Reflecting on your first anniversary of joining Julius Baer, on 1 April, what do you regard as the year’s greatest achievements and challenges?

It’s been a good year, with more achievements than challenges. During 2024, our assets under management in our intermediaries business rose significantly, with exceptional inflows and the fair wind of rising stock markets. Our strong results reflect a targeted approach to driving sustainable growth and delivering value for our clients.

2025 has started well. And while we cannot ignore the difficulties of a developing trade- and customs  war and turbulent financial markets, I remain confident that together with our financial intermediary partners we can reach new heights.

What sets Julius Baer apart when it comes to supporting financial intermediaries?

We want to be the partner of choice for financial intermediaries globally. In the past couple of years, we have expanded our reach by setting up new desks in Madrid, Dubai, and Lausanne. This helps us to stay even closer to our clients. Turning to investment products and services, we have a comprehensive, open architecture range that we continually review and expand. We also improve our digital tools and services on an ongoing basis.

In this way, we are meeting our objective of delivering the right coverage, the right solutions, and the right technology to our clients. To achieve this, we remain adaptable, responding to evolving client needs and market conditions. Strategically, financial intermediaries continue to be a cornerstone for our growth at Julius Baer and we are committed to setting the standard for outstanding support in our services and solutions.

Are financial intermediaries underestimating any risks and, if so, what should they do differently?

We are living through a time of ‘black swans’ – high impact events that are hard to predict. Financial intermediaries and family offices are aware of this, with family office surveys registering geopolitics among their top concerns. How can you guard against more turbulence? By making sure that your clients’ portfolios are well diversified and reflect their appetite for risk. 

Our relationship managers stay close to our financial intermediary clients to help manage today’s heightened risks. In my opinion, financial intermediaries should do the same, staying close to their clients, being alert to their needs, and responding accordingly.

Of course, the unexpected can also occur much closer to home. What happens if a key partner leaves or suffers a sudden illness? Any business should guard against this by establishing a succession plan, diversifying leadership, and strengthening operational resilience. Managing risks is about being prepared.

What trends in wealth management do you think financial intermediaries should focus on in the next five years?

One of the most important trends in wealth management is inheritance. As the baby boomer generation ages, the share of wealth from inheritance is rising. In 2025 alone, people across affluent nations will inherit about USD6 trillion, according to a recent estimate in TheEconomist.

It’s said that yesterday’s rebels are today’s rulers, and this will be true in wealth management. Not all the inheritors will be Gen Z disruptors; some will be more conventional Millennials, while others will be older, bringing a range of experiences and perspectives to the wealth management landscape. And while the older inheritors may prioritise traditional values and established relationships, the younger generations expect more digitalisation, greater customisation, and a different set of investment products. 

This shift presents a significant opportunity for growth, as a substantial amount of wealth will soon be under new management. However, it also poses a challenge for established players who fail to adapt to the evolving expectations and demands of this diverse group of inheritors.

How do you anticipate evolving client expectations will shape the services of financial intermediaries?

To adapt to the younger generations of clients, financial intermediaries will need to consider several things. Many younger clients may be cautious about financial risk, having grown up in a time of successive crises, from the 2008 financial crisis, through the pandemic, to the current uncertain geopolitical environment. They also have a greater appetite for newer investment products, such as index investing, alternative assets and, of course, cryptocurrencies. Successfully serving these clients requires seamless, omnichannel connections that provide personalised and timely interactions through digital platforms, mobile apps, and social media.

What excites you most about the future of the business?

I am excited about the growth of our business, which has great momentum. Our business is well-positioned to take advantage of emerging trends and technologies, and I am happy to be part of a team that is dedicated to delivering exceptional client outcomes and making a real difference in people’s financial well-being.