Swiss private banks: which criteria to clarify before you choose

Who this page is for

This page is for people who live in Switzerland, Swiss nationals and expatriates settled here alike, and for those preparing to move here. They are considering a private banking relationship for substantial financial assets, for example after selling a business, receiving an inheritance or selling a property, on arriving in Switzerland with assets still held in another country, or to reorganise assets already invested.

We wrote it primarily for people with more than one million Swiss francs in available financial assets. This figure is an editorial guide, not an entry requirement: each institution sets its own criteria for taking on new clients, and not all of them publish those criteria.

If you live outside Switzerland and have no plans to move here, the introduction service described below is not available to you.

How do you choose a private bank in Switzerland?

Start from your situation rather than from a list of names. Before comparing institutions, be clear about what you expect from the relationship. You can then use these criteria in a first meeting to check whether a banker is right for your situation.

The clearer these points are to you, the more a first meeting can focus on your situation rather than on generalities. The AlpineCompare simulator covers several of them, including the amount, where you live, your language and what you expect from your banker.

Private bank, universal bank, cantonal bank or independent asset manager: what is the difference?

In Switzerland, a wealth management relationship can be held with several types of institution. None suits every profile, because each organises the relationship in its own way.

‘Private banking’ refers to wealth management for private clients. Private banks offer it, but so do universal banks and cantonal banks. What matters to you is less the label than how the relationship will be run day to day.

Banks must be licensed by FINMA, the Swiss Financial Market Supervisory Authority. FINMA publishes the list of authorised institutions, as well as a list of portfolio managers it has licensed and that are monitored by a supervisory organisation. You can use them to check an institution's status before a first meeting.

What should you ask in a first meeting?

A first meeting is as much about presenting your situation as about understanding how the relationship would be organised. Asked of every banker you meet, these questions make their answers comparable.

• Who will look after my relationship day to day, and who takes over if my banker is away or leaves the institution?
• In which language will we communicate, and in which language will I receive contractual documents and statements?
• How and how often will we review things: in person, by phone, by video call?
• What would you like to know about my situation before making me a proposal?
• How will changes in my situation be taken into account, for example a move to another canton or a family event?
• Which services do you provide yourself, and which are handled by other specialists in the institution?
• Which documents should I prepare to open the relationship, particularly if I hold another nationality or have assets in another country?

What will you be asked when opening the relationship?

Identity documents, questions about the origin of your wealth and, depending on the service you choose, questions about your financial situation and objectives.

The institution will want to understand where the assets you are entrusting to it come from. Depending on your situation, prepare the documents that trace them: the contract for the sale of your business or a property, the estate documents, statements from the institution where your assets are held today, including abroad. Gathering them before the first meeting saves back-and-forth.

If you grant a portfolio management mandate, or ask for investment advice that takes your whole portfolio into account, the institution must enquire about your financial situation, your investment objectives, and your knowledge and experience. This is required by article 12 of the Financial Services Act (FinSA). Thinking about these points beforehand makes the conversation more useful.

Your nationality, a recent move to Switzerland or tax ties to another country may lead to additional questions and documents. Mention them in the first meeting.

Different situations, different points to clarify

The examples below are illustrative. They show needs to discuss with a banker, without prejudging what will suit your situation.

Private banks by city

Our city pages list, in alphabetical order, the institutions whose office serving private clients we have verified. They also cover what to look at when choosing a banker locally, for example for a private bank in Geneva.

How AlpineCompare puts you in touch

AlpineCompare is an introduction service. It is not a bank, a wealth manager, a trustee or a client adviser; it manages no assets and offers no financial instruments.

The simulator asks you about your project, the amount involved, where you live, your language and what you expect from your banker. Your answers are matched against the profiles declared by the private bankers of our partner institutions. Once your phone number is verified, you obtain a selection of private bankers from our partner institutions, with the option to be put in touch with one of them or to ask to be called back; nothing is passed to any partner until you have confirmed one of these two requests. A banker's direct contact details, where the banker provides them, are shown only after you have confirmed the introduction to that banker or asked that banker to call you back: this confirmation is your agreement to your request being passed to that banker and their institution, which receive it at that moment; AlpineCompare records this agreement and may rely on it with the institution to establish that the relationship arose through its introduction.

What you should know about how the service works and its limits:

• AlpineCompare is paid by the partner institution, under a business-introduction agreement, when a client it introduced signs a contract with that institution; the service is free for you.
• Only private bankers of partners can be presented to you; institutions without a partnership are described on the site in the same way as the others.
• Remuneration plays no part in the selection of the profiles shown or in their order.
• The selection depends on the partner bankers whose profile matches your request.
• The information published on institutions is indicative; all of this information must be confirmed with the institution concerned.