In 2009, Francesco Bernasconi, Siro Spellini and Michele Vanossi decided to help U.S. clients facing difficulties in keeping their assets in Switzerland. As a result of the of the heavy-handed crackdown by the U.S. government on U.S. tax evaders, Swiss banks no longer welcomed American clients and closed their accounts.
The introduction of the Foreign Account Tax Compliance Act (Fatca) in 2010, which came into effect in 2013, made the situation for American account holders even more difficult.
The partners founded LFA, then known as Lugano Financial Advisors, to provide international investment diversification «Made in Switzerland» to American clients domiciled primarily in the United States.
LFA was one of the first independent wealth managers in Switzerland to register with the Securities and Exchange Commission (SEC) in the United States. The SEC registration was approved in early 2010.
«At LFA, we continue to help many banks, non-registered asset managers and lawyers and trust companies in serving their US clients. They do not need to turn their US clients away. LFA is able to jump in to provide the solutions these clients need.»
Siro Spellini, Partner
LFA developed relationships with Swiss custodian banks willing to provide custodian accounts to U.S. clients with LFA as the wealth manager. LFA supports American clients with reporting requirements and the proper documentation to fulfill U.S. tax obligations, ensuring that problems do not arise.
LFA’s investment management style evolved over the years and today, in addition to traditional portfolio management, includes an ESG (Environmental, Social, Governance) mandate for investing with a sense of responsibility.
«LFA believes that by investing in companies that follow good ESG practices — and excluding those who don’t — invested funds can help advance the present and future state of the world.»
Francesco Bernasconi, CEO
In 2014, Michel Guignard joined LFA. With many years of experience in working with U.S. clients, he helped many Americans get established in Switzerland. He is also the Chairman of LFG Holding, a Swiss wealth management group with offices in Lugano and Zurich.
Part of the LFG Holding group of companies, LFA is dedicated solely to US clients and their specific requirements for international and jurisdictional investment diversification.
«We take pride in traditional Swiss-quality customer service and are grateful to our employees that contribute toward surpassing expectations on a daily basis.»
Michel Guignard, Senior Relationship Manager
The youngest member of the team, Paolo Panza, joined LFA in 2014 and became a Senior Relationship Manager in 2018. He works out of LFA’s Zurich office. Paolo travels to the U.S. frequently to visit U.S. clients and to develop new client and business partner relationships. Fluent in Italian and English, he has a focus on Italians living in the United States. He is also tuned into the Millennial generation.
«American clients are increasingly becoming aware of the opportunities global investments hold in store. Switzerland is appreciated as a safe haven. Holding some funds in Switzerland enables access to funds abroad, an important feature for globally-mobile Millenials.»
Paolo Panza, Senior Relationship Manager
Over the past ten years, LFA has grown, reinvesting net income in talents and technology, with a strong emphasis on compliance, making them a firmly-established and well-respected, independent Swiss SEC-registered investment advisor.
Many of LFA’s clients are of European descent, where international investing comes naturally, but they also count many American clients without European ties who have chosen to diversify their investment portfolios beyond a U.S.-only strategy.
- Contact LFA: Francesco Bernasconi, This email address is being protected from spambots. You need JavaScript enabled to view it., +41 91 921 37 52, lfa.ch
