More and more relationship managers in Switzerland are leaving private banks to join or build independent wealth management firms. This guide brings together what we have learned from many of those moves: why people make them, what to check before you do, how compensation works, and how to plan the transition without putting clients or your reputation at risk.
Want the full playbook? Our 66-page guide, The Swiss Private Banker’s Guide to Independent Wealth Management (second edition, 2026/27), covers the FINMA licensing path, income modelling, client portability and a 24-month timeline, with checklists and templates. CHF 5.00, instant download.
Why relationship managers go independent
The reasons are rarely about money alone. In conversations with bankers who made the move, the same themes come up again and again:
- Client focus instead of product targets. Independent firms have no house products to push. Advice starts with the client, not with the quarterly campaign.
- Open architecture. You choose the custodian bank, the funds and the managers that fit each client.
- Ownership and entrepreneurship. You can build something of your own, and share in what you build.
- Stability for clients. Clients stay with one adviser rather than being handed over after each reorganisation.
- A longer career. Many bankers feel pushed aside from their late forties onward. Independent firms value experience and client relationships.
The flip side is real too: less infrastructure, less brand protection and more personal responsibility. A move is right for some bankers and wrong for others.
More on this: Why Top Relationship Managers Are Moving to Independent Wealth Firms · 5 Reasons Why Swiss Private Bankers Are Moving · Private Bankers at a Crossroads
Is the move right for you? A self-check
Before you talk to any firm, answer these questions honestly:
- Who are your clients loyal to – you or the bank’s brand? If most would stay for the name on the door, independence will be hard.
- Can your clients be served from Switzerland by an independent firm? Cross-border rules differ by country of residence.
- Do you want to sell, or to advise? Independent firms reward advice and relationships, not product placement.
- Are you comfortable without a large back office? You will do more yourself, even with good support.
- Can you bridge six to twelve months of lower income? Notice periods, garden leave and client transfers take time.
- Is your family on board? The first year is demanding.
If you answer most of these with confidence, it is worth exploring. If not, the move may still come – but later, after better preparation. The playbook includes a 10-point readiness self-test for exactly this decision.
More on this: Is It Ever Too Late to Go Independent? · Where Is the Grass Greener for a Relationship Manager? · When Should a Private Banker Think About Plan B?
Your contract: what to check before you resign
Your employment contract decides how fast and how cleanly you can move. Review it before any serious conversation – ideally with an employment lawyer.
| Clause | What to look for |
|---|---|
| Notice period | How long you remain employed after resigning, and whether the bank can shorten it |
| Garden leave | Whether you are paid but kept away from clients during the notice period |
| Non-compete | Scope, duration and region; whether it is reasonable and enforceable |
| Non-solicitation | What contact with clients and colleagues is restricted, and for how long |
| Deferred compensation | Which bonuses or shares you forfeit on leaving, and vesting dates |
| Leaver status | The conditions for “good” and “bad” leaver treatment |
Two rules that protect you: never take client data with you, and never approach clients in breach of your contract. Clients who value you will find you. Your reputation is the most portable asset you have.
More on this: Bad Leaver Status and Client Transfers Explained · Leaving a Private Bank · Financial Risk for Firms, Career Risk for Private Bankers?
How compensation works at independent firms
The biggest change is the logic of pay. At a bank, you receive a salary and a discretionary bonus. At an independent firm, pay is usually tied directly to the revenue your clients generate.
| Model | How it works | Typical fit |
|---|---|---|
| Fixed salary + bonus | Similar to a bank, often with a lower base | Juniors, or during a transition year |
| Revenue sharing | You receive an agreed share of the revenue from your clients | Experienced relationship managers with an established book |
| Partnership | Revenue share plus a share of the firm’s profit and equity | Senior bankers who want to build the firm |
When you compare offers, look beyond the headline percentage:
- What is the revenue base? Management fees only, or also custody and brokerage income?
- Which costs are deducted before the split? Custodian fees, IT, compliance, office?
- Is there a guarantee for the first months while clients transfer?
- What happens when you leave or retire? Can you sell your share of the client book?
A lower base with a fair revenue share often pays more after two to three years than a bank package – but only if clients follow and stay. The playbook contains a worked earnings simulation with payout ranges, cost drivers and breakeven benchmarks for the first 24 months.
More on this: Understanding Relationship Manager Payouts Linked to Turnover · Quarterly vs. Annual Bonuses · Why Salary Should Be Secondary · Is Bank Hopping Hurting Your Long-Term Wealth?
Three routes to independence
| Route | What it means | Suited to |
|---|---|---|
| Join as relationship manager | Employed by an existing firm; licence, compliance and infrastructure are in place | Bankers who want to focus fully on clients |
| Join as partner | Equity stake and a say in strategy, with shared responsibility | Bankers with a solid, portable book |
| Found your own firm | Full control; requires a FINMA licence under FinIA, a supervisory organisation, qualified management and minimum capital | Experienced teams with a business plan and capital |
For most bankers, joining an established firm is the fastest and least risky start. Founding makes sense once you know the business from the inside.
How to choose the right firm
- Custodian banks: Does the firm work with banks your clients already know and trust?
- Client fit: Does it serve the same nationalities and wealth segments as you?
- Platform: Portfolio management system, consolidated reporting, research access.
- Compliance support: A strong compliance function protects you and your clients.
- Culture and succession: Who owns the firm, and what happens when the founders retire?
- References: Talk to relationship managers who joined in the last two years.
A realistic timeline
| When | What to do |
|---|---|
| 12–18 months before | Review your contract, assess which clients would realistically follow, talk to firms confidentially |
| 6–12 months before | Choose the firm and route, agree terms, plan your finances for the transition |
| 3–6 months before | Prepare custodian bank relationships and onboarding, plan client communication within legal limits |
| Notice period | Respect all obligations strictly, hand over professionally |
| First year | Onboard clients step by step, build the routines of your new firm |
More on this: How Would I Plan My Journey as a Relationship Manager? · Navigating a Relationship Manager Interview Journey · Why Relationship Managers Thrive with Independent Wealth Managers
Frequently asked questions
Will my clients follow me? Some will, some won’t. Clients follow people they trust, but only if the move is handled professionally and within your contractual limits. Plan with a conservative estimate.
Do I need my own FINMA licence? Not if you join an existing licensed firm. Only founders need a licence for their own company, granted under FinIA and supervised through a supervisory organisation.
Am I too old to make the move? Experience is an advantage at independent firms. Many successful moves happen between 45 and 60.
What if it doesn’t work out? Your skills and network remain. Many bankers move between banks and independent firms more than once in their career.
How long until income recovers? It depends on how quickly clients transfer and on your compensation model. Plan for at least one transition year.
Go deeper: the playbook
This article gives you the map. The Swiss Private Banker’s Guide to Independent Wealth Management gives you the detail: 66 pages, 23 chapters and two appendices on the licensing path under FinIA and FinSA, business models and income opportunities, tax, pension and social security, multi-custodian relationships, the independent tech stack, compliance, brand building — plus a 10-point readiness self-test and five working templates. English only, CHF 5.00, instant download.
Further reading
- Building a Career in Wealth Management: A Swiss Perspective
- A Telling Career Move
- From Student to Relationship Manager
- Why Independent Wealth Managers Spike
- The Hidden Cost of Mismanagement: Relationship Managers Deserve Better
- Creatures of Habit or Pioneers in Wealth Management?
- Character Traits That Define a Successful Relationship Manager
- How to Check a Swiss Wealth Manager’s FINMA Licence
- The Front Door Closed: New Swiss Wealth Managers per Year
