North and Latin American investors concerned about the future safety of their assets can appreciate stability, universality, responsibility and excellence – the four cornerstones and the foundation of the long-term success of Swiss banking and the Swiss financial center. Swiss banks and wealth managers will continue to orientate themselves along these values, thus contributing to a competitive, diverse financial center with a high level of performance.
Despite the corona crisis and its ongoing impact, Fitch has renewed Switzerland's AAA-rating with a stable outlook. The Deep Knowledge Group in its Covid-19 Regional Safety Assessment ranks Switzerland first for its economic resilience and its careful approach. And overall, the annual rating by an American think tank made up of the US News & World Report, marketing company Y&R and the Wharton School, a business school at the University of Pennsylvania, places Switzerland above average in several categories - from conducting business to quality of life - the neutral alpine nation has been on top of their list every time since it was founded in 2016.
What does this mean for assets held in Switzerland?
The Swiss financial center is characterized by its long-term stability even in times of crisis. The reliability of the country’s political and legal systems, and the steadfastness of its institutions and its currency make Switzerland a safe haven for individuals and companies the world over. Although Swiss banks and financial professionals conduct business around the world, they remain firmly rooted in their home market.
The Swiss banks and wealth managers are characterized by cultural diversity and provide a comprehensive product and service offering for customers of every nationality and for wealth of all sizes. As a result, even the most varied customer needs can be met. Swiss professionals ensure the provision of high quality advisory services thanks to well-trained, multi-lingual and open-minded employees.
Especially during times of increasing volatility, the world's wealthy turn to Switzerland as a safe haven for their assets.
Swiss banks and wealth managers are driven by respect for the individual and the ethical and moral standards of the social systems in which they operate. These standards must be respected and defended. Bars are set very high when it comes to conduct towards customers, society, employees and the environment. Binding rules have been established according to which day-to-day activities are continuously assessed, monitored, and improved. In dealing with international organizations, Swiss banking advocates practice-oriented rules and adheres to global standards.
With the most competent, ambitious and forward-thinking workforce, tried-and-tested innovative methods, and the best available systems, the Swiss financial industry ensures the highest possible level of quality, founded on the solid tradition of the Swiss financial center yet open and flexible in addressing the changing needs of customers and society.
US, Canadian, and Latin American citizens, residents, and expats the world over can engage a Swiss wealth manager and establish a Swiss bank account for jurisdictional diversification and long-term wealth preservation. It is simply prudent to hold some assets outside of the domestic financial system.
The FC4S network was founded in September 2017 in Casablanca. It was established as a partnership between financial centres and the United Nations Environment Programme. The aim of the network is to exchange experiences and take joint action on shared priorities in order to accelerate the expansion of sustainable finance. The long-term vision of the FC4S network is the rapid global growth of sustainable finance, supported by enhanced international interconnectedness and a framework for joint action. Swiss Sustainable Finance and Sustainable Finance Geneva are active members of the network and the FC4S Secretariat is based in Geneva.
The network of central banks and supervisory authorities is a collaborative structure aimed at greening the financial system and strengthening the financial sector’s efforts to achieve the objectives of the Paris Agreement. This includes, for example, mobilizing capital for green and low-carbon investments. As a voluntary, consensus-based forum, the NGFS has issued six recommendations for central banks, supervisory authorities, policy makers and financial institutions with a view to strengthening their role in the greening of the financial system and the management of environmental and climate risks.
The Swiss National Bank and FINMA, the Swiss Financial Market Supervisory Authority, joined the NGFS in April 2019. As members, they are required to make an active contribution.
The UN PRI is an investor initiative founded in 2006 in partnership with the financial initiative of the UN Environment Programme UNEP and the UN Global Compact. The initiative, which is supported by the United Nations, is an international investor network that has established and intends to implement six principles for responsible investments. The aim is to understand the implications of sustainability for investors and to support the signatories in incorporating these factors into their investment decision-making processes. More than 130 Swiss signatories have joined the UN PRI.
The UN PRB provide the framework for a sustainable banking system and help the sector to demonstrate how it makes a positive contribution to society. They are accelerating the banking industry’s contribution to achieving society’s goals as expressed in the Sustainable Development Goals and the Paris Agreement.
The UN PRB was launched by 130 banks from 49 countries at the annual United Nations General Assembly in September 2019. In addition to the two big banks, three major Swiss wealth managers were also signatories. Other banks are to follow suit.
From an overall perspective, it is clear that the best prerequisites are in place to ensure that the Swiss financial center will maintain its strong rank in the future.
Switzerland, the world's global leader in cross border private banking, is easily accessed by US, Canadian, and Latin American investors. Through the Swiss platform, AW+SWITZERLAND, a directory of Swiss wealth management services for US, Canadian, and Latin American clients, investors can find the resources they need to get established in Switzerland, without leaving the comfort of their homes. Swiss SEC-registered investment advisors, some also serving Canadian and/or Latin American clients, will guide the way, providing suitable, long-term wealth management strategies for just about every kind of investor.
Resource: Swiss Bankers Association
Publications are for your information only and are not intended as an offer, promotion, or solicitation to buy or sell any financial instrument or perform any other financial transactions. All information and opinions expressed in the publications reflect current views as of the date of publication and may be liable to change without notice.