The ethics of wealth management today

Read the PDF edition (2 pages)

The question Weber raised — the link between values and economic behaviour — arises today in new terms. Financial institutions are subject to requirements of conduct, transparency and governance that formalise principles once left to individual conscience and social control.

Swiss financial services law imposes on providers duties of information, of verifying the appropriateness or suitability of services, of documentation and of loyalty, as well as rules on conflicts of interest and retrocessions.¹ Prudential supervision requires of managers that their business conduct be irreproachable. Anti-money laundering rules require the verification of clients’ identity, of the origin of funds and of the background to unusual transactions. These obligations, which Part E will set out in detail, translate into the language of the law a demand for responsibility that Calvinist morality formulated in religious terms.

Sustainable finance is another extension. Taking into account the environmental and social effects of investments, shareholder engagement and structured philanthropy carry forward, in secular form, the idea that wealth should serve the common good. The Geneva financial centre has made these themes a pillar of its development, which Part K will analyse, while also highlighting the risks of greenwashing and the limits of voluntary commitments.

Corporate culture, finally, remains a decisive factor. Rules are not enough if managers and staff do not internalise them. Supervisory authorities are increasingly interested in the culture of institutions, in their incentives and in the way they deal with problems. Weber’s question, which concerned the influence of values on economic behaviour, finds here a very concrete application.

Notes

Federal Act of 15 June 2018 on Financial Services (Financial Services Act, FinSA; LSFin; SR 950.1), Art. 8 (content and form of information), Art. 10-12 (appropriateness and suitability assessment), Art. 15 (documentation) and Art. 16 (accountability). ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

English

Contact

Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

Get in touch →

The ethics of wealth management today

Notes

Setting up or expanding in Switzerland?