On the morning of 6 December, Paradeplatz welcomed an unexpected visitor. Santa Claus decided to put the children’s verses aside for a moment and take a closer look at wealth management in Zurich. His mission remained unchanged: give praise where it is deserved – and point out where a little correction might help. With his big book and heavy sack beside him – perhaps filled with discreet client gifts – he watched bankers and wealth managers rushing past for their Christmas shopping. 🎁
He began with the good news. Smaller private banks, he noted, are pushing ahead with real momentum. Their well-trained EAM relationship managers understand the needs of independent wealth managers better than ever. With no increased risk but plenty of substance, they are becoming stronger partners to the independent sector. 👍
Santa turned a page and smiled again. A growing number of private bankers are taking the step into independent wealth management. It takes courage, entrepreneurial ambition and strong client focus – but the rewards are clear: greater alignment of interests, more flexibility and the satisfaction of building something of one’s own. 🚀 Those wondering whether it’s too late to go independent might have found some encouragement in that moment.
He was equally encouraged by the rising interest from young professionals. Rather than being one of thousands in a large institution, they value the direct client relationships, broader responsibilities and the entrepreneurial spirit of the independent model. For the sector, this fresh talent is an excellent sign. 🌟 And for some, the independent route may one day lead to managing a single-family office or more specialised client structures.
But Santa also raised his eyebrows. Many banks still price advisory services below the cost of discretionary mandates. This gap makes little sense because complete portfolio management delivers more value. 💸 In other markets, such as the US, shifts in pricing and service models have already changed the landscape of independence – something captured well in discussions on the strategic dynamics of the US independent wealth sector.
Portfolio data interfaces still differ from bank to bank. This lack of standardisation creates friction for independent managers who rely on multiple institutions. 🖥️ Administrative requirements also keep rising. You solve one hurdle, and the next one appears. 📑
Closing the book, Santa smiled again. Praise and blame stayed balanced. Perhaps next year he will bring fewer hurdles – and some long-awaited standardised interfaces – in his sack. 🎁
With a cheerful Ho Ho Ho, Santa Claus walked down the Bahnhofstrasse, leaving Paradeplatz a little more thoughtful than before.
