Other Financial Advisors

A financial advisor is a professional who earns his living by providing financial advice or guidance. Financial advisors specialise in different services: The may work as an independent agent or may be employed by a larger financial firm. As the term "financial" indicates – an advisor will use his expertise to assist clients in their decisions related to money, personal finances, and investments.

The label "financial advisor" is not regulated whilst the services they end up providing my fall under a supervisory body in the jurisdiction they provide their services.

Here are some examples of financial advisors: Stockbrokers, insurance agents, tax preparers, investment managers, financial planners, estate planners, and bankers.

Like many liberal professionals, Financial Advisors have also been taken by the greed of the Wall Street "sales" mindset and been tempted to become products salesperson, such as a stockbroker, a life insurance agent, and in cases bankers and asset...

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PWFO Announcement

announcement Aug 11, 2020

The Private Wealth & Family Office (PWFO) Association is excited to announce the appointment of Willfrid Malassagne as a Strategic Advisor.

Willfrid is a senior project manager with over 20 years of international experience in strategic entrepreneurship.

We welcome Willfrid and look forward to receiving and implementing his strategic and management insights.  

 

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How has Private Banking changed over the years

With a history going back thousands of years, banking has always been about meeting clients' needs with a solution. The first quasi institution that acted as a bank was the temples. Most wealthy people then opened accounts at their temples for 3 reasons: it was safer than at their home, priests, temple workers, and visitors are likely to be devout and honest all created the sense of security needed for banks to thrive.

Private banking took form in Switzerland due to its already pan-European reach in Cross Border trades. These traders (the clients) drove the creativity of the banks – textiles, commodities, goods, and products. From the profit derived from these trades, came advisory of services to the wealthy merchants and families.
Private banking evolved and became distinct from the "trade finance" arm as the skills required diverged. Initially, Private Banking was a holistic range of solutions for the client. Further specialization led to "Wealth Management"  which...

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Is PWFO an Accountant?

The Uniqueness of the PWFO Certificate is the convergence of 3 disciplines.

The convergence of 3 discipline -  the blending of the following key ingredients:
1) An in-depth understanding of clients' investment needs, the evolution of the Wealth Services, and the upcoming opportunities.

2) A sound accounting qualification and experience to be able to define a clear financial strategy that emphasizes risk/return and value creation.

3) Practical knowledge of IT solutions to solve specific business problems.

So a PWFO is an Accountant with a good knowledge of the investment world so as not to be conned by the vendors and understand the power of IT but also the need to be protected at all times.
 
PWFO is responsible for financial strategic planning. He selects, validates, and monitors banks, asset managers, and other service providers to ensure that the client’s objectives are achieved, but more importantly, he never makes investment decisions.


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How does the bank suck up your money!

Uncategorized Aug 05, 2020

I will list 2 ways:

We all know about all charges and commissions that banks get us to pay. Many of these charges are incurred because the Banks have had a monopoly for years.
The good news is that we seeing many Entrepreneurs come up with new innovative finance models entering the market and that competition linked with World leaders supporting those who want to fix our current broken financial system.

Banking has always been about meeting clients' needs with a solution be it as a safe keeper, making a payment, or in trades in all its forms.

As the markets evolved financial instruments were created and became tradeable generating huge margins and commissions. These financial instruments were then packaged to become Financial products that allowed risks to be shared and better liquidity.  The gains are so big, that Banks have not been able to resist. Bankers and financiers seeing quicker gains as the system of bonus on short term performance started gaining ground moved...

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Your own Boss v an Employee

Uncategorized Aug 04, 2020

Let us break a couple of myths first:

You think you are the boss.
If fact no!
Because no business exists without customers.  So let us be clear on one thing – the real boss is always the customer.

Then the second myth is:
To be a boss one has to quit one's job!
Here is the real secret.
The road to success is to have the right state of mind and that is being entrepreneurial. Only then think about being your own boss!
If you are an entrepreneur and can deliver to customers then even if you are an employee you will be the real boss.

Because in the end what matters is making sufficient money to live on to save for your pension, having a meaningful daily life activity by making something or serving someone.

The satisfaction comes from providing something of worth to others.
When you are good at what you do, it will not matter to your employer where you are executing the work from. By having the right state of mind, by being entrepreneurial and deliver to customers you...

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Family Office - Multi vs Single

 As the interest in both single and multi-family offices increases, do not worry what the system tells you: define the mission from the family perspective, and then you will decide how to execute that mission.

Let us visit the definitions of Single Family Office (SFO) and Multi-Family Office (MFO). What is your definition as the right one? If you do not have a definition, let me share with you the meaning that The Private Wealth & Family Office has defined:

 

A (Single) family office is a privately controlled (group of) staff employed within or outside a dedicated structure that assists a family with the organisation, management, and maintenance of all or parts of their assets, needs, and wishes with a core focus on wealth creation, protection, growth and succession planning. The “family” defines the mission of the "office" which is to ensure the family’s prosperity by collectively directing the affairs of the family while meeting the appropriate...

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Swiss Financial Market Supervisory Authority (FINMA)

FINMA is Switzerland’s independent financial-markets regulator.
Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies.

FINMA is responsible for ensuring that Switzerland’s financial markets function effectively and comply with the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) together with the implementing ordinances.

The stability of the financial markets is in great part due to the role that FINMA plays as a regulator.
https://finma.ch/en/finma/finma-an-overview/

If your business is in providing financial services, then having an office here is a no brainer.

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Reciprocity

Uncategorized Jul 30, 2020

Webster's dictionary defines reciprocity as "a mutual or cooperative interchange of favors or privileges," as when actions taken for the benefit of others are returned in kind.

It may sound silly if I say that reciprocity is about referring businesses and work to others without expecting anything in return. How does that build my network, I hear you say! The reality is that the return is just huge.

All the jobs, clients, and friendships I built over the years and still have happened because of the services I provided, the introduction I made and the extra work I did without increasing the fees.

CLICK HERE

Join us - your own dedicated community for referrals of private clients and families.

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Does a PWFO provide Financial Advice?

Uncategorized Jul 30, 2020

A PWFO will give financial advice to clients so they can make decisions around money matters, and personal finances.

A Private Wealth and Family Officer is not an investment manager and does not make investment decisions. Appointed and paid by the client on a retainer basis, Private Wealth and Family Officers are responsible for financial strategic planning.

They select, validate, and monitor banks, asset managers, and other service providers to ensure that the client’s objectives are achieved, but more importantly, they never make investment decisions.

A Private Wealth and Family Office Practitioner assists clients in all the latter’s wealth matters from an accounting, controlling, and risk management perspective. He does this in a systematic and organized manner. He will document, note, and account for each decision. 

The mission of the PWFO Association is to become:
To become the standard-bearer for the creation and protection of wealth for all private...

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