A Swiss bank is hiring bankers to target gay, lesbian, bisexual and transgender clientele, finews.com has learned. It's not who you might think.
The world of Swiss banking is still largely dominated by «pale stale males,» or white men. A job advertisement in a Swiss newspaper (pictured below, in German) shows that one bank is seeking to change that: «We're looking for a dedicated personality for our LGBT team (lesbian, gay, bisexual and transgender) in Zurich.»
The bank? VZ Vermoegenszentrum, a Swiss wealth planner which has established itself as an advisor to baby boomer generation. Now, the Zurich-based firm wants to carve out another niche for itself: «LGBT banking is a great fit for VZ's strategy,» team head Jonas Schneider told finews.com.
LGBT Segmenting
Schneider has led VZ's LGBT team for the past three years – an unusual role in the staid world of Swiss banking. The banker said he wants to expand the team at VZ: «We want to add two new jobs to the existing three.»
VZ is among the few banks to offer services specifically for the LGBT community, but others are sure to follow.
Swiss banks have never segmented their clients as clearly as American private banks, for example, which have long offered specialized advice for professional athletes or high-powered executives, for example.
Pioneering Thomas-Graham
Credit Suisse was a pioneer in LGBT banking: former top executive Pamela Thomas-Graham (pictured below), was responsible for what the bank called «new markets», which encompassed the LGBT community as well as Afro-Americans.
Thomas-Graham launched a luxury blog last year, as finews.com reported.
If Credit Suisse, which is still a vocal proponent of LGBT rights, was before its time, others are sure to follow. The LGBT push is reminiscent of UBS' sudden discovery of female clients earlier this year as part of a five-year plan.
The Swiss bank's sponsorship of award-winning photographer Annie Leibovitz underscores the push, as does a recent speech to investment bankers on diversity by a well-known London headmistress.
As with the LGBT push, VZ is hoping to tap into a lucrative market: the LGBT's buying power in the U.S. alone is estimated at north of $800 billion.
Partnerships vs Family Structures
The LGBT community's consumer power in Switzerland is far less well-known, not to mention the affluent to wealthy segment. VZ's Schneider says he sees potential in specialized advice: «Most of the demand from LGBT clients comes in the area of registered partnerships and securing your partner's finances,» he said. Inheritance law pension matters and tax rules are all still based on traditional family structures.
Credit Suisse once conducted an in-house study which found that nearly 1 in 9 individuals in banking, finance and insurance identifies as gay. For Schneider at VZ, being openly LGBT would be an advantage. «It would certainly help the job profile to be homosexual, or at least have an affinity to the LGBT community.»
