Switzerland evolve their strategy to stay competitive?
Hubs like ADGM give an independent wealth manager no reason for nervousness. On the contrary, I read them as a wake-up call and as an opportunity. Switzerland offers stability, legal certainty, discretion and infrastructure. Many around the world envy us for that. Nevertheless, we must never take it for granted.
At Marcuard Heritage we manage around six billion US dollars today. Furthermore, we have operated internationally for more than twenty years, after our founding in Switzerland in 2003. We did not rush to open our newest location in Abu Dhabi. In fact, we have known the market for a decade through our custodian banks. This year the time was finally right. That is how we understand sustainable expansion.
At the same time, competitiveness begins at home. Other financial centres score with leaner, more predictable regulation. Consequently, we have to keep our own framework attractive. This is exactly where the voice of the VSV is central. Thanks to its work, Switzerland stays attractive for independent wealth management.
About Patrick Stauber
Patrick Stauber is CEO of Marcuard Heritage AG in Zurich, Switzerland. He has worked for the group since 2009 and is responsible for its development. Earlier stages of his career took him to Morgan Stanley as well as to Citicorp Private Bank and Citibank NA. Above all, he emphasises the multidimensional and international nature of independent wealth management.
Source: VSV/ASG, 40th anniversary special edition (German original).
