Becoming an independent asset manager: the path to FINMA authorisation
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Selbstständig werden als Vermögensverwalter
Anyone wishing to manage client assets independently in Switzerland has been required, under the Financial Institutions Act (FinIA), to hold a FINMA authorisation. Before submitting an application, the wealth manager must join a supervisory organisation that provides ongoing oversight. Additional requirements cover organisation, capital, and fitness and propriety for sound business conduct.
The essentials
01
Wealth managers have been required under FinIA (in force since 2020) to hold a FINMA authorisation; the transitional period for existing managers ended at the close of 2022.
02
Prior to submitting an authorisation application, affiliation with a supervisory organisation (SO) must be demonstrated; the SO assumes ongoing supervision.
03
The minimum capital requirement is CHF 100'000, which must be paid in cash.
04
FinIA additionally requires adequate own funds, an appropriate operational organisation, and qualified persons who are fit and proper for sound business conduct.
Sources: FINMA · FinIA Art. 22
Frequently asked questions about Selbstständig werden als Vermögensverwalter
You require authorisation as a wealth manager under the Financial Institutions Act (FinIA), granted by FINMA. Prerequisites include, among others, affiliation with a supervisory organisation, an appropriate organisation, sufficient own funds, and qualified persons who are fit and proper for sound business conduct.
A supervisory organisation (SO) is a body recognised by FINMA that provides ongoing supervision of wealth managers and trustees. Before filing an authorisation application, you must submit confirmation from an SO that it will accept your affiliation. After authorisation is granted, the SO regularly monitors compliance with supervisory requirements.
FinIA requires minimum capital of CHF 100'000, which must be paid in cash. In addition, adequate own funds are required during ongoing operations, along with costs for organisation, compliance, risk management, and affiliation with a supervisory organisation. The precise capital requirement depends on the size and business model of the firm.
The duration depends on the completeness of the application and the complexity of the business model. In practice, several months pass between joining a supervisory organisation and the FINMA decision. Careful preparation of the organisation, internal regulations, and evidence of own funds shortens the process.
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