The Story Behind Wealthinitiative, a Platform for Wealth Management Institutions & Family Offices.
Wealthinitiative (WI) is a platform used as a market place where clients of wealth management institutions can, through their relationship managers, easily trade their tangible assets and shares in private companies.At first, it is an internal match making platform that banks use to create synergies among their own client base. At a later stage, we will connect banks members of the WI platform to expand the universe.
We met at an art course in London. We both shared this interest, as well as a background in banking and an entrepreneurial spirit.
The idea came from the observation that clients from private banks are left stranded when it comes to trading their tangible assets such as real estate, art, passion investments as well as shares in private companies. They are faced with a fragmented market characterized by high intermediary fees and a lack of efficiency and confidentiality.Clients are eager to connect to each other, to create communities of people sharing similar passions and these connections are happening outside of the banking-sphere.There is a lack of synergies among clients; WI was created with the conviction that it is time that private banks play an active role in dealing with tangible assets as they are part of the total wealth of clients.
Douglas was heading the Advisory division for the CEE market of a private bank in Zurich. I was in London working as a software developer / consultant for early-stage start-ups while setting up a social start-up for people with intellectual disabilities in Spain.
WI focuses on the wealth management arm of the banking industry, of which Switzerland is the hub; F10 is a great platform to gain access to the Swiss Finance scene.In addition, the program is well structured and offers industry expertise, mentorship and business contacts. Another positive aspect is that F10 does not take equity.All of these factors combined, convinced us to apply.
The journey is as exciting as it is challenging. The biggest challenge is the ever-changing decision of where to focus your limited resources…The most valuable lessons learned so far are to focus on the pain points and to seek continuous feedback.
The fintech start-up scene in Zurich is exciting as it is growing quickly; everyone is eager to work together to make Switzerland a worldwide hub for fintech startups.
The F10 as a working place is great, particularly having exposure to industry experts and other startups to exchange thoughts and learnings.
Their willingness to receive feedback, improve and grow together with the startups.
Our short-term goal is to complete a Proof-of-Concepts with a selected group of potential customers. Our long-term vision is to be the reference place for wealth management institutions to enable their HNWI to monetize their tangible assets.
The only way to do great work is to love what you do.