Competition for wealthy private clients in Switzerland remains intense, with approximately one quarter of affluent investors having changed their primary investment bank over the past five years. This finding emerges from a joint study conducted by the Lucerne University of Applied Sciences and Arts and Luzerner Kantonalbank, which surveyed 307 individuals possessing more than one million francs in freely available wealth in May of this year. The results illustrate a market where clients intentionally distribute their assets across multiple institutions and maintain considerable flexibility in selecting their financial partners.
According to the research, affluent private clients maintain an average of 3.3 banking relationships. These individuals make a clear distinction between their primary bank utilized for payment transactions and the institution designated for securities investments, with only about half of the respondents using the same entity for both purposes. UBS and the cantonal banks occupy particularly strong market positions, jointly serving as the primary investment bank for 48 percent of those surveyed. UBS accounts for the largest share at 27 percent, while cantonal banks capture a 21 percent share of these primary relationships.
Neo-banks and digital institutions continue to play a minor role within this wealth segment for investments, though they increasingly function in a complementary capacity alongside traditional banking connections for younger affluent clients. Nevertheless, potential shifts could materialize in the coming years. The study authors attribute the recent migration of main investment banks partly to the disappearance of Credit Suisse.
The findings also highlight distinct differences in investment behavior between affluent individuals and the general Swiss population. While 52 percent of the broader population holds securities, virtually all surveyed private banking clients—99 percent—do so. This divergence is particularly pronounced in direct equity investments, utilized by 90 percent of wealthy respondents compared to 35 percent of the general population. Furthermore, 68 percent hold investment funds, and significant numbers engage with sophisticated financial instruments, as 39 percent invest in options, derivatives, or structured products, and 32 percent allocate funds to private debt or private equity. Real estate also features prominently, with 24 percent owning yield-producing properties and 53 percent investing indirectly in real estate.
Millionaires surveyed rate their financial literacy above average, demonstrate heightened interest in capital markets, and react with greater composure to short-term market losses than the wider populace. Despite this self-assessed competence, these clients maintain a strong desire for engagement with their financial institutions. More than one third desire contact with their investment advisor at least once per quarter, with customized frequency tailored to individual preferences taking precedence over sheer volume of contact.
Luzerner Kantonalbank executive committee member and head of private banking and corporate clients Désirée von Michaelis notes that clients view advisors as sparring partners operating on an equal footing. Identifying individual client preferences regarding proactive communication, investment ideas, and retirement planning remains central to successful service delivery. Core drivers of client satisfaction center on advisor professional competence, institutional trust, stability, and transparent communication, which outweigh exclusive networking events.
