Category: Blog Articles

Actively managed certificates (AMCs) are experiencing double-digit annual growth in the Swiss financial market. The diversity of these products is considerable. Each type of AMC offers specific advantages for different investment strategies. With cost advantages of up to 30-50% compared to traditional fund structures and a time to market of only 2-3 weeks, AMCs are becoming increasingly important.

The most important facts at a glance

• AMCs exist in various forms: open/closed, index-linked/strategy-linked, with or without leverage
• The AMC type essentially determines the risk/return profile and the appropriate application options
• The choice between discretionary and rule-based management influences the flexibility and transparency of the product
• Single-asset vs. multi-asset AMCs differ fundamentally in terms of diversification and complexity
• Delta 1 and leverage AMCs offer different risk profiles for different types of investors

Reading tip: AMCs – explanation and insights into actively managed certificates

Open vs. closed AMCs

One of the most fundamental differentiators of AMCs is their accessibility to investors over time.

What characterizes open-ended AMCs?

Open-ended AMCs allow investors to enter and exit at any time. These structures offer continuous tradability, which makes them particularly attractive for investors who value flexibility and liquidity. The issuer usually provides daily or weekly trading opportunities, allowing you to adjust your position to your changing needs.

The advantages of open AMCs lie in their flexibility and ongoing adaptability to market developments. With this AMC structure, you retain full control over your investment horizon and can react to changing personal circumstances at any time.

What are closed AMCs?

In contrast, closed-end AMCs have a fixed term or a defined placement volume. No further investments are possible after the end of the subscription phase, and redemption before the end of the term may be restricted or subject to costs .

This structure is particularly suitable for strategies with illiquid underlyings or where a longer-term capital commitment is required to implement the investment strategy. Closed-end AMCs often offer more attractive conditions, as the asset manager can plan with a fixed investment horizon.

Comparison: open vs. closed AMCs

Characteristic	Open AMCs	Closed AMCs
Tradability	Continuous (daily/weekly)	Limited or only on the secondary market
Liquidity	High	Limited
Investment horizon	Flexible	Fixed
Fee structure	Often higher due to flexibility	Tends to be lower
Typical application	Liquid markets, flexible strategies	Illiquid assets, long-term strategies
Minimum investment	From CHF 10,000	Often higher (from CHF 25,000)

Investment suitability: Choose open AMCs for maximum flexibility and short-term investment horizons. Opt for closed-end AMCs if you want to invest for the longer term and potentially benefit from more favorable conditions.

Reading tip: AMC rules and regulations: What investors need to know

Index-linked vs. strategy-linked AMCs

There are two fundamentally different approaches to AMCs when it comes to implementing the investment strategy.

Aspect	Index-linked AMCs	Strategy-linked AMCs
Transparency	High (defined index rules)	Low (depending on reporting)
Flexibility	Limited by index rules	High (direct adjustments possible)
Traceability	Index composition traceable	Dependent on communication from the manager
Typical fees	0.8-1.5% p.a.	1.2-2.2% p.a.
Decision-making process	Systematic, rule-based	Individual, often discretionary

Investor suitability: Index-linked AMCs offer greater transparency and are suitable for investors who prioritize transparency. Strategy-linked AMCs suit investors who rely on the ability to react quickly and the direct expertise of the portfolio manager.

How do index-linked AMCs work?

Index-linked AMCs track an actively managed index as a reference. This index is compiled and regularly adjusted by the asset manager. The performance of the AMC is directly linked to the performance of this index.

The advantage of this structure is its transparency – the composition of the index and its changes can be published regularly. Investors therefore have a clear idea of which assets they are invested in.

What distinguishes strategy-linked AMCs?

With strategy-linked AMCs, the portfolio manager makes direct investment decisions without being tied to a specific index. This structure enables a more immediate and flexible response to market changes.

Adaptability is the key advantage here, as the manager can implement his strategy without the restrictions of a predefined index. However, this often goes hand in hand with less transparency for the investor.

Reading tip: Investing money in Switzerland: investment strategies and the 1×1 of investing

Delta 1 AMCs vs. leverage AMCs

The risk/return profile of an AMC is largely determined by the use of leverage.

Characteristic	Delta 1 AMCs	Leverage AMCs
Risk profile	Moderate (determined by underlying assets)	Increased due to leverage
Return potential	Directly proportional to underlying assets	Disproportionate (amplified)
Loss potential	Limited to investment	Greatly increased risk of loss – up to total loss – depending on the leverage structure.
Volatility	Corresponds to underlying assets	Increased due to leverage effect
Suitable for	Medium to long-term investors	Experienced, risk-conscious investors
Typical application	Core investment, long-term strategies	Tactical positions, market views

Investor suitability: Delta 1 AMCs are recommended for security-oriented investors with a medium to long-term investment horizon. Leverage AMCs are suitable for risk-tolerant, experienced investors who can accept fluctuations in value and are aiming for disproportionately high returns.

What are Delta 1 AMCs?

Delta 1 AMCs replicate the underlying investment strategy in a 1:1 ratio. This means that the performance of the certificate corresponds directly to the performance of the underlying assets, without additional amplification or hedging.

These AMCs are characterized by a moderate risk profile, which is mainly determined by the risk of the underlying assets. They are suitable for investors seeking direct participation in an actively managed strategy, without additional leverage.

How do leverage AMCs work?

Leverage AMCs use derivatives or structured products within the strategy to amplify (or in some cases hedge) returns. A change in the value of the underlying assets leads to a disproportionate movement in the certificate value.

This structure enables higher potential returns, but is associated with correspondingly higher risks. Even small market movements can lead to significant fluctuations in value.

Single-asset vs. multi-asset AMCs

The breadth of asset classes within an AMC largely determines its diversification and complexity.

Characteristic	Single-asset AMCs	Multi-asset AMCs
Diversification	Limited (within a class)	Comprehensive (across classes)
Complexity	Lower	Higher
Management	Focused, specialized	Broader, requires diverse expertise
Investment objective	Specialized exposure	Balanced overall solution
Typical fees	0.8-1.8% p.a.	1.2-2.5% p.a.
Suitability as an overall solution	Complementary addition	Can serve as a core investment

Investor suitability: Single-asset AMCs are suitable for self-determined investors who want to manage their asset allocation themselves and cover individual markets in a targeted manner. Multi-asset AMCs offer a diversified complete solution and are suitable for investors who are looking for an actively managed portfolio across different asset classes.

What characterizes single-asset AMCs?

Single-asset AMCs focus on a single asset class, such as equities, bonds, currencies or cryptocurrencies. Diversification can certainly take place within this class (e.g. various equities), but the focus remains on one category of assets.

The advantage of these AMCs lies in their clarity and focus. They are particularly suitable for investors who want to invest in a specific asset class or who want to manage their own asset allocation.

What do multi-asset AMCs offer?

Multi-asset AMCs invest across different asset classes – typically a combination of equities, bonds, commodities and alternative investments. The portfolio manager can actively adjust the weighting between these classes.

These AMCs offer built-in diversification and allow the manager to react to market changes not only within an asset class, but also by rebalancing between classes.

Reading tip: Portfolio rebalancing – why it’s so important

Discretionary vs. rules-based AMCs

The way decisions are made in portfolio management is another important differentiator.

Aspect	Discretionary AMCs	Rule-based AMCs
Decision-making process	Based on experience and assessment	Systematic according to defined rules
Flexibility	High (can adapt quickly)	Low (bound by rules and regulations)
Transparency	Often lower	* Higher (defined processes)
Person dependency	Strong (dependent on manager)	Lower (system-based)
Behavior in crises	Can benefit from experience	Prevents emotional reactions
Typical performance	Potentially higher in inefficient markets	More consistent across different market phases

*Rule-based AMCs offer potentially higher transparency – especially with disclosed, standardized models

Investor suitability: Discretionary AMCs are suitable for investors who trust the expertise and market assessment of experienced portfolio managers. Rule-based AMCs are suitable for investors who prefer transparent, comprehensible and emotion-free investment processes.

What does discretionary management mean?

With discretionary AMCs, the portfolio manager makes investment decisions at his own discretion, based on his market assessment, experience and analysis. They have the freedom to react flexibly to market changes and adjust their strategy accordingly.

The advantage lies in the adaptability and the ability to incorporate non-quantifiable factors such as geopolitical events or market psychology into the decision-making process.

How do rule-based AMCs work?

Rule-based AMCs follow a systematic, often quantitative approach. Investment decisions are made on the basis of predefined rules and algorithms that take certain market indicators, factors or other objective criteria into account.

These AMCs are characterized by a high degree of consistency and discipline in strategy implementation and are less susceptible to emotional decisions or behavioural biases.

AMCs compared to other investment products

To fully understand the characteristics of AMCs, a comparison with related financial products is helpful.

Characteristic	AMCs	Traditional funds	ETFs	Traditional structured products
Regulation	Structured product	KAG/UCITS	KAG/UCITS	Structured product
Management	Active	Active	Passive	Static (no management)
Time-to-market	2-3 weeks	3-6 months	3-6 months	1-2 weeks
Investor protection	Issuer risk	Special assets	Special assets	Issuer risk
Flexibility for managers	High	Limited	Minimal	Not available
Costs	0.8-2.5% p.a.	1.0-2.0% p.a.	0.1-0.7% p.a.	Implicit in structure
Liquidity	Daily/weekly	Daily	During trading hours	Depending on product
Tax treatment (CH)*	Private assets	Often income tax	Private assets	Private assets

* The tax treatment depends on the individual investor profile, the underlying assets and the holding period. Individual advice is recommended.

AMCs vs. traditional investment funds

In contrast to traditional investment funds, AMCs are not subject to the Collective Investment Schemes Act (CISA) in Switzerland, but are classified as structured products. This entails fewer regulatory restrictions, but also less investor protection.

AMCs offer shorter launch periods (2-3 weeks vs. 3-6 months for funds) and more flexibility in the design of the investment strategy. However, investors bear the issuer risk, while fund units are protected as special assets.

AMCs vs. ETFs

Compared to exchange-traded funds (ETFs), AMCs are actively managed instead of passively tracking an index. This leads to higher management fees, but offers the potential for excess returns through active management.

AMCs tend to be less liquid than exchange-traded ETFs, but offer a wider range of investment strategies, including those not available in ETF form.

AMCs vs. traditional structured products

Unlike traditional structured products, AMCs do not have a fixed term (for open-ended structures) and offer ongoing active management. Traditional structured products, on the other hand, often have a fixed payout mechanism and a defined term.

AMCs allow the strategy to be adjusted flexibly over time, while traditional structured products have a fixed payoff structure.

Reading tip: Private financial planning – how to achieve your individual goals

Selection criteria for the right type of AMC

Choosing the right type of AMC depends on your individual investment objectives, your risk profile and your investment horizon.

Investor profile	Recommended AMC structure	Reason
Conservative, short to medium term	Open-ended Delta 1 AMCs with multi-asset approach	Diversification, liquidity, moderate risk
Balanced, medium-term	Open-ended strategy-linked AMCs with discretionary management	Flexibility, active adjustment to market phases
Growth-oriented, long-term	Single-asset AMCs in growth markets, optional closed-end structure	Focused approach for long-term growth
Opportunistic, flexible	Leveraged AMCs or specialized thematic AMCs	Opportunity orientation, higher risk for return opportunities
Experienced self-directed investors	Single-asset AMCs as building blocks	Self-determined asset allocation
Delegators	Multi-asset AMCs with discretionary management	“Carefree package” with professional management

Investment objectives and risk tolerance

Delta 1 AMCs with a multi-asset approach and rule-based management are suitable for conservative investors with a focus on capital preservation. This combination offers diversification and reduces subjective decision-making risks.

Growth-oriented investors can consider single-asset AMCs in growth segments or discretionary managed strategies with a higher equity allocation.

Opportunistic investors with a high risk tolerance may be interested in leveraged AMCs or specialized single-asset AMCs in volatile markets.

Investment horizon and liquidity requirements

• For a short-term investment horizon (1-2 years), open, liquid Delta 1 AMCs that can be traded at any time are preferable.
• For medium-term investments (3-5 years), both open and closed structures offer advantages, with the choice of strategy becoming more decisive than the AMC structure.
• For long-term investments (over 5 years), closed-end AMCs or those with illiquid underlyings designed for longer holding periods may also be of interest.

Conclusion

The AMC landscape offers tailor-made solutions for different investor profiles. Open-ended, rule-based Delta 1 AMCs with a multi-asset approach are suitable for conservative investors, while risk-tolerant investors can benefit from discretionary single-asset AMCs or leverage structures.

Choosing the right type of AMC depends crucially on your investment objectives, risk tolerance and time horizon. With a market share of 10-15% of the structured product market in Switzerland, AMCs offer a flexible alternative to traditional investment vehicles, especially for investors who value active management and adaptability.

Most financial advisors make a crucial mistake: they try to win over every customer. But if you try to appeal to everyone, you end up reaching no one properly. Clever specialization in certain target groups, on the other hand, brings measurably more success – and makes the work more efficient.

The most important things at a glance

• Focus pays off: Specialized consultants achieve higher closing rates and fees
• Target groups are diverse: From doctors to IT specialists to cross-border commuters – each group has its own needs
• The right approach is crucial: Different generations and professional groups tick completely differently
• Fewer customers, more sales: the quality principle beats the masses
• Analyzing existing customers: The most profitable target groups are often already dormant in your own file

Why target group specialization makes all the difference

Imagine this: A general practitioner treats children, senior citizens and athletes in equal measure. A specialist in heart surgery concentrates on one specialty. Who earns more? The answer is clear.

The same principle applies to financial advice. Specialized advisors are perceived as experts. They understand the specific concerns of their clientele, speak their language and offer tailor-made solutions. The result: clients trust them more quickly and are prepared to pay higher fees for their expertise.

Another advantage lies in efficiency: those who focus on specific target groups can standardize consulting processes, conduct targeted marketing and strategically align their training. Time is money – and specialization saves both.

Reading tip: How to make a career in the financial industry as a young professional

What target groups are there? The overview for Swiss financial advisors

The Swiss financial landscape offers numerous attractive target groups. Each has its own characteristics, needs and potential:

Profession-specific target groups

Doctors, dentists and pharmacists in the medical sector face particular challenges. High practice investments, complex liability risks and the 3-pillar system require special know-how. This target group has above-average incomes, but requires individual solutions.

Lawyers, notaries and tax consultants know their way around paragraphs – but they often show surprising uncertainty when it comes to financial issues. This is where consultants score points with clear communication and regulatory insight.

The tech sector is growing rapidly. IT specialists, software developers and tech entrepreneurs earn well, but are often too busy for detailed financial planning. Digital advisory tools and efficient processes are in demand here.

Life phase target groups

The baby boomers from the 50 generation are approaching retirement. Pension planning, wealth preservation and succession planning are key topics. This target group appreciates personal advice and often has considerable assets.

First home, starting a family, occupational disability cover – young families and young professionals are concerned with the basics and long-term wealth accumulation. These customers have little time, but high growth potential.

Whether craftsmen, restaurateurs or startup founders – the self-employed face special challenges. They need flexible pension solutions and liquidity planning. Their incomes fluctuate, so the advice they receive must adapt.

Special target groups

Those who work in Switzerland and live abroad navigate through a complex maze of tax rules and social insurance. Specialized advice is worth its weight in gold here.

Foreign professionals bring different experiences with them. Expats and internationals need orientation in the Swiss system and often international investment solutions.

This exclusive target group of wealthy private individuals expects discretion, comprehensive expertise and first-class support. Family offices and private banking are relevant here.

Reading tip: Client acquisition for financial advisors: How to win new clients

How to identify your ideal target group

The best target group is often closer than you think. Start by analyzing your existing customers:

1. List your most profitable clients: Who do you generate the highest annual turnover from? Which customers do you recommend?
2. Look for similarities: Do these customers belong to similar professional groups? Are they in similar stages of life?
3. Evaluate your own expertise: In which areas do you feel particularly competent? Which topics interest you personally?
4. Check the market size: Is the identified target group large enough for a sustainable business? Are there enough potential customers in your region?
5. Test the willingness to pay: Are clients in this target group prepared to pay reasonable fees for advice?

A practical example: You may find that you are already successfully looking after three dentists. They recommend you to others, pay on time and have similar needs. A natural specialization is obvious here.

Different target groups – different needs, channels and mindsets

Different target groups tick completely differently. Understanding these differences is the key to success.

Use communication channels of choice

• People over 50 prefer face-to-face conversations, phone calls and traditional emails. They appreciate printed documents and detailed explanations. WhatsApp or social media are usually out of place here.
• Young families and young professionals live digitally: WhatsApp for quick queries, online appointments for advice and apps for administration. Video consultations are not only accepted, but often preferred.
• Entrepreneurs don’t have time for detours. They want fast, direct communication with clear recommendations for action. Compact summaries and flexible scheduling are key.

Consulting needs of different target groups

• Doctors, managers and business leaders need comprehensive cover: professional indemnity, loss of practice insurance and often also financing for taking over a practice or similar. They are also very busy at work and would rather have a decision template than a complete strategy.
• Cross-border commuters need tax optimization: Where do I pay tax on what? How do I optimize my social security contributions? Which pension plan makes sense? Which system is right for me in old age?
• Expats want guidance: How does the Swiss system work? Which banks are recommended? What do I need to consider when moving away? What applies to my relatives who are still living abroad?

But be careful: everyone is different, so it is better to gather your own experiences. Stereotypes are often true, but not always. Sometimes people are pigeonholed too quickly and put off by the wrong approach.

Reading tip: The indispensable tools for the financial advisor

Addressing target groups correctly: What works for whom

The best target group analysis is useless without the right approach. The decisive factor is where and how different groups search for information – this is where you can convince them of your services, through professional expertise or advertisements.

Media consumption and information behavior

Doctors and medical professionals obtain information from specialist journals such as the Schweizerische Ärztezeitung, practice management magazines and specialized online portals. They value scientifically sound articles and case studies. Networking takes place via medical associations, professional societies and practice networks.

IT professionals live in digital ecosystems: LinkedIn for career topics, Reddit and Hacker News for trends, YouTube for tutorials. They rely on peer reviews, open source communities and tech blogs. Podcasts during the commute to work are also popular.

The 50-generation still consumes traditional media: NZZ, Tagesanzeiger, regional newspapers and their online presence. They listen to the radio and watch news programs. Recommendations from their personal environment weigh heavily. But Facebook and Instagram can also have an impact.

Entrepreneurs and the self-employed are highly networked and recommendation-driven. They read business magazines such as Handelszeitung, attend industry events and are active in business networks. They use LinkedIn and industry-specific forums online.

Convincing arguments for different target groups

Doctors are concerned with practice financing, professional liability, succession planning, tax-optimized practice design and retirement provision with high contributions. Protecting the family in the event of occupational disability is also key.

Example line of argument: “This solution will save you CHF 8,500 a year in taxes and protect your practice at the same time.” You want to understand the long-term impact of decisions. Liability risks and protection are key topics.

IT professionals are interested in share options, international investments, ETF savings plans, sustainable investments and often cryptocurrencies. Many work for international corporations and have complex remuneration structures.

Example line of argument: “This digital asset management automatically optimizes your portfolio and only costs 0.5% in fees.” They value transparent cost structures and technical solutions. Topics such as sustainable investments and cryptocurrencies arouse interest. Digital management without a lot of paperwork can also be perceived as an advantage.

Generation 50 focuses on pension planning, wealth preservation, inheritance planning, protection against long-term care costs and the optimal withdrawal strategy for the 2nd and 3rd pillars. Topics such as living wills and advance directives are also relevant.

Example line of argument: “You will receive CHF 2,800 per month in addition to AHV – guaranteed for 20 years.” Capital preservation comes before growth. You want to know what will happen in the worst-case scenario.

Entrepreneurs need liquidity planning, company pension provision, succession planning, risk protection for the business and often also private asset separation. The optimization of business and private finances must be coordinated.

Example line of argument: “Instead of leaving the money in your business account without earning interest, you can generate a 4.5% return here.” You are interested in tax-optimized solutions and flexible availability. Time is money – complicated structures are only acceptable if there is a corresponding benefit.

Reading tip: How do you become a financial advisor in Switzerland?

The path to a successful target group strategy

Specialization is not a sprint, but a marathon. Start step by step:

1. Choose a maximum of two target groups to start with
2. Systematically build up expertise through further training and practical experience
3. Customize your marketing – from the website to the interview documents
4. Collect references and recommendations from your target group
5. Stay consistent – specialization takes time and perseverance

The investment pays off: specialized financial advisors report 20 to 50 percent higher closing rates and significantly higher fees. At the same time, the work is more fun because you develop real expertise and can really help your clients.

Those who know, understand and correctly address their target groups transform financial advice from a game of chance into a predictable strategy for success. The first step is an honest analysis: which customers are already bringing you the greatest success today? That’s where your future lies.

Reading tip: Financial advice for companies: The biggest challenges

Bonus: Different target groups for inspiration

Profession-specific target groups

Target group	Consulting focus
Doctors/dentists	Practice financing, professional liability, high pillar 3a contributions, practice succession, contingency insurance
Pharmacists	Pharmacy takeover, inventory financing, liability, business interruption insurance
Lawyers/notaries	Law firm financing, asset liability, irregular income, client collateral
Tax consultants/auditors	Professional liability, seasonal fluctuations in income, law firm expansion, compliance
Architects/engineers	Project liability, client risks, fluctuating order situation, office financing
IT specialists/software developers	Share options, international remuneration, sabbaticals, cryptocurrencies, remote work
Management consultants	Project-based income, international assignments, self-employment, expertise marketing
Real estate agents	Commission-based income, market cycles, property liability, network development
Craftsmen	Business financing, machine leasing, seasonal business, succession planning, accident risks
Restaurateurs/hoteliers	Seasonal business, liquidity fluctuations, inventory financing, default risks
Farmers	Seasonal income, subsidies, farm succession, weather risks, EU direct payments
Artists/creatives	Irregular income, copyrights, international marketing, pension gaps
Journalists/media people	Freelance work, project work, travel expenses, digital change, pension gaps
Therapists/coaches	Practice development, liability, self-marketing, work-life balance, burn-out prevention

Industry-specific target groups

Target group	Consulting focus
Pharmaceutical employees	Share options, international careers, research risks, compliance, high income
Bank employees	Regulatory liability, compliance, internal investment guidelines, career planning
Insurance employees	Product knowledge utilization, industry network, regulatory changes
Pilots/Flight crew	International assignments, health risks, irregular working hours, pension arrangements
Ship/offshore workers	International contracts, risk allowances, extended absences, special insurances
Diplomats/international organizations	Tax exemptions, international pensions, foreign allowances, currency risks

Life-stage target groups

Target group	Focus of advice
Students	Basic equipment, first insurances, financing studies, preparing for career entry
Career starters (20-30)	First home, occupational disability, starting pillar 3a, career planning, mobility
Young families (30-40)	Home ownership, family protection, child provision, loss of earnings, education costs
Established families (40-50)	Asset accumulation, home renovation, teenage costs, pillar 3a optimization
Empty nesters (50-60)	Preparing for retirement, consolidating assets, healthcare, travel planning
Early retirees (55-65)	Bridging pension, health insurance, tax optimization, leisure financing
Active retirees (65-75)	Pillar optimization, health costs, travel, gifting to grandchildren, inheritance planning
Elderly (75 )	Care costs, support, wills, powers of attorney, adapting living arrangements

Income/asset target groups

Target group	Focus of advice
Low earners	Basic protection, pillar 3a minimum, supplementary benefits, debt restructuring
Middle class	Home financing, family protection, pillar 3a/ 3b build-up, tax optimization
High earners (150k )	Pillar 3a maximum, 2nd pillar purchase potential, tax optimization, wealth accumulation
High net worth (1M )	Wealth structuring, tax planning, succession planning, international diversification
Ultra High Net Worth (10M )	Family office, multi-generation planning, philanthropy, complex structures
Newly Rich	Sudden Wealth Syndrome, tax planning, lifestyle customization, asset protection
Inheritance	Inheritance tax, wealth preservation, generational change, family harmony

Life situation-target groups

Target group	Focus of advice
Singles	Gaps in retirement provision, protection without a partner, flexibility, lifestyle financing
Couples without children (DINKS)	Double income, lifestyle, travel, home ownership, flexible pension provision
Single parents	Child maintenance, loss of earnings, home ownership alternatives, state support
Patchwork families	Complex protection, inheritance law, child maintenance, multiple households
Large families (3 children)	Family allowances, education costs, size of home, tax progression
Carers	Reduction in income, care costs, care time, own pension gaps

Migration/mobility target groups

Target group	Focus of advice
Expats in Switzerland	Swiss system introduction, international pension provision, tax liability, return planning
Swiss abroad	Swiss pension provision, double taxation, AHV entitlements, return planning
Cross-border commuters DE	Tax optimization, health insurance, commuting costs, currency risk
Cross-border commuters FR	Social security, withholding tax, pension fund, relocation planning
Seasonal workers	Short-term contracts, social insurance, return planning, language barriers
Persons entitled to asylum/refugees	System introduction, language barriers, basic equipment, integration
Returnees	Re-integration, pension gaps, additional tax payments, need for adjustment

Special life situations

Target group	Focus of advice
Divorcees	Division of assets, maintenance payments, pension gaps, new start
Widowed persons	Survivors’ benefits, asset management, tax bracket, loneliness
Chronically ill people	Treatment costs, earning capacity, supplementary insurance, life planning
People with disabilities	IV benefits, supplementary benefits, aids, care costs
Bankrupt people	Debt restructuring, seizure protection, financing a new start, reputation

Generational target groups

Target group	Focus of advice
Generation Z (up to 25)	Digital tools, sustainability, cryptocurrencies, flexibility, social impact
Millennials (25-40)	Dream of home ownership, family vs. career, work-life balance, digital solutions
Generation X (40-55)	Sandwich generation, career peak, teenage costs, parental care
Baby boomers (55-70)	Retirement, health, wealth preservation, generational transfer
Silent Generation (70 )	Need for care, inheritance, simplification, security, dignity, saving for children

Systematic investing using quantitative factors has become established in modern portfolio theory. One of the best documented and most widely used factors is the momentum factor. It describes the tendency of investment instruments such as shares to continue price trends: Shares with strong relative performance over a defined period of time are more likely to achieve above-average returns in the near future – and vice versa. This scientific foundation is an important pillar of the Everon multi-factor strategy.

What is momentum?

Momentum measures the relative price change of a share over a certain period of time. A common calculation formula is

where_Pi,t is the price of share i at time t and k is the period under consideration in months (typically 6 to 12 months).

Alternatively, momentum can be formulated as a risk-adjusted return, e.g. using the Sharpe ratio (ratio of return to risk) on a rolling basis. Momentum is one of the factors with a robust historical excess return:

• In the USA, the momentum factor generated an annualized excess return of around 5-7% p.a. between 2000 and 2020 (depending on the methodology).
• Similar premiums can also be seen in Europe and the emerging markets, albeit with higher volatility.
• Compared to other factors – such as value or size – momentum was particularly successful in the late 2010s, especially in phases of low interest rates and clear market trends.

Reading tip: Factor Risk Premia: Value, Momentum, Size, and Quality in Recent Years

Momentum typically works in market phases with:

• clear trend (e.g. expansionary monetary policy phases),
• fundamental divergence (e.g. sector rotation),
• high investor focus on relative strength (e.g. growth phases).

Momentum, on the other hand, shows weaknesses in:

• Trend breaks (e.g. after market corrections or political shocks),
• strong reversal behavior (e.g. in the Covid recovery phase March-June 2020),
• narrowed markets when only a few stocks drive index performance (momentum cluster risk).

Momentum typically has the following characteristics

• Negative correlation to the value factor (especially for highly undervalued stocks that are considered turnaround candidates),
• Slightly positive correlation to the quality factor (highly profitable growing companies often also perform well in terms of momentum),
• Low correlation to the low-volatility factor

These characteristics make momentum an effective diversifier in a multi-factor portfolio approach.

Different momentum definitions

There are numerous variants of the momentum concept:

• Price-based indicators:
  • 12M-1M performance (classic)
  • 6M performance, 3M performance, 1M reversal
  • Average performance rank over several time windows
• Technical indicators:
  • Relative Strength Index (RSI)
  • Moving Average Convergence Divergence (MACD)
  • Distance to the 200-day line
• Risk-adjusted variants:
  • Return/volatility over 6-12 months
  • Momentum score relative to sector or market volatility

The choice of definition depends on the objective of the investment: aggressive timing, defensive rebalancing or neutral stock ranking.

Our approach at Everon

At Everon, we do not integrate momentum as a monolithic metric, but as a component-based score that combines several sub-indicators. For example, our portfolio management engine uses

• short, medium and long-term price momentum.
• Sector-adjusted momentum rankings,
• risk-adjusted momentum values based on rolling Sharpe ratios,
• technical trend filters.

These sub-scores are combined into a weighted total value, which flows into our dynamic weighting of a stock’s final score. Momentum does not work in isolation, but in combination with other factors such as value, quality or volatility. Depending on the market phase, the momentum scores can be weighted more or less heavily.

Example: In a stable bull market with clear sector rotation, momentum can be an important criterion for overweighting. In volatile sideways markets, on the other hand, we specifically reduce the relevance of momentum-driven components in order to limit reversal risks.

Reading tip: Factor Investing with Everon

Conclusion

Momentum is a versatile and proven factor in systematic investing – but it is not a sure-fire success. A robust, multidimensional definition is crucial.

Frauen in der Schweiz erhalten im Alter durchschnittlich ein Drittel weniger Rente als Männer – konkret etwa 20’000 CHF pro Jahr weniger. Gleichzeitig wächst der Anteil der Schweizerinnen, die ihr Geld eigenständig anlegen, innerhalb eines Jahres um fast 20 Prozent. Diese Zahlen verdeutlichen sowohl die Herausforderungen als auch die Veränderungen in der finanziellen Situation von Frauen. 

Gezielte Finanzberatung kann entscheidend dazu beitragen, bestehende Lücken zu schliessen und in jeder Lebensphase die Weichen für finanzielle Selbstbestimmung zu stellen.

Das Wichtigste auf einen Blick

• Eine Studie von Swiss Life (2024) beziffert den Gender Pension Gap in der Schweiz auf rund ein Drittel – Rentnerinnen erhalten jährlich ca. 20’000 CHF weniger als männliche Ruheständler
• Hauptursache sind die unterschiedlichen Erwerbsbiografien: Teilzeitarbeit, Erwerbsunterbrechungen und tiefere Löhne schlagen sich in der Rente nieder
• In der beruflichen Vorsorge (2. Säule) ist der Unterschied mit 67 Prozent laut Berner Fachhochschule besonders markant
• Der Anteil investierender Frauen in der Schweiz wächst laut YouGov/BlackRock (2024) deutlich – dennoch legt nur jede dritte Frau Geld an, während es bei Männern mehr als jeder zweite tut
• Eine strategische Finanzplanung in allen Lebensphasen kann Vorsorgelücken minimieren und langfristig zu finanzieller Unabhängigkeit führen

Finanzielle Herausforderungen in verschiedenen Lebensphasen

Die Rentendifferenz basiert vor allem auf den Einkommensunterschieden während des Erwerbslebens. Frauen in der Schweiz verdienen in den Jahren vor der Pensionierung durchschnittlich 40 bis 50 Prozent weniger als Männer – ein Unterschied, der sich direkt in den Altersleistungen niederschlägt.

In der beruflichen Vorsorge (2. Säule) ist die Lücke besonders gravierend. Das Bundesamt für Statistik dokumentiert, dass vier von zehn Schweizerinnen in Teilzeit arbeiten, was niedrigere Pensionskassenbeiträge zur Folge hat. Hinzu kommen häufigere Erwerbsunterbrechungen, die zu fragmentierten Beitragszahlungen führen.

Berufseinstieg: Kapital für späteren Vermögensaufbau

Der Berufseinstieg ist finanziell entscheidend, da hier die Weichen für die langfristige Vermögensentwicklung gestellt werden. Wer früh beginnt, profitiert erheblich vom Zinseszinseffekt. Eine Modellrechnung verdeutlicht: Bei monatlichen Einzahlungen von 300 Franken und einer durchschnittlichen Rendite von 5 Prozent wächst das Vermögen nach 40 Jahren auf rund 400’000 Franken an. Bei gleicher Sparrate, aber nur 20 Jahren Anlagedauer, reduziert sich der Endbetrag auf etwa 120’000 Franken.

Lesetipp: Wie Sie als Berufseinsteiger Karriere in der Finanzindustrie machen

Familienplanung: Erwerbsbiografien bewusst gestalten

Die Familienplanung ist oft der Punkt, an dem sich Erwerbsbiografien von Frauen und Männern deutlich auseinander entwickeln. Eine Auswertung der Pensionskassenstatistik zeigt die langfristigen Auswirkungen: Reduziert eine Frau ihr Arbeitspensum von 100 auf 60 Prozent (bei einem Jahresgehalt von 84’000 Franken über zehn Jahre), entstehen Pensionskassenlücken von über 100’000 Franken. Diese setzen sich aus tieferen Einzahlungen und einer entsprechend tieferen Rente zusammen.

Bei der Familienplanung ist es daher wichtig, die langfristigen finanziellen Auswirkungen zu berücksichtigen und gemeinsam mit dem Partner Strategien zu entwickeln, die eine ausgewogene Beteiligung beider am Erwerbsleben ermöglichen.

Trennung oder Scheidung: Neue finanzielle Realität

Bei einer Scheidung zerplatzt für viele Frauen nicht nur die Vorstellung vom gemeinsamen Leben, sondern oft auch die finanzielle Sicherheit. Das Bundesgericht hat seine Rechtsprechung beim Unterhaltsrecht angepasst (BGE 144 III 481): Es orientiert sich nicht mehr am traditionellen Familienbild mit lebenslangen Unterhaltszahlungen, sondern erwartet eine stärkere wirtschaftliche Eigenverantwortung.

Eine Finanzanalyse nach der Trennung sollte daher zwei zentrale Aspekte beleuchten: die kurzfristige Sicherung des Lebensunterhalts und die langfristige Neuausrichtung der Altersvorsorge. Die Teilung der Pensionskassenguthaben bei einer Scheidung bietet zwar einen gewissen Schutz, reicht aber oft nicht aus, um bestehende Vorsorgelücken vollständig zu schliessen.

Vor der Pensionierung: Letzte Optimierungen nutzen

Fünf bis zehn Jahre vor der Pensionierung bieten sich letzte Möglichkeiten zur Optimierung der Altersvorsorge. Ein Einkauf in die Pensionskasse kann erhebliche Steuervorteile bringen. 

Fachleute empfehlen zudem, in dieser Phase eine umfassende Vorsorgeanalyse durchführen zu lassen, um sicherzustellen, dass alle Möglichkeiten zur Optimierung ausgeschöpft werden.

Das Schweizer Vorsorgesystem verstehen und nutzen

Das Schweizer Vorsorgesystem mit seinen drei Säulen hat für Frauen besondere Herausforderungen und Chancen:

1. Die erste Säule (AHV) wirkt ausgleichend und kennt dank Erziehungsgutschriften und dem Splittingprinzip bei Ehepaaren kaum geschlechtsspezifische Unterschiede. Dennoch sollten Frauen regelmässig einen AHV-Kontoauszug anfordern, um Beitragslücken frühzeitig zu erkennen und zu schliessen.
2. Die zweite Säule (berufliche Vorsorge) stellt für viele Frauen die grösste Herausforderung dar. Die Eintrittsschwelle liegt 2025 bei 22’680 Franken Jahreseinkommen, was insbesondere Teilzeitbeschäftigte benachteiligt. Hinzu kommt der Koordinationsabzug von 26’460 Franken, der das versicherte Einkommen weiter reduziert. Wer für mehrere Arbeitgeber tätig ist und bei keinem die Eintrittsschwelle erreicht, sollte prüfen, ob eine freiwillige Versicherungslösung (z. B. über eine Sammelstiftung) möglich ist, um Lücken in der Altersvorsorge zu vermeiden.
3. Die dritte Säule (private Vorsorge) bietet Frauen die Möglichkeit, selbstbestimmt vorzusorgen. In die Säule 3a können Erwerbstätige mit Pensionskasse im Jahr 2025 bis zu 7’258 Franken einzahlen und den Betrag vom steuerbaren Einkommen abziehen. Für die langfristige Vermögensbildung empfehlen Fachleute Säule-3a-Lösungen mit einem Anteil an Wertschriften, da sie über längere Zeiträume deutlich höhere Renditechancen bieten als reine Sparkonten.

Erziehungs- und Betreuungsgutschriften aktiv nutzen

Die AHV kennt spezifische Ausgleichsmechanismen für Betreuungsarbeit: Erziehungsgutschriften werden automatisch angerechnet, wenn Kinder unter 16 Jahren betreut werden. Betreuungsgutschriften für die Pflege von Angehörigen müssen hingegen jährlich beantragt werden. Diese Gutschriften sind besonders wichtig für Frauen, da sie überproportional häufig Betreuungsaufgaben übernehmen.

Die richtige Finanzberatung finden

Eine professionelle Finanzberatung zeichnet sich durch mehrere Qualitätsmerkmale aus:

• Unabhängigkeit: Die Beratung sollte frei von Produktverkaufsinteressen sein. Achten Sie auf transparente Honorarmodelle statt provisionsbasierte Vergütung.
• Fachkompetenz: Fragen Sie nach Qualifikationen, Berufserfahrung und Spezialisierungen, besonders im Bereich Frauenfinanzen.
• Empathie: Eine gute Beraterin oder ein guter Berater hört zu, versteht Ihre individuelle Situation und passt die Empfehlungen entsprechend an.
• Transparenz: Alle Kosten, Risiken und Chancen sollten klar kommuniziert werden. Fordern Sie bei Unklarheiten konkrete Erläuterungen.

Spezialisierte Beratungsangebote in der Schweiz

In der Schweiz bieten verschiedene Institutionen spezialisierte Finanzberatung für Frauen an. 

Die Frauenorganisationen in den grösseren Städten verfügen über professionelle Beratungsangebote zu Vorsorge- und Budgetfragen. Diese Angebote umfassen in der Regel sowohl persönliche Gespräche als auch schriftliche Analysen der individuellen Vorsorgesituation. 

Daneben gibt es unabhängige Finanzberatende mit Spezialisierung auf die Bedürfnisse von Frauen. Diese bringen häufig sowohl Fachkompetenz im Finanzbereich als auch Erfahrung mit frauenspezifischen Finanzthemen mit und können besonders auf Themen wie Teilzeitarbeit, Erwerbsunterbrechungen oder die finanzielle Situation nach Trennungen eingehen.

Entscheidende Fragen für das Beratungsgespräch

Zur Vorbereitung auf ein Beratungsgespräch sollten Sie folgende Fragen klären:

• Wie erfolgt die Vergütung der Beratung? (Honorar, Provision oder Kombination)
• Welche spezifischen Qualifikationen und Erfahrungen im Bereich Frauenfinanzen bringt die Beraterin mit?
• Wie umfassend ist die Beratung – werden alle drei Säulen und zusätzliche Vermögensbildung berücksichtigt?
• Welche konkreten Unterlagen werden für die Beratung benötigt?
• Welche Nachbetreuung erfolgt nach der eigentlichen Beratung?

Tipps & Mythen beim Investieren

Aufholjagd der Schweizer Anlegerinnen

Die jüngste YouGov/BlackRock-Studie (2024) zeigt eine dynamische Entwicklung: Während der Anteil investierender Schweizerinnen innerhalb eines Jahres um 19 Prozent stieg, bleibt der Gender Gap beim Investieren dennoch deutlich. Nur etwa jede dritte Frau legt Geld in Wertpapieren an, während es bei Männern mehr als jeder zweite tut.

Mit 45 Prozent Anlegern insgesamt liegt die Schweiz an der europäischen Spitze, nur knapp hinter den skandinavischen Ländern. Besonders bei jungen Frauen (18-24 Jahre) verzeichnet die Studie einen starken Zuwachs von 36 Prozent.

ETFs: Optimal für den Einstieg

ETFs (Exchange Traded Funds) sind bei Schweizer Anlegerinnen besonders beliebt. Sie bieten mehrere Vorteile, die sie besonders für Einsteigerinnen attraktiv machen:

• Breit diversifizierte Portfolios reduzieren das Risiko im Vergleich zu Einzelaktien
• Niedrige Verwaltungskosten im Vergleich zu aktiv gemanagten Fonds
• Hohe Transparenz bezüglich der enthaltenen Wertpapiere
• Flexibilität bei Ein- und Ausstieg durch börsentäglichen Handel

Mit populären ETFs, wie bspw. dem MSCI World Index konnten Anleger in den letzten zehn Jahren durchschnittlich 9,4 Prozent jährliche Rendite erzielen – bei deutlich geringerem Risiko als mit Einzelaktien.

Lesetipp: Die bedeutendsten Schweizer Aktienindizes im Überblick

Einstieg mit überschaubaren Beträgen

Die Annahme, dass Geldanlagen grosse Summen erfordern, entspricht nicht mehr der heutigen Realität. Aktuelle Marktanalysen zeigen, dass durch die Digitalisierung im Finanzsektor die Einstiegshürden deutlich gesunken sind. Zahlreiche Online-Plattformen ermöglichen mittlerweile den Einstieg mit monatlichen Beiträgen ab 10 Franken.

Finanzmodelle verdeutlichen die langfristigen Auswirkungen regelmässiger Kleinbeträge: Bei einem monatlichen Sparplan von 100 Franken in einen breit gestreuten ETF kann über einen Zeitraum von 30 Jahren bei einer durchschnittlichen jährlichen Rendite von 5 Prozent ein Vermögen von etwa 80’000 Franken entstehen. Solche kontinuierlichen Investitionen können somit durchaus einen substantiellen Beitrag zur langfristigen finanziellen Absicherung leisten.

Konkrete Schritte zur finanziellen Selbstbestimmung

1. Finanzielle Bestandsaufnahme machen

Der erste konkrete Schritt zur finanziellen Selbstbestimmung ist eine ehrliche Bestandsaufnahme. Erfassen Sie alle Einnahmen, Ausgaben, Vermögenswerte und Verbindlichkeiten. 

• Fixkosten (Miete, Versicherungen, Steuern)
• Variable Kosten (Lebensmittel, Kleidung, Freizeit)
• Sparziele (kurz-, mittel- und langfristig)

Hilfreiche Werkzeuge können Finanz-Apps sein, die eine automatische Kategorisierung ermöglichen.

2. Schutz vor finanziellen Risiken aufbauen

Bevor Sie in den Vermögensaufbau investieren, sollten Sie sich gegen finanzielle Risiken absichern. Dazu gehört ein Notgroschen von drei bis sechs Monatsgehältern auf einem separaten Konto mit schnellem Zugriff. Dieser bietet Sicherheit bei unerwarteten Ausgaben oder Einkommensausfällen.

Daneben ist ein adäquater Versicherungsschutz wichtig. Prüfen Sie Ihre Absicherung bei Invalidität und im Todesfall, insbesondere wenn Sie Familie haben oder allein für Ihren Lebensunterhalt aufkommen müssen.

3. Strategische Vorsorgeplanung umsetzen

Optimieren Sie Ihre Altersvorsorge systematisch in allen drei Säulen:

• AHV: Fordern Sie alle drei Jahre einen AHV-Kontoauszug an und schliessen Sie eventuelle Beitragslücken.
• Pensionskasse: Prüfen Sie, ob Ihre Pensionskasse Teilzeitarbeit fair berücksichtigt und ob der Koordinationsabzug anteilsmässig reduziert wird. Erwägen Sie freiwillige Einkäufe, wenn Ihre finanzielle Situation dies zulässt.
• Säule 3a: Nutzen Sie die Möglichkeit, jährlich bis zu 7’258 Franken (Stand 2025) in die Säule 3a einzuzahlen. Für langfristiges Wachstum empfiehlt sich eine Lösung mit Wertschriftenanteil.
• Säule 3b: Ergänzen Sie Ihre Vorsorge durch freies Sparen und Investieren, beispielsweise in ETFs oder Direktanlagen.

4. Erwerbstätigkeit langfristig planen

Die Erwerbsbiografie hat entscheidenden Einfluss auf die spätere Rente. Studien zeigen, dass ein durchschnittliches Arbeitspensum von mindestens 70 Prozent über das gesamte Berufsleben hinweg Vorsorgelücken deutlich reduzieren kann.

Falls eine Reduktion des Arbeitspensums – etwa für die Kinderbetreuung – notwendig ist, sollten Sie gemeinsam mit Ihrem Partner eine faire Aufteilung der Betreuungsaufgaben und Erwerbsarbeit anstreben. Die Swiss Life Studie bestätigt, dass gleichberechtigte Partnerschaften zu einer ausgeglicheneren Vorsorgesituation führen.

5. In Finanzwissen investieren

Fundiertes Finanzwissen bildet die Grundlage für selbstbestimmte Entscheidungen. Frauen mit gutem Finanzwissen investieren häufiger als Frauen ohne entsprechende Kenntnisse.

Nutzen Sie hochwertige Quellen zur Weiterbildung (Fachbücher, Workshops, Kurse, Podcasts) und wagen Sie sich schrittweise an Ihre Finanzplanung.

Fazit: Eigene Finanzen aktiv gestalten

Frauen, die ihre Finanzen aktiv gestalten, können die Weichen für ihre finanzielle Zukunft neu stellen. Die wachsende Zahl von Anlegerinnen in der Schweiz verdeutlicht, dass immer mehr Frauen die Kontrolle über ihre finanzielle Situation übernehmen.

Die wichtigsten Hebel sind eine bewusste Erwerbsplanung, die systematische Nutzung aller Vorsorgesäulen und der frühzeitige Einstieg in die Geldanlage. Eine unabhängige Finanzberatung kann dabei entscheidende Impulse geben und helfen, individuelle Strategien zu entwickeln.

Wer heute aktiv wird, sichert sich langfristig finanzielle Unabhängigkeit und Selbstbestimmung – in jeder Lebensphase.

In the dynamic world of financial investments, Actively Managed Certificates (AMCs) have established themselves as attractive investment vehicles for discerning investors. However, as with all financial instruments, a solid understanding of the regulatory framework is essential. Especially in Switzerland, a global center for wealth management, AMCs are subject to specific regulations that offer both protection and flexibility.

The most important facts at a glance

• AMCs in Switzerland are primarily subject to the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA)
• FINMA acts as the central supervisory authority with extensive supervisory powers
• Issuers must ensure transparency with regard to fee structure, risks and investment strategy
• Governance requirements protect investors from conflicts of interest and operational risks
• Compared to traditional funds, AMCs often offer more flexibility with less regulatory burden

Legal framework for AMCs in Switzerland

The regulatory framework for AMCs in Switzerland is primarily based on the Financial Services Act (FinSA), which regulates the products and associated services, and the Financial Institutions Act (FinIA), which regulates the requirements for the financial intermediaries involved. These legal foundations, which came into force in 2020, have fundamentally modernized the regulatory landscape for financial products and financial service providers. Unlike collective investment schemes (funds), AMCs are not subject to the Collective Investment Schemes Act (CISA), which gives them certain advantages in terms of flexibility.

The Swiss Financial Market Supervisory Authority (FINMA) monitors compliance with these regulations and ensures that AMC providers have the necessary licenses. In addition, the recommendations of the Swiss Structured Products Association (SSPA) play an important role as an industry standard, especially since the publication of comprehensive AMC guidelines in 2020.

In a global comparison, the Swiss regulatory approach to AMCs is perceived as balanced. It provides robust investor protection mechanisms without overly restricting product innovation. This differs from the stricter regulation under MiFID II in the EU, where comparable products are often subject to more complex requirements.

Reading tip: FAQ about actively managed certificates

Transparency and disclosure obligations

Issuers of AMCs must provide comprehensive product documentation. Depending on the target market, this includes a standardized key information document (KID), which presents all key product features, risks and costs in a comprehensible form. These documents must always be made available to potential investors before an investment decision is made.

The documentation must contain precise information on the investment strategy, the permitted asset classes and any investment restrictions. Investors should pay particular attention to the level of detail of this information as it forms the basis for the assessment of investment suitability.

A critical aspect of regulation concerns the disclosure of costs. AMC providers must be transparent about charges, including:

• Management fees (typically 0.5% to 2% p.a. on the net assets in the product)
• Performance fees (often 10% to 20% of the excess return)
• Trading costs and spread fees
• Issue fees and redemption costs
• Indirect costs due to underlying investments

This transparency obligation enables you as an investor to make a well-founded assessment of the actual cost burden of your investment.

Risk management and governance

Swiss regulations require AMC providers to have robust risk management systems. These must identify, measure and monitor the relevant risks. Those responsible must have sufficient qualifications and carry out regular risk assessments.

Clear responsibility structures between the issuer, asset manager and other service providers are particularly important. This separation of functions minimizes potential conflicts of interest and strengthens control.

AMC providers are obliged to identify and manage potential conflicts of interest. This applies in particular to

• Transactions with related parties
• Proprietary trading activities of the persons involved
• Receipt of retrocessions or kickbacks
• Allocation of investment opportunities between different client portfolios

These governance standards form an essential protective shield for investors against possible abusive practices.

Investor protection for AMCs

Swiss regulation offers investors in AMCs several layers of protection. These include the strict separation of client assets from the issuer’s equity. This means that in the event of the issuer’s insolvency, the underlying assets of the AMC should remain protected.

If this is not possible, or only possible to a limited extent, there is a counterparty risk which must be disclosed to the investor. Note: Only works with an SPV setup. Not possible with an on-balance sheet solution with a bank.

Comprehensive appropriateness and suitability tests also apply. Providers must ensure that an AMC fits the investor’s risk profile, investment objectives and financial situation. Stricter requirements apply for private investors with limited experience.

If you have problems with AMC investments, there are various options available to you:

1. Direct complaint to the provider via established complaints procedures
2. Involvement of the Swiss ombudsman’s office for financial service providers
3. Complaints to FINMA in the event of suspected serious breaches of regulations
4. Civil law actions in the event of financial losses due to breaches of duty

Reading tip: Advantages of AMCs for investors

Tax aspects of AMCs

The tax treatment of AMCs in Switzerland differs from other forms of investment. The tax classification depends largely on the specific structure of the certificate and the underlying assets.

For international investors, specific regulations may apply depending on the double taxation agreement. Professional tax advice is recommended here, as the tax treatment can have a significant impact on the net return.

Reading tip: Costs and tax treatment of actively managed certificates

Practical tips for investors

1. Check the full transparency of the fee structure
2. Analyze the detailed investment strategy and investment restrictions
3. Evaluate the qualifications and track record of the asset manager
4. Ensure clear responsibilities between issuer and manager
5. Understand the specific risks, including issuer risk
6. Review the liquidity conditions and possible restrictions
7. Consider the tax implications for your personal situation

Ask critical questions if information is missing or appears incomplete. Providers that offer complete transparency signal seriousness and compliance.

Developments in AMC regulation

The regulatory landscape for AMCs in Switzerland has undergone a remarkable transformation since its introduction in 2007. With the implementation of FinSA and FinIA in 2020, investor protection was strengthened and transparency requirements increased. The SSPA recommendations have also contributed to greater standardization in the industry.

Looking back, it can be seen that regulatory development has always followed the balance between investor protection and market flexibility. The originally rather cautious regulation was gradually refined without stifling the innovative power of this investment instrument.

In the future, harmonization efforts with international standards are likely to become increasingly important. This could facilitate cross-border distribution and make AMCs accessible to a wider audience.

Actively managed certificates (AMCs) are becoming increasingly popular with Swiss investors. They offer the advantage of active asset management in a flexible investment product. However, as with all financial products, there are costs that can affect the return. At the same time, the tax treatment of AMCs entails special features that are relevant to your investment decision.

The most important facts at a glance

• Management fees for AMCs are typically between 0.5% and 2% p.a. of the invested capital
• Performance fees usually amount to 10% to 20% of the excess return
• AMCs are subject to withholding tax of 35% on interest and dividends in Switzerland
• The total expense ratio (TER) can vary considerably depending on the provider and investment strategy
• Compared to ETFs, AMCs generally incur higher fees, but with the potential for better performance
• Tax reporting is provided by most Swiss AMC providers

Fee structure of AMCs

Here you will find a list of all fees charged on AMCs.

Management fees – the basis of the costs

The management fee forms the basis of the cost structure for AMCs. This annual fee is charged regardless of performance and amounts to between 0.5% and 2% of the invested capital, depending on the complexity of the investment strategy. Actively managed certificates with a focus on niche markets or special investment strategies tend to have higher management fees.

Performance fees – performance-related costs

A characteristic feature of AMCs is the charging of performance fees. These typically amount to between 10% and 20% of the excess return achieved over a pre-defined hurdle rate. The hurdle rate can be defined in absolute terms (e.g. 5%) or relative to an index (e.g. MSCI World).

This fee structure is intended to align the interests of investors and asset managers. However, pay attention to the precise definition of the calculation method, in particular the

• Calculation period (annual, quarterly)
• High water mark rules
• Definition of the benchmark or hurdle rate

Other cost components

In addition to the main fees, AMCs incur further costs that can increase the overall charge:

• Administration costs: additional fees for managing the certificate (0.1% to 0.5% p.a.)
• Trading costs: Costs incurred when rebalancing the portfolio
• Issue premium: One-off fee on subscription (0% to 3%)
• Redemption fees: Costs incurred when selling the AMC (0% to 2%)

Total expense ratio (TER) – the decisive factor

The total expense ratio (TER) is the most important key figure for a meaningful comparison of different AMCs. It includes all ongoing costs associated with the management of the certificate. Note, however, that performance fees and trading costs are often not included in the TER (as there is no uniformly regulated TER definition for AMCs as there is for UCITS funds) and must be taken into account separately.

Reading tip: AMC rules and regulations: What investors need to know

Tax treatment of AMCs in Switzerland

Here you will find further input on the tax treatment of AMCs in Switzerland.

Withholding tax

In Switzerland, AMCs are generally subject to withholding tax of 35% on distributed income such as interest and dividends. In the case of accumulating AMCs, withholding tax is levied on components classified as income, even if these are not distributed but accumulated in the product value. Domestic investors can generally reclaim this tax in full, provided they declare the income correctly.

Income and wealth tax

The following tax regulations apply to Swiss investors:

• Income tax: distributions and components declared as income (e.g. dividends or interest) are subject to income tax. Private capital gains are generally tax-free in Switzerland, provided there is no commercial trading activity.
• Wealth tax: The value of the AMC on the reporting date (usually December 31) is part of the taxable assets
• Capital gains: Private capital gains are generally tax-free, provided the investor is not classified as a professional securities trader

Tax reporting

An important advantage of Swiss AMCs is the detailed tax reporting provided by most providers. This supports you in making correct tax declarations and enables you to reclaim withholding tax in the best possible way. When choosing an AMC, make sure that such reporting is offered.

Reading tip: Explanation and insights into actively managed certificates

Cost comparison: AMCs and other investment products

Investment instrument	Typical management fees (p.a.)	Performance fees	Issue premium	Transfer tax (CH)	Special features
AMCs	0.5% – 2.0%	10% – 20%	0% – 3%	35% on earnings	Flexible structures, high adaptability
Active funds	1.0% – 2.5%	Rare	2% – 5%	35% on distributions	Regulated structures, higher investor protection
ETFs	0.1% – 0.5%	None	0% – 0.5%	35% on distributions	Passive strategy, high cost efficiency
Direct investments	None	None	Trading fees	Direct taxation depending on the security	Highest transparency, no management costs
Robo-Advisor	0.5% – 1.0%	Rarely	Mostly none	35% on returns	Digital management, often ETF-based
Structured products	Implicit in product structure	Partially	0% – 2%	35% on bond portion	Complex structures, different risk profiles

The cost efficiency of an investment product depends not only on the absolute fees, but must also be considered in relation to the expected return and the service offered. AMCs are positioned in the mid to upper price segment, but offer

• Access to specialized investment strategies
• Active management with customization options
• Tailor-made solutions
• Often direct contact with the asset manager

Reading tip: The advantages of AMCs for investors

Optimization opportunities for AMC costs and taxes

1. Careful comparison of providers: Compare the fee structures of different AMC providers carefully. The differences can be considerable and have a significant impact on your returns in the long term. Pay attention not only to the management fees, but to all cost components.
2. Check discounts for higher investment amounts: Many AMC providers offer fee discounts for higher investment amounts. Above a certain investment volume, you may be able to obtain individually negotiated conditions.
3. Tax-optimized investment strategy: You can minimize your tax burden with a tax-optimized investment strategy:
   • Be aware of the difference between accumulating and distributing AMCs
   • Check the optimum timing for purchases and sales with regard to your personal tax situation
   • Take advantage of tax benefits by paying into pillar 3a
4. Consider the investment horizon: With long-term investments, ongoing costs have a greater impact than one-off fees. Conversely, the entry and exit costs play a more important role for short-term investments. Adapt your selection accordingly to your investment horizon.
5. Regularly review the cost structure: The fee landscape for AMCs is constantly evolving. What seems cost-efficient today may be outdated tomorrow. A regular review of your existing AMCs is therefore recommended.

Conclusion

The fee and tax structure of AMCs is complex, but can be structured transparently. To make an informed investment decision, you should carefully examine all cost components and tax aspects and evaluate them in relation to the expected returns and your individual investment objectives. The higher costs of AMCs are particularly significant compared to passive investment products such as ETFs, but active management offers the opportunity for excess returns and more flexible adjustment options.

Your personal risk profile, tax optimization goals and need for personalized service should ultimately determine whether the higher costs of AMCs are worth it for you.

Networking in the financial sector is about more than just making new contacts. It is about building stable and long-term client relationships based on trust and real added value. However, many financial advisors find it difficult to fully exploit this potential. The difference between a successful network and simply collecting contacts lies in the strategy and authentic cultivation of these relationships.

In this article, you will learn how you can secure your client relationships in the long term and advance your career through targeted and strategic networking. We give you practical tips for efficient networking – online and offline.

The most important things at a glance

• Networking is the key to long-term success: you can win and retain customers through targeted contact management and relationship building.
• Quality over quantity: A successful network does not consist of a mass of contacts, but of valuable, sustainable relationships.
• The 70-20-10 rule: 70% of your networking time should be spent helping others, 20% on self-marketing and 10% on seeking support.
• Combine online and offline networking: Take advantage of platforms such as LinkedIn and supplement them with face-to-face meetings at industry events.
• Strategy and preparation are key: Networking must be targeted and have a clear strategy to be successful.

Problem: Why does networking often not work?

Many financial advisors face the challenge of turning their networking efforts into measurable success. Often these efforts fail because fundamental mistakes are made that significantly limit the potential of networking.

A common mistake in networking is the assumption that more contacts automatically lead to more success. But this is a fallacy. Rather, it depends on the quality of the relationships. A small but valuable network of authentic and well-maintained contacts brings more in the long term than a large number of superficial connections.

Many financial advisors make the mistake of focusing their networking efforts mainly on direct sales. This often leads to the actual goal of networking – building trust and relationships – being neglected. Effective networking is based on genuine interest and a willingness to offer added value without expecting anything in return immediately. Networking should be seen as a long-term investment where trust is paramount.

Another problem is that many consultants do not have clear goals and strategies for their networking. Without a clear idea of what they want to achieve with their networking efforts, many get bogged down in random contacts that bring little benefit.

Successful networking requires precise planning:

• What kind of contacts should be made?
• How can added value be created for both sides?
• Which networking events or platforms are most promising?

Without clear answers to these questions, networking is often ineffective.

Reading tip: Customer acquisition for financial advisors – how to win new customers

The 70-20-10 rule: give more than you take

The 70-20-10 rule is a proven strategy for effective networking that aims to find the right balance between giving and taking. The rule states:

• 70% of networking time should be spent helping others
• 20% of time should be spent on self-promotion
• 10% of time should be spent asking others for support

This approach fosters trust and creates the basis for long-term, valuable relationships.

So how can this rule be put into practice? An example:

70% – Helping and providing value – most of the network should be focused on giving. This can be done in different ways:

• Sharing industry knowledge, providing helpful contacts or answering questions to help a contact with a current problem.
• In the financial sector, for example, a financial advisor could help an entrepreneur with tax optimization or recommend a competent tax consultant.

20 percent – self-marketing – part of the networking efforts should be devoted to self-marketing. This means putting yourself and your expertise in the foreground – without appearing pushy.

• A financial advisor could share successes in this context, for example an optimized investment strategy that has brought a client high returns.
• This moderate amount of self-marketing helps to raise your own profile and strengthen the trust of your contacts.

10 percent – asking for support – the smallest part of networking is accepting help from others.

• Financial advisors can ask their contacts for help in recommending new clients or partners.
• An example would be getting a referral for a potential new client because you are known as a trustworthy contact.

By consistently applying the 70-20-10 rule, financial advisors can build valuable, long-term relationships based on trust and reciprocity.

Recommended reading: How to start your career in the financial industry

Small talk: from icebreaker to deeptalk

Small talk is a valuable tool for getting a conversation started and creating a relaxed atmosphere. Especially when networking, the right small talk can help to build bridges and gain initial sympathy.

But which icebreakers are best suited and how do you master the transition from a casual conversation to in-depth topics?

• Specialist topic: At networking events in the financial sector in particular, it is a good idea to address a current, industry-specific topic. An example could be a new regulatory change in Switzerland or current developments on the financial markets.
• Current (non-political) topic: Current and neutral topics such as new technologies, a major sporting event or developments in the area of sustainability are often safe conversation starters.
• Funny, light topics: Humor can help ease tensions and create sympathy. However, make sure that the humor remains respectful and unobtrusive.

A relaxed and friendly attitude is important when starting small talk. Open questions are particularly suitable for drawing the other person into the conversation and making it easier to get started. Bringing up a neutral topic gives the other person the opportunity to relax and answer freely.

• Observations: “I have the impression that everyone here today is full of energy. Did you find the keynote so inspiring?”
• Compliments: “I’ve just listened to your presentation. The way you got to the heart of the topic was impressive.”
• Event-related questions: “How did you come to this conference? Is there anything you are particularly looking forward to today?”

Once the small talk has facilitated the introduction, it is perfectly legitimate to steer the conversation towards more in-depth topics – especially if the setting is suitable. This can be done in the context of a business meeting or in a confidential conversation.

You can use small talk to create a relaxed and positive basis for the rest of the conversation. Remain authentic, respectful and flexible in order to respond to your counterpart.

The right demeanor

Networking is not just about what you say, but also about how you present yourself. Authenticity, friendliness and competence play a key role in how you come across to others and whether you succeed in building long-term relationships. Your appearance should always be appropriate to the position without coming across as pushy or inauthentic.

Regardless of whether you are just starting out, an experienced consultant or an established figure in the financial sector: Authenticity is the key to success. You should never try to present yourself as someone you are not. People can sense when someone is not authentic and this can undermine trust and respect. An early career professional should emphasize their curiosity and willingness to learn, while an experienced consultant can highlight their expertise and achievements. Be aware of your role and behave accordingly.

Networking is a delicate balancing act between proactive engagement and restraint. The right timing is crucial: don’t start a conversation too brashly, but give your counterpart space. Choose topics that are of interest to both sides and make sure you don’t fall into selling or self-promotion too quickly. The trick is to offer added value without expecting anything in return.

Likeability is the door opener for any successful relationship. A friendly smile, genuine interest and a pinch of humor can work wonders. Make sure you always listen attentively and show interest in the person you are talking to. Humor – used in the right way – lightens up the conversation and makes you appear human and approachable. But don’t overdo it, because too much humor and lightness can come across as unprofessional.

It is important to know your own professional boundaries. Avoid addressing topics that you are not sufficiently informed about or say so openly. Otherwise this could undermine your credibility. Instead, look for topics where you can present yourself confidently and offer genuine insights. In the financial sector in particular, sound specialist knowledge is a confidence-building factor. Also, be prepared to listen and engage with the topics your counterpart raises.

A successful networker is always a good observer. Pay attention to the other person’s body language and reactions. Is the conversation pleasant or does the person feel uncomfortable? Show empathy by responding to the person’s mood and reacting flexibly to the conversation. This not only shows respect, but also helps you to steer the conversation in the right direction.

Reading tip: The essential tools for the financial advisor

Personal networking at events

Networking at trade fairs, conferences and industry events is one of the most effective ways to build long-term client relationships. Here you have the opportunity to get to know business partners and potential clients personally, build trust and demonstrate your expertise in a direct exchange. To ensure that networking at such events is successful, there are a few points to bear in mind.

• Before the event, make a list of the most important people or companies you would like to meet. Research in advance which topics and speakers will be represented at the event and which contacts could be relevant to your goals.
• Small talk is the door opener for further discussions. Start with a neutral topic such as the event itself, an interesting keynote or an industry trend.
• Once the small talk is underway, you can steer the conversation towards specialist topics . Be careful not to get into detailed technical discussions too quickly. Listen to the person you are talking to, ask open questions and slowly lead the conversation into greater depth.
• Only hand out business cards once a relevant contact has been made. Make sure that the exchange of contact details does not come across as intrusive, but takes place in the context of an appreciative conversation.
• After the event, it is important to keep in touch. Write a short, friendly message to the people you have met. Thank them for the conversation and follow up on a specific topic you discussed during the meeting.

Relevant trade fairs and industry events for financial advisors:

• FINANZ in Zurich: one of the largest financial fairs in Switzerland where financial advisors, investors and financial institutions meet. Here you can make valuable contacts and find out about current trends in the financial sector.
• Many companies regularly organize events for their customers or partners. These events are often more informal and provide an excellent opportunity to strengthen existing relationships and make new contacts.
• Local financial advisor get-togethers or similar meetings offer a relaxed atmosphere to connect with colleagues, exchange ideas and learn from each other.

Online platforms as a basis for networking

Social networks have become an integral part of networking in the financial sector. They enable connections that would otherwise not be possible, even across geographical borders.

A comparison of social networks

Platform	Contact person (professional/private)	Reach	Activity	Type of content
LinkedIn	Professional	Global, especially strong in international markets	High, especially for B2B	Posts, professional articles, LinkedIn Pulse, videos
Xing	Professional	Strong in the DACH region (Germany, Austria, Switzerland)	Medium, mainly active in DACH	Posts, professional articles
Facebook	Both	Global, particularly strong in the private sector	Very high, especially in the private sphere	Posts, group content, videos
Instagram	Both	Global, particularly strong among younger target groups	Very high, especially young users	Images, short videos, stories
TikTok	Private	Global, primarily with young target groups	Very high, primarily young users and trendsetters	Short, trendy videos

LinkedIn is the most important platform for professional networking, especially in the financial sector. It offers the opportunity to make targeted contacts, present professional successes and skills and share specialist knowledge. With its structured interface and tools such as the LinkedIn Sales Navigator, it is ideal for finding and cultivating potential customers and business partners.

Xing is particularly widespread in German-speaking countries. It offers similar functions to LinkedIn, but is more focused on the DACH region (Germany, Austria, Switzerland). Xing is a good platform for networking in specialist groups and finding locally relevant contacts. However, visitor numbers are developing negatively, so this should not be the focus.

Facebook is less suitable for professional networking, as it is primarily a private social platform. Nevertheless, it can be useful to be active in special financial groups or business groups. It also offers the opportunity to interact more informally with contacts and share less formal content.

Instagram is not a typical platform for networking in the financial sector, but it can be used to build a personal brand. Financial advisors can share content here that provides insights into their day-to-day work, for example photos of events or visual content on financial topics (e.g. infographics). This can be particularly valuable for addressing younger target groups.

At first glance,TikTok does not appear to be a platform for financial advisors, but it has become increasingly important for addressing young target groups in particular. It is suitable for short information videos, for example to explain financial topics in an entertaining and easy-to-understand way. It can be the first contact with customers who will be your customers in 10 years’ time.

Tip: Connect with our experts!

The most important Swiss networks

In Switzerland, LinkedIn is the most important platform for professional networking. Specialized networks and industry associations are also important for making relevant contacts in the financial sector.

What content is suitable for sharing expert knowledge?

• Specialist articles and analyses: Share articles that deal with new developments in the financial sector. This could be the latest regulations in Switzerland, market overviews or forecasts on economic trends.
• Success stories: Use specific examples to show how you have helped your customers. This increases your credibility and gives other potential customers an insight into how you work.
• Informative videos and tutorials: Create short explanatory videos on complex financial topics. This content is not only easy to digest, but also offers added value for your network.
• Avoid too much self-promotion: Be careful not to advertise your services too much. This can act as a deterrent and weaken trust. Instead, concentrate on offering added value. Remember the 70-20-10 rule mentioned at the beginning.
• Factual and helpful comments: Interact with your network, offer added value, respectfully add more details and provide insights into your experience and expertise.

Through the targeted use of online platforms, you can expand your network and build valuable, long-term relationships.

Nurturing relationships for the long term

Building a network is only the first step – maintaining long-term contact is crucial to consolidating and expanding customer relationships. Active and thoughtful contact management ensures that you are remembered and that your connections are successful in the long term.

Stay in regular contact with your contacts without being intrusive. A good tactic is to remember important events or developments in the contact and use these as an opportunity to make contact. These can be birthdays, professional milestones or changes in the market environment. A short message on a topic that concerns your contact can also be very effective.

Avoid mass mailings. Instead, send personalized messages that address the contact’s specific interests and needs. An easy way to do this is to refer back to previous conversations or specific topics to pick up the conversation again.

Make sure every interaction adds value. This can be done by sharing a relevant article, offering a useful tip or inviting them to an interesting event. This way you will be remembered without giving the feeling that you are only looking for something in return.

Comment on and share your contacts’ posts on platforms such as LinkedIn. This shows interest and support for their activities without you having to send a direct message.

Long-term relationships need active and thoughtful nurturing. Use a mix of email, social media and face-to-face meetings to strengthen your contacts and always offer added value to be remembered positively.

Conclusion and FAQ

Long-term and trusting relationships are the key to success in the financial sector. Networking should not be seen as a purely tactical measure, but must always be based on genuine interest and mutual exchange.

The customer and their needs are the focus – not your own interest in closing a deal quickly. An honest and trusting network brings significantly more success in the long term than a superficial collection of contacts. Financial advisors should view their network as a long-term investment that is about building and maintaining valuable relationships and offering real added value.