People do not need to have perfect language skills to communicate effectively. Nevertheless, the cultural differences in Switzerland became particularly noticeable at the beginning of the COVID-19 crisis. On one hand, the French-speaking cantons and Ticino were determined to undertake decisive actions. On the other, the German-speaking cantons approached the situation more hesitantly.
These differences are also evident in our business world. Recently, there has been a trend of wealth managers launching or acquiring wealth management firms in different Swiss language regions. Zurich’s wealth managers are expanding into Geneva and vice versa, while those in Lugano are setting up in Zurich. However, there seems to be less collaboration between Geneva and Lugano, likely due to the considerable distance and lack of direct transportation links.
From personal experience, I know that these expansions are not always easy. Depending on client locations, firms may need to provide multilingual documentation and systems. Additionally, managing a company in another region brings its own set of cultural challenges. The French-speaking regions might come across as a bit arrogant as if they had mastered the art of living. Compliance with new regulations and practices is often not voluntary. For example, it took a federal court ruling to enforce the rubbish bag fee in these regions. In contrast, the German-speaking Swiss often find themselves torn between envious admiration and a sense of superiority.
Therefore, I extend my best wishes to my esteemed colleagues in their Tour-de-Suisse of wealth management, as they navigate these cultural and linguistic complexities.
Source: LinkedIn
