Offshore Financial Services in Switzerland - Market Research Report On Aarkstore Enterprise

Introduction

Introduction

With money leaving offshore centers in the billions, understanding the nature of offshore clients and what strategies to employ to attract and retain them has become absolutely critical, not just for offshore bankers but also for their onshore competitors.

Scope

*This report draws on the findings of the Offshore Banks Survey 2010.

*This survey was conducted in February/March 2010 among banks in Jersey, Guernsey, the Isle of Man, Switzerland, Hong Kong and Singapore.

Highlights

Out of all offshore clients, by assets under management, 35% are from Western Europe, and after all the outflows, North American clients account for just 5%.

A major shift in the average portfolio of offshore clients is expected over the next two years, with the proportion of assets in cash and near-cash falling from 22% to 16%, and equities rising from 23% to 29%.

When selecting their offshore bank, clients look for excellent customer service, as well as confidentiality and financial stability in their bank.

Reasons to Purchase

*Understand the nature of offshore clients in Switzerland

*Gain insight into the future needs of offshore clients

*Access strategies for success in the marketplace.

Table of Contents :

Overview 1

Catalyst 1

Summary 1

Methodology 1

Executive Summary 2

Swiss banks' offshore clients are international, heavily invested in fixed income, and likely to take on more risk going forward 2

Offshore banks looking to attract clients should provide excellent customer service 2

To attract and retain offshore clients, banks must address client issues surrounding safety and confidentiality, excel at customer service, and help clients enjoy high returns 2

Table of Contents 3

Table of figures 4

Table of tables 5

Swiss Banks' Offshore Clients 6

Switzerland draws its offshore clients from all around the world 6

Western European clients are important to Swiss banks, but many of their clients also come from much further afield 6

Germans make up the largest part of Switzerland's Western European client base 7

Swiss banks have attracted wealthy individuals from major Asia Pacific countries 9

Offshore clients keep their money in Swiss banks because they feel it is safer offshore 11

Many German clients still see Switzerland as a safe haven for their money 11

Hong Kong clients with money in Swiss banks also feel as though their money is safer offshore 13

The average portfolio of an offshore client is heavily invested in fixed income, which is not likely to change much going forward 14

Fixed income accounts for 37% of all Swiss assets under management 14

Offshore clients are expected to embrace riskier asset classes going forward 15

Offshore clients are not likely to move their assets 17

Swiss banks' offshore clients are not likely to switch their offshore center or offshore bank 17

Swiss banks' offshore clients are likely to step-up their risk appetite in future 19

Swiss banks' offshore clients draw their wealth from a variety of different sources 20

The single largest source of wealth among offshore clients is inheritance 20

The Competitive Environment in Switzerland 22

Swiss banks' offshore clients prioritize excellent service, confidentiality and stability from their offshore banks 22

Above all else, offshore clients are looking for excellent customer service 22

New government policies are a major catalyst for offshore client defections from Swiss banks 24

Swiss bankers are very concerned about government clampdowns against Swiss banking 24

Swiss banks' offshore clients do not frequently use online services 26

A significant number of offshore clients make no use of online services 26

Swiss bankers predict strong demand for asset management services in two years' time 27

Going forward, discretionary and advisory asset management should be in strong demand from clients 27

Discretionary asset management is seen as the best way for banks to attract new offshore business 29

In terms of basic accounts, offshore clients are looking for high interest rates, no fees and multiple currencies 31

Offshore clients have fairly common requirements when it comes to deposit accounts and savings accounts 31

Strategies for Success in Switzerland 34

The provision of international financial advice is key 34

Datamonitor has identified six key strategies that Swiss bankers should pursue 36

Strategy one: work at improving clients' perceptions regarding safety and confidentiality 37

Strategy two: excel at customer service 37

Strategy three: cater for and encourage the return to riskier products 37

Strategy four: help clients tap into higher returns 38

Strategy five: develop asset management services 38

Strategy six: target Chinese and Indian investors 38

Appendix 39

Definitions 39

Domicile 39

Offshore 39

Tax amnesty 39

Methodology 39

Bibliography 39

Further reading 39

Ask the analyst 40

Datamonitor consulting 40

Disclaimer 40

For more information please visit :

http://www.aarkstore.com/reports/Offshore-Financial-Services-in-Switzerland-36631.html

Offshore Financial Services in Switzerland - Market Research Report On Aarkstore Enterprise

By: Aarkstore Enterprise

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