Succession planning in independent wealth management is rarely a single decision; rather, it is a process that unfolds over several years. It involves much more than structures and valuations: above all, it is about trust, shared values and one key question: what will happen to the clients?
Tell & Partner addressed this challenge at an early stage and ultimately opted for full integration into swisspartners. Markus Streiff, founding partner of Tell & Partner, shares insights into this process, the considerations behind the decision and the factors that ultimately made the difference.
Age was the catalyst. It was important to us to find the right partner early enough.
We initially considered bringing younger partners into the business so that Tell & Partner could continue independently. However, we soon abandoned this idea. Instead, we deliberately looked for a larger partner that could fully integrate our business and shared our values.
“Guiding our clients to a safe harbour.”
We consistently looked for a partner with a similar culture, the same values and sufficient scale – always with our clients’ best interests in mind.
We kept our clients actively informed throughout almost the entire process, including the timeline and the implications for them. At the same time, we drew up a clear checklist to eliminate unsuitable partners at an early stage.
In the end, we decided to merge with swisspartners. This ensured that existing contracts and client relationships could continue seamlessly, which was particularly important to our clients.
There was trust from the outset, not least because of our personal connection with one of the client advisers. The fact that he has been a partner at swisspartners for 24 years speaks for itself. In addition, swisspartners has over 30 years of corporate history and a
well-established market position and made a very positive overall impression on us throughout our discussions.
Better than expected. I had expected more resistance, but it simply didn’t happen. We found the ideal partner for our clients, and that has become very clear.
The transition itself was challenging: finalising the contracts, winding up our former office premises and navigating market fluctuations, all at the same time.
However, there was always a solution, and we felt well supported throughout the process.
Very positive. We have retained our clients, and they feel comfortable in their new environment.
Overall, we are extremely satisfied with the outcome, as the key objectives of our preferred scenario have been achieved.
Freedom. No more obligations.
I wanted to make a clean break, and I was only able to let go because I knew that our clients were in good hands.
Pursue a dual-track approach:
Don’t just explore in-house succession options; actively seek out a larger partner as well.
And start early:
The process should be set in motion four to five years before the planned exit.
The most important question should always be:
Which partner will make our clients feel comfortable enough to stay?
