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Partnerships between banks and IFAs – Best of both worlds. Olivier Collombin / Julien Froidevaux LODH – Independent Assets Managers Prague – April 29, 2008. Jean de la Fontaine (1621 – 1695). “The Oak and the Reed”. “The Oak and the Reed”. “The Lion and the Rat “. IFA Swot Analysis.

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partnerships between banks and ifas best of both worlds

Partnerships between banks and IFAs – Best of both worlds

Olivier Collombin / Julien Froidevaux

LODH – Independent Assets Managers

Prague – April 29, 2008

the oak and the reed
“The Oak and the Reed”
  • “The Oak and the Reed”
  • Independence
  • Flexibility
  • Proximity
  • Profitability


  • Dependence to large clients
  • Lack of investment capacities


  • Banking consolidation
  • New career for senior privates bankers


  • Changing business model
  • Increasing legal constraint
  • Non-prepared successions


the perfect banking offer
The perfect banking offer
  • An excellent brand name
  • A sophisticated and user-friendly IT tool
  • An international network
  • A reliable administration
  • A loyal and supportive management
  • A dedicated desk
  • A partner who thinks beyond your immediate needs
financial markets have we seen the worst
Financial markets … have we seen the worst ???
  • Volumes heavily down
  • Lack of liquidity in underlying investments
  • Major players badly hit
  • Barriers reached - structured products have lost part of their initial appeal
  • Alpha – which alpha - who cares when performances are negative ?!?
  • Who wants to provide leverage ? Which industry is next after financials ? Is your bank the next one to go ?
problems and hopes
Still problems …

Real estate trouble and over evaluation have not disappeared

Industries results publication will likely disappoint investors

Default rate will keep on increasing, making additional write-down and recapitalization a reality

=> Shareholders will suffer further …

But some hopes :

Markets moving sideways

Stabilization of financials with successful recapitalization

Increased liquidity measures and tools provided by authorities worldwide

Successful rescue of Bear Stearns, no bail-out with free lunch

Problems … and hopes


long term approach the status of private bankers
Long-term approach- the status of Private Bankers
  • The status of a “Private Banker” is defined in the Swiss Banking Act
  • Under Swiss law, bank Partners are jointly and severally liable for the liabilities of the Bank to the full extent of their assets without limitation
  • Private bankers have to comply with all Swiss regulatory and supervisory requirements, but they are not required to make their balance sheet and profit and loss account public
  • There are 14 Private Bankers left in Switzerland, under the supervision of SBC
state of the art it system should
State-of-the-art IT system should :
  • Be truly user friendly
  • Allow to be self-sufficient at workplace and when traveling
  • Provide comprehensive internal and external financial research on all underlying investments
  • Include electronic storage with immediate retrieval of data
  • Allow online services to end-users
  • View, organize, analyze, and actively manage group of portfolios
  • Display and readily print report for your client in several languages
  • Allow all transaction orders through one single application
key criteria for successful partnership
Key criteria for successful partnership
  • Investment professionals in several countries and ability to open accounts in several jurisdictions
  • No mix with institutional or other private clients
  • Majority of team should be client facing !
  • Presence of specialists within the team for business development, advisory, investments, IT, compliance, risk management, special projects, etc.
  • Access to all bank resources through one contact person
  • No opportunistic approach – make sure your bank has been active in the field for many years and that IFAs are considered strategic partners
full access to investment tools and services
Full access to investment tools and services
  • Access to comprehensive financial research, including external funds
  • Direct advisory services
  • Potential direct access to trading desk
  • Opportunity to create private label to centralize asset management
  • Common investment proposal
  • Delegation of asset management
  • Common client visits
  • IFAs local and international development to continue, if not to accelerate
  • Banks to further partner with IFAs - not compete – in true spirit of partnership
  • New markets and economies will increasingly see emergence of IFAs
  • Open architecture not only for investments but also for global services could provide larger playground for IFAs as true alternative to banks
  • Independence not a vain word …

“Tout ce qui augmente la liberté augmente la responsabilité”

Victor Hugo (1802-1885)