The Swiss wealth management and private banking industry benefits from centuries of development as a global bank to the internationally wealthy. It prides itself on discretion, quality of service, access to international investment opportunities, and the stability of the Swiss banking system. Onshore banking business operates alongside an extensive offshore market.
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Features and benefits
Build your customer targeting strategy using in-depth HNW demographics and needs analysis based on Datamonitor’s annual Global Wealth Manager Survey.
Assess your competition through detailed profiles of notable players, including the customer targeting, marketing and product strategies they employ.
Size your potential client base using Datamonitor’s proprietary data, presenting the number of affluent individuals by liquid asset band to 2014.
See More: Wealth Management Switzerland
Highlights
Well-publicized tax amnesties, the threat of government enforcement and loss of anonymity, and the broad international consensus for improved finance and tax regulation has had an impact on the Swiss offshore banking industry. Moreover, the rapid appreciation of the Swiss franc has increased wealth manager’s cost bases and reduced profitability.
According to Datamonitor’s Global Wealth Managers Survey 2011, the Swiss HNW customer is typically male and over 51 years old. He most commonly earned his wealth through entrepreneurship, earned income, or inheritance. Most of his liquid wealth is held in equities and corporate bonds. The Swiss HNW looks for advisory asset management.
The Swiss banking industry is based on a “universal banking” concept, whereby all banking institutions can offer all banking services including credit/lending services, asset management, and deposit and securities services to onshore and offshore clients. Despite this concept, there are numerous different banking business models in Switzerland.
Table Of Contents
OVERVIEW
Catalyst
Summary
Methodology
Catalyst
Summary
Methodology
EXECUTIVE SUMMARY
Swiss banking faces increasing calls for transparency
The Swiss economy is led by a strong export and services economy
The Swiss National Bank regulates Switzerland’s extensive financial sector
Recent legislation and market issues include the European directive on hedge funds and the strengthening Swiss franc
Switzerland’s HNW population are yet to recover assets to pre-crisis levels
Switzerland has a long-established offshore market
The Swiss HNW individual has a moderate risk appetite and invests most into equities and corporate bonds
The Swiss wealth management market is a mixture of numerous different banking business models
M&A has been focused on taking advantage of competitors leaving the market
Profiled competitors have been selected to highlight the various business models in the market
Swiss banking faces increasing calls for transparency
The Swiss economy is led by a strong export and services economy
The Swiss National Bank regulates Switzerland’s extensive financial sector
Recent legislation and market issues include the European directive on hedge funds and the strengthening Swiss franc
Switzerland’s HNW population are yet to recover assets to pre-crisis levels
Switzerland has a long-established offshore market
The Swiss HNW individual has a moderate risk appetite and invests most into equities and corporate bonds
The Swiss wealth management market is a mixture of numerous different banking business models
M&A has been focused on taking advantage of competitors leaving the market
Profiled competitors have been selected to highlight the various business models in the market
SIZING AND FORECASTING THE AFFLUENT IN SWITZERLANDIntroduction
Macroeconomic overview
Macroeconomic trends and performance
GDP
Inflation
Long-term and short-term interest rates
Stock capitalization
Income distribution and inequality
Regulation of wealth management in Switzerland
Regulators
Industry associations
Recent legislation and issues
Swiss wealth manager should be aware of the implications of European AIFMD
Strengthening Swiss franc
Sizing the onshore affluent population
Switzerland’s onshore affluent population accounts for 32.9% of the total population
The number of affluent individuals in Switzerland started to increase again in 2010
The value of assets also stopped declining and increased in 2010
The offshore
Foreign client assets outweigh those held by Swiss residents
The largest sources of offshore AUM in Switzerland are Europe, Eastern Europe, and North America
Tax amnesties, investigations, and treaties are reshaping the Swiss offshore banking environment
Macroeconomic overview
Macroeconomic trends and performance
GDP
Inflation
Long-term and short-term interest rates
Stock capitalization
Income distribution and inequality
Regulation of wealth management in Switzerland
Regulators
Industry associations
Recent legislation and issues
Swiss wealth manager should be aware of the implications of European AIFMD
Strengthening Swiss franc
Sizing the onshore affluent population
Switzerland’s onshore affluent population accounts for 32.9% of the total population
The number of affluent individuals in Switzerland started to increase again in 2010
The value of assets also stopped declining and increased in 2010
The offshore
Foreign client assets outweigh those held by Swiss residents
The largest sources of offshore AUM in Switzerland are Europe, Eastern Europe, and North America
Tax amnesties, investigations, and treaties are reshaping the Swiss offshore banking environment
HNW CUSTOMERS IN SWITZERLAND
Who is the Swiss HNW investor?
Most HNW individuals are over 51 years old
Men account for a significant proportion of HNWs in Switzerland
The majority of HNWs have amassed their fortunes through entrepreneurship or earned income
Swiss HNWs typically invest in equities, fixed income, and cash or near-cash products
In broad asset class terms, Swiss HNWs have the largest proportion of their portfolio in equities
Detailed asset class analysis shows Swiss HNWs have most invested in equities and corporate bonds
Within two years, equities will see a minor reallocation in Swiss HNW portfolios
There is a high demand for advisory asset management services among Swiss HNWs
Swiss HNW individuals are seeking advisory asset management services and tax planning and advice
Swiss HNWs currently have a strong appetite for advisory asset management
Looking forward two years, advisory asset management will remain in high demand
Swiss HNW individuals currently have high demand for tax planning and advice and mortgages
Within two years tax planning will continue to be in high demand but inheritance and financial planning will also increase
Swiss HNWs are financially sophisticated and demand face-to-face relationships
Swiss HNWs have a higher than regional average knowledge of risk and return
A high premium is placed on face-to-face contact
Swiss HNWs are loyal to their wealth manager, but spread assets across numerous firms
Swiss HNW individuals spread their assets across more than one wealth manager
Swiss investors display a high degree of loyalty to their bank’s brand and to their individual wealth manager
Customer referrals are the most effective means of customer acquisition
Aside from referral from an existing client, no other client acquisition technique truly stands out for its success rate
Who is the Swiss HNW investor?
Most HNW individuals are over 51 years old
Men account for a significant proportion of HNWs in Switzerland
The majority of HNWs have amassed their fortunes through entrepreneurship or earned income
Swiss HNWs typically invest in equities, fixed income, and cash or near-cash products
In broad asset class terms, Swiss HNWs have the largest proportion of their portfolio in equities
Detailed asset class analysis shows Swiss HNWs have most invested in equities and corporate bonds
Within two years, equities will see a minor reallocation in Swiss HNW portfolios
There is a high demand for advisory asset management services among Swiss HNWs
Swiss HNW individuals are seeking advisory asset management services and tax planning and advice
Swiss HNWs currently have a strong appetite for advisory asset management
Looking forward two years, advisory asset management will remain in high demand
Swiss HNW individuals currently have high demand for tax planning and advice and mortgages
Within two years tax planning will continue to be in high demand but inheritance and financial planning will also increase
Swiss HNWs are financially sophisticated and demand face-to-face relationships
Swiss HNWs have a higher than regional average knowledge of risk and return
A high premium is placed on face-to-face contact
Swiss HNWs are loyal to their wealth manager, but spread assets across numerous firms
Swiss HNW individuals spread their assets across more than one wealth manager
Swiss investors display a high degree of loyalty to their bank’s brand and to their individual wealth manager
Customer referrals are the most effective means of customer acquisition
Aside from referral from an existing client, no other client acquisition technique truly stands out for its success rate
COMPETITOR DEVELOPMENTS IN SWISS WEALTH MANAGEMENT
Business models of Switzerland wealth managers
Domestic providers operate in both onshore and offshore banking
Competitor trends
M&A has been focused on competitors leaving the offshore and local player consolidation
Swiss banks are expanding their domestic network to focus on Swiss onshore clients
Key competitors in Swiss wealth management
Competitor profile: Credit Suisse
Competitor profile: Zurcher Kantonalbank
Competitor profile: Wegelin & Co.
Competitor profile: Hottinger & Cie
Competitor profile: HSBC Private Bank
Business models of Switzerland wealth managers
Domestic providers operate in both onshore and offshore banking
Competitor trends
M&A has been focused on competitors leaving the offshore and local player consolidation
Swiss banks are expanding their domestic network to focus on Swiss onshore clients
Key competitors in Swiss wealth management
Competitor profile: Credit Suisse
Competitor profile: Zurcher Kantonalbank
Competitor profile: Wegelin & Co.
Competitor profile: Hottinger & Cie
Competitor profile: HSBC Private Bank
APPENDIX
Supplementary data
Western European stock capitalization by major exchanges
Definitions
EU passporting
High net worth (HNW)
Liquid assets
Mass affluent
Measures of growth
Onshore
Para-banking sector
Methodology
Overall methodology
Global Wealth Managers Survey 2011
Global Wealth Model methodology
Selected bibliography
Further reading
Ask the analyst
Disclaimer
Supplementary data
Western European stock capitalization by major exchanges
Definitions
EU passporting
High net worth (HNW)
Liquid assets
Mass affluent
Measures of growth
Onshore
Para-banking sector
Methodology
Overall methodology
Global Wealth Managers Survey 2011
Global Wealth Model methodology
Selected bibliography
Further reading
Ask the analyst
Disclaimer
LIST OF TABLES
Table: Selected competitors in Switzerland and their corresponding business models
Table: Key macroeconomic data for Switzerland
Table: The AIFMD outlines strict guidelines for ing AIFs in Europe
Table: The management of AIFs is also covered by the directive
Table: Affluent population as a percentage of total adult population in selected global wealth s, 2010
Table: Number of mass affluent individuals by asset band (000s) 2006-10
Table: Number of HNW individuals by asset band (000s), 2006–10
Table: Number of HNW individuals by asset band (000s), 2011–14
Table: Value of liquid assets held by the mass affluent population (€bn) 2006-10
Table: Value of liquid assets held by the mass affluent population (€bn), 2011–14
Table: Value of liquid assets held by the HNW population (€bn), 2006–10
Table: Value of liquid assets held by the HNW population (€bn), 2011–14
Table: Total assets under management in Switzerland
Table: Switzerland has DTAs including the administrative assistance standard with 31 countries
Table: There are 24 cantonal banks which all offer wealth management products and services
Table: Selected Swiss private banks have long-established operations dating back hundreds of years
Table: There are numerous domestic banks focused on asset management
Table: Foreign universal banks and asset managers have well-established operations in Switzerland
Table: Competitor profiles by business model
Table: Credit Suisse’s sponsorship deals match its expansive global network
Table: Key global performance indicators for Credit Suisse, 2010
Table: Credit Suisse wealth management private client AUM by region, 2010
Table: Key performance indicators for Zurcher Kantonalbank
Table: Wegelin’s discretionary management services cater for current conditions
Table: Wegelin sponsors numerous aid organizations in Switzerland and abroad
Table: HSBC Private Bank specialist services
Table: Key performance indicators for HSBC Private Bank, 2010
Table: Western European stock capitalization (€bn), 2006–10
Table: Key macroeconomic data for Switzerland
Table: The AIFMD outlines strict guidelines for ing AIFs in Europe
Table: The management of AIFs is also covered by the directive
Table: Affluent population as a percentage of total adult population in selected global wealth s, 2010
Table: Number of mass affluent individuals by asset band (000s) 2006-10
Table: Number of HNW individuals by asset band (000s), 2006–10
Table: Number of HNW individuals by asset band (000s), 2011–14
Table: Value of liquid assets held by the mass affluent population (€bn) 2006-10
Table: Value of liquid assets held by the mass affluent population (€bn), 2011–14
Table: Value of liquid assets held by the HNW population (€bn), 2006–10
Table: Value of liquid assets held by the HNW population (€bn), 2011–14
Table: Total assets under management in Switzerland
Table: Switzerland has DTAs including the administrative assistance standard with 31 countries
Table: There are 24 cantonal banks which all offer wealth management products and services
Table: Selected Swiss private banks have long-established operations dating back hundreds of years
Table: There are numerous domestic banks focused on asset management
Table: Foreign universal banks and asset managers have well-established operations in Switzerland
Table: Competitor profiles by business model
Table: Credit Suisse’s sponsorship deals match its expansive global network
Table: Key global performance indicators for Credit Suisse, 2010
Table: Credit Suisse wealth management private client AUM by region, 2010
Table: Key performance indicators for Zurcher Kantonalbank
Table: Wegelin’s discretionary management services cater for current conditions
Table: Wegelin sponsors numerous aid organizations in Switzerland and abroad
Table: HSBC Private Bank specialist services
Table: Key performance indicators for HSBC Private Bank, 2010
Table: Western European stock capitalization (€bn), 2006–10
LIST OF FIGURES
Figure: Switzerland has the seventh largest economy in Western Europe
Figure: The Swiss economy came out of recession in late 2009
Figure: Inflation remains low as the strong Swiss franc promotes increased import activity
Figure: The target range was lowered to 0.00–0.25% in mid-2011
Figure: The yield on Swiss 10-year government bonds has remained low since 2006
Figure: The SIX Swiss exchange is the fourth most capitalized stock exchange in Western Europe
Figure: Switzerland has the 10th lowest GINI coefficient in Western Europe
Figure: The Swiss franc has rapidly strengthened against the dollar and euro in 2011
Figure: Efforts by the SNB to calm the rapid appreciation of the Swiss franc have had mixed success
Figure: Switzerland’s onshore affluent population accounts for 32.9% of the total adult population
Figure: The largest expat communities are from Italy and Germany
Figure: The mass affluent population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The HNW population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The total value of mass affluent liquid assets will surpass its 2007 high in 2012
Figure: The total value of HNW liquid assets will surpass its 2007 high in 2012
Figure: There are more foreign assets managed in Switzerland than domestic assets
Figure: Europe is the largest source of offshore AUM in Switzerland
Figure: Most Swiss HNW individuals are over 51 years old
Figure: Men account for a significant proportion of Swiss HNW individuals
Figure: Swiss HNWs have most commonly amassed their wealth through business/entrepreneurship,
Figure: Swiss HNW individuals invest more than the regional average in alternative investments
Figure: Swiss HNWs favor equities, corporate bonds, and deposit savings as well as precious metals
Figure: Swiss HNW individuals will not significantly change investment habits within two years
Figure: Discretionary, advisory, and execution-only services are widely available in Switzerland
Figure: Advisory asset management services are in high demand in Switzerland
Figure: Current demand for asset management services will not change within two years
Figure: Tax planning and advice is in high demand in Switzerland
Figure: Tax planning will still be in high in two years alongside growing demand for financial planning
Figure: Swiss HNW have complex characteristics that must be managed efficiently by their managers
Figure: Face-to-face relationship management is very important for Swiss HNW individuals
Figure: Face-to-face contact occurs once a quarter between wealth manager and client
Figure: Swiss HNW individuals spread their assets across more than one wealth manager
Figure: Swiss HNWs rely on the advice of someone they know when choosing a wealth manager
Figure: Referral from an existing client is the most successful new client acquisition technique
Figure: Client events give private bankers the opportunity to contact clients face to face
Figure: UBS and Credit Suisse are Switzerland’s two largest banks
Figure: Wealth managers have opened new branches in Switzerland to expand their onshore presence
Figure: Credit Suisse also offers an advanced iPhone app version of the Direct Net online platform
Figure: Credit Suisse Group maintains a Twitter feed
Figure: The Americas represent the third largest source of wealth management AUM for the bank
Figure: ZKB’s Twitter page has only a small group of followers
Figure: Wegelin maintains a Twitter page, Facebook page, and RSS feed
Figure: Hottinger has expanded substantially since 2001
Figure: The HSBC private banking global network is extensive
Figure: Global Wealth Managers Survey 2011 geographic coverage
Figure: The Swiss economy came out of recession in late 2009
Figure: Inflation remains low as the strong Swiss franc promotes increased import activity
Figure: The target range was lowered to 0.00–0.25% in mid-2011
Figure: The yield on Swiss 10-year government bonds has remained low since 2006
Figure: The SIX Swiss exchange is the fourth most capitalized stock exchange in Western Europe
Figure: Switzerland has the 10th lowest GINI coefficient in Western Europe
Figure: The Swiss franc has rapidly strengthened against the dollar and euro in 2011
Figure: Efforts by the SNB to calm the rapid appreciation of the Swiss franc have had mixed success
Figure: Switzerland’s onshore affluent population accounts for 32.9% of the total adult population
Figure: The largest expat communities are from Italy and Germany
Figure: The mass affluent population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The HNW population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The total value of mass affluent liquid assets will surpass its 2007 high in 2012
Figure: The total value of HNW liquid assets will surpass its 2007 high in 2012
Figure: There are more foreign assets managed in Switzerland than domestic assets
Figure: Europe is the largest source of offshore AUM in Switzerland
Figure: Most Swiss HNW individuals are over 51 years old
Figure: Men account for a significant proportion of Swiss HNW individuals
Figure: Swiss HNWs have most commonly amassed their wealth through business/entrepreneurship,
Figure: Swiss HNW individuals invest more than the regional average in alternative investments
Figure: Swiss HNWs favor equities, corporate bonds, and deposit savings as well as precious metals
Figure: Swiss HNW individuals will not significantly change investment habits within two years
Figure: Discretionary, advisory, and execution-only services are widely available in Switzerland
Figure: Advisory asset management services are in high demand in Switzerland
Figure: Current demand for asset management services will not change within two years
Figure: Tax planning and advice is in high demand in Switzerland
Figure: Tax planning will still be in high in two years alongside growing demand for financial planning
Figure: Swiss HNW have complex characteristics that must be managed efficiently by their managers
Figure: Face-to-face relationship management is very important for Swiss HNW individuals
Figure: Face-to-face contact occurs once a quarter between wealth manager and client
Figure: Swiss HNW individuals spread their assets across more than one wealth manager
Figure: Swiss HNWs rely on the advice of someone they know when choosing a wealth manager
Figure: Referral from an existing client is the most successful new client acquisition technique
Figure: Client events give private bankers the opportunity to contact clients face to face
Figure: UBS and Credit Suisse are Switzerland’s two largest banks
Figure: Wealth managers have opened new branches in Switzerland to expand their onshore presence
Figure: Credit Suisse also offers an advanced iPhone app version of the Direct Net online platform
Figure: Credit Suisse Group maintains a Twitter feed
Figure: The Americas represent the third largest source of wealth management AUM for the bank
Figure: ZKB’s Twitter page has only a small group of followers
Figure: Wegelin maintains a Twitter page, Facebook page, and RSS feed
Figure: Hottinger has expanded substantially since 2001
Figure: The HSBC private banking global network is extensive
Figure: Global Wealth Managers Survey 2011 geographic coverage
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