The number of experienced bankers finding themselves in a new role as independent wealth managers is increasing very quickly. The switch is a risky adventure though, an analysis by finews.com shows.
Valvest, Clarus Capital, Helvetic Trust and Zwei Wealth Experts have profoundly different business models. And yet, the wealth managers and advisers have something in common. They all hired bankers with a long pedigree in recent months – mostly at the two big banks UBS and Credit Suisse.
Veteran banker goes independent wealth manager – a trend?
Going Against the Trend
There are those who say that this is exactly the point. «The number of experienced bankers looking for a job outside banking has increased strongly,» said Patrick Mueller, head of Zwei Wealth Experts.
The wealth adviser earlier this month hired a former head of bank. At Reuss Private, a wealth management group in Pfaeffikon, CEO Felix Brem confirmed that the most experienced advisers at the age of 50 and more are the most eager to look at their options.
If that is indeed the case, private banks including the big two are facing a drain of experience and established relations to clients.
Which, after all, comes as a surprise. The experts have been very clear that the small financial service boutiques are facing extinction because of the end banking with untaxed assets, lower margins and rising compliance.
Consolidation That Never Happened
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