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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.

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Presentation on theme: "Partnerships between banks and IFAs – Best of both worlds Olivier Collombin / Julien Froidevaux LODH – Independent Assets Managers Prague – April 29, 2008."— Presentation transcript:

1 Partnerships between banks and IFAs – Best of both worlds Olivier Collombin / Julien Froidevaux LODH – Independent Assets Managers Prague – April 29, 2008

2 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 2 Jean de la Fontaine (1621 – 1695)

3 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 3 “The Oak and the Reed”

4 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 4 “The Lion and the Rat “

5 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 5 IFA Swot Analysis StrengthsWeaknesses OpportunitiesThreats

6 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 6 Strengths Independence Flexibility Proximity Profitability Strengths

7 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 7 Weaknesses Dependence to large clients Lack of investment capacities Weaknesses

8 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 8 Opportunities Banking consolidation VHNWI New career for senior privates bankers Opportunities

9 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 9 Threats Changing business model Increasing legal constraint Non-prepared successions Threats

10 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 10 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

11 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 11 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 ?

12 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 12 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 SO HOW DO WE GET THIS TRUST BACK ??? FIVE SOLUTIONS PROPOSED

13 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 13 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

14 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 14 Be close to your clients and prospects

15 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 15 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

16 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 16 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

17 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 17 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

18 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 18 Conclusions 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 ( )

19 Please see important information at the end of document IFA Department · Olivier Collombin - Julien Froidevaux · · 19


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