Swiss banking is changing rapidly. Traditional banks are declining, while wealth managers under FINMA’s supervision are gaining ground. 🌟 Why is this shift occurring? Moreover, why are there more Wealth Managers? Let’s dive in.
Swiss banks were once symbols of stability and discretion. Yet, decades of regulatory changes to increase transparency and fight tax evasion have increased costs and competition. Smaller, less competitive banks are now exiting. 🏦➡️🚪
Meanwhile, wealth managers are making a comeback. Their business model is less capital-intensive and more flexible. 🔄 With the Financial Institutions Act (FINIG) from 2020 requiring FINMA registration, these managers now meet high regulatory standards. This change enhances market transparency and attracts innovators offering tailored services. 🛡️✨
This shift is strengthening the financial sector’s diversity and resilience. Wealth managers maintain close client relationships, offering customised solutions that build trust and appeal. 💪💼
Ultimately, the bank decrease reflects a market correction driven by regulation and tech advances. The rise of regulated wealth managers marks a significant innovation and sector growth opportunity. 🌱🚪
This transformation adapts to a new reality where flexibility and specialisation are crucial. 🗝️📈
What are your views on these shifts in Swiss finance? Share your insights and join the discussion! 🔍🌐
Source: Linkedin
