Julius Baer has a history of partnering with financial intermediaries. How do you see this partnership evolving, and what are the ingredients for success?

‘‘Over the past few years, the Intermediaries & Family Offices business at Julius Baer has grown continuously, which is testament to our strategic commitment to serving financial intermediaries and their clients. This kind of success justifies our ongoing investment in this business, which is a cornerstone of Julius Baer’s overall strategy.

Generally speaking, I think of ‘‘growth’’ as the ‘‘holy grail’’ for a business’s success. I don’t mean growth at any cost but rather focused, sustainable, and profitable growth that requires continual adaptation to change and ongoing innovation.

Financial intermediaries and family offices is a thriving sector in finance, and the latest regulatory developments in Switzerland will eventually strengthen its competitiveness and secure long-term growth. Growing profitably—specifically in an environment of increasing cost, automation, and digitization—will therefore be key for these firms.

Julius Baer is proud of providing wealth management and trusted, truly personal advice for more than 130 years. We naturally see financial intermediaries and family offices as our partners and focus on their specific needs, as well as their clients’ needs, to provide the right coverage, state-of-the-art technology, and investment solutions. Our ongoing investment in this business paves the way for further development of custody services, digital platform capabilities, and investment offerings.’’

What are the key takeaways for financial intermediaries looking to grow in today’s dynamic financial landscape?

‘‘Today’s landscape is indeed dynamic, as it is influenced by increasing regulation, technological developments, changing client needs, and generational wealth transfers. With this in mind, it’s vital that financial intermediaries focus on core competencies such as portfolio management, independent financial advice, reporting, and client relationship management. Non-core areas such as compliance, IT & cybersecurity, data management, etc., can be outsourced to increase operational efficiency and automation. Furthermore, the right use of technology and connectivity solutions can deliver a better client experience.

In this context, it’s becoming increasingly important to select bank partners that offer dedicated services to help financial intermediaries deliver their value proposition across core activities. All of this will pave the way for profitable growth and future success.’’

On 1 April, Thomas Frauenlob became Head Intermediaries & Family Offices and member of the Executive Boards of Julius Baer. What can clients expect?

‘‘I’m excited to have Thomas on board as the global head of our business. He’s a recognized industry leader with a wealth of experience and has a deep understanding of financial intermediaries and wealthy families. He most recently held the position of Head of Global Financial Intermediaries at the world’s largest wealth manager, and before this he was in charge of its respective Global Family Office and UHNWI businesses. His appointment to the Executive Boards underpins how important this business is to the group and our engagement in the industry. I am convinced that we will further strengthen our position under his leadership.’’

What challenges do you foresee, and how can financial intermediaries navigate the complex financial landscape together with Julius Baer?

‘‘It’s a defining time for banks and financial intermediaries alike, as the combination of regulatory changes and greater complexity increases costs and lowers profitability. That highlights once again the need to be efficient operationally and keep costs under control.

Switzerland’s new regulations for financial intermediaries are said to bring consolidation, although this may happen over a period of years. Looking at the average assets under management per licensed intermediary today, it’s evident that growth will be key for many firms.

At Julius Baer, we aim to form trusted partnerships with our financial intermediary clients and focus on their and their clients’ requirements together. The respective services from financial intermediaries and banks need to be tailored to the complex digital world, continuously reviewed, and further developed.’’