Fact-finding mission for 2inet founders
Yuri Bender reports on a network created to support wealth advisers facing a conflict of interest when deciding what is best for customers.
Liechtenstein-based lawyer and family office manager Frits Kaiser has been busy building a network of wealth advisers to combat what he sees as a self-serving mentality propagated by the global banks.
“Global institutions who do private banking have very good products and are experts at conducting transactions,” Mr Kaiser told PWM.
“But when it comes to offering advice in their clients’ best interests, they have a conflict, as they often instruct advisers to sell in-house products.”
As an alternative, Mr Kaiser created 2inet, an alliance including Germany’s Metzler, London solicitors to the ultra-rich Mischon de Reya and Swiss private bank Pictet & Cie, a founder member from 2001.
“If you are in a network of like-minded people, you can offer a client all the global expertise of the network,” said Mr Kaiser.
“Potentially, there is a better quality of wealth management and independent, best of breed experts, collaborating in an environment of trust.”
But will the initiative prove profitable for members? Heinrich Adami, UK and Germany managing director of Pictet Private Bank said: “They don’t do much for us, it’s a question for what we do for them.
“The idea at the beginning was let’s form a platform where people with similar experiences can exchange ideas. The next step, in the process of being accomplished, is how do we give these people what they want? At the moment, it’s more of a fact-finding mission.”
