2017 Investor Pulse. Switzerland MKTG0817E
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1 2017 Investor Pulse Switzerland
2 What s on the mind of Switzerland s wealthy investors? Welcome to the latest edition of Investor Pulse, the world s most extensive survey of behaviour among investors. In this edition we conducted 181 interviews with a representative sample of High Net Worth and Mass Affluent individuals in Switzerland. On average, their investable assets were CHF 1.6 million, and none held less than CHF 500,000. Our interviewees gave detailed information on their current financial situation and their feelings about the future. The results provide fascinating insights into the minds of today s wealthiest investors in this period of global uncertainty.
3 Contents Investor sentiment Pg. 02 Behaviour in relation to investing cash Pg. 04 Investment management and financial advice Broadening investor understanding Retirement concerns Pg. 14 Pg. 18 Pg. 20 Five points to remember Pg. 24
4 Investor sentiment A positive outlook Wealthy Swiss investors are very confident and positive about the future, particularly compared to wealthy investors in other countries. The figures for confidence and comfort have risen since the previous survey in 2015, from 35 to 39% and 22 to 28% respectively. However, this rise in confidence has coincided with an increase in uncertainty. Swiss investors have seen their sense of certainty about their financial future fall from 19 to 12% and many are concerned about the potential for rising volatility in financial markets. Investor Pulse shows that this increased uncertainty is making investors more entrenched, and more likely to stick to investment types they already know. 2 INVESTOR PULSE
5 How do Swiss investors feel about their financial future? Confident Comfortable 39 % 28 % 22 % (2015) 35 % (2015) INVESTOR PULSE 3
6 Nearly half are worried about currency stability. Franc fears Currency movements remain a major investment concern. The last Investor Pulse survey took place in February 2015, immediately after the Swiss National Bank s decision to remove the franc s peg to the euro and introduce negative interest rates. This led to great uncertainty that continues to this day. Nearly half of people are worried about currency stability, and one in five described this as their greatest concern. Many are also concerned about the future direction of the EU. But they are not reacting to this by changing their portfolios. In fact, the greater the uncertainty, the more likely many investors are to be passive; 19% of wealthy people state that no political or economic event would prompt them to change their investment strategy. 4 INVESTOR PULSE
7 Effect of macro-economic events on investment decisions 45 % Foreign currency volatility 44 % Rising geopolitical uncertainty 34 % Brexit and the future of the EU 32 % Recent and upcoming European elections 27 % The election of Trump as POTUS INVESTOR PULSE 5
8 Preferring the familiar One trend has clearly emerged: investors increasingly react to geopolitical and economic uncertainty by investing in the familiar. They avoid unfamiliar asset classes much more than in previous years. For many, cash plays a decisive role in capital growth and preservation. The more cash in their overall assets, the more they feel they have their finances under control. Only a handful (28%) of wealthy investors considered changes to their portfolio because of recent political and economic events. Of those who did make changes, 39% were concerned about Trump s election. So far, the 2017 elections in various European countries have had little effect. The attitude of most wealthy people is still positive. 6 INVESTOR PULSE
9 All told, Swiss investors feel capable of taking the right investment decisions, even in the currently challenging geopolitical environment. They feel secure with the decisions they make. This perhaps explains why many wealthy Swiss people hesitate with retirement planning. Very few have a concrete financial plan, despite the general increase in healthcare costs, particularly in old age, which ranks among the leading concerns in our survey. Effect of macro-economic events on investment decisions Over 1/4 of investors changed their portfolios as a consequence of any global event of which 39 % changed after Trump s election INVESTOR PULSE 7
10 Behaviour in relation to investing cash Cash remains as popular as ever Saving is a widespread reaction to political instability. Record-low or even negative interest rates already being passed on to customers in Switzerland to some extent make no difference. The proportion of cash remains high, accounting for a third of all assets held in portfolios. As in 2015, the proportion of assets held in cash is higher among investors who do not use professional advice. More than 80% of wealthy people in Switzerland are invested in equities. Funds, real estate and bonds are much less widespread. Only a few investors use alternative investments, which are rarely seen as a diversification option. On the other hand, bonds and ETFs have become more popular in the past few years. 8 INVESTOR PULSE
11 Cash accounts for a third of all assets held in portfolios. Where do the Swiss investors keep their personal savings and investment products? 96 % 81 % hold some cash deposits and saving accounts invest in equities INVESTOR PULSE 9
12 What do investors change? Those who do make changes to their portfolios tend to sell individual equities and increase their cash holdings, invest in investment funds, REITS (Real Estate Investment Trust) and commodities, and there is a tendency to retreat to known regions. 97% of investors have fully or partially shifted their assets back into Switzerland, increasing allocations in the domestic market. A similar pattern is seen in currencies. Wealthy Swiss investors prefer the Swiss franc, followed by the euro and then the dollar. Changes in investment allocations following macro-economic event by region Switzerland EU USA 68 % 14 % 16 % 29 % 46 % 47 % -2 % -41 % -38 % Increase(d) investments Keep the same investments Decrease(d) investments 10 INVESTOR PULSE
13 Where is growth coming from? When considering future growth regions, wealthy investors believe in staying close to home. They view western Europe and Scandinavia as having the highest growth opportunities. Investors who receive advice are much more positively disposed towards emerging markets and the Asia/Pacific region than those who do not. Many of those who are not advised state that they do not know these regions well enough to invest in them. Developed Markets Western Europe, Scandinavia 54 % Emerging Markets Pacific (including China, India, Indonesia, Malaysia, Taiwan, Thailand) Developed Markets Americas (US/Canada) 46 % 45 % Developed Markets Pacific (Australia, Hong Kong, Japan, Singapore) 40 % INVESTOR PULSE 11
14 Swiss hold cash despite low rates As already stated, cash allocations remain very high, despite negative interest rates. This is true particularly for investors with assets valued between CHF 1 and 2 million, this proportion has risen since the last survey in % of those questioned even declare that nothing could stop them from holding a lot of cash. They want security, and associate security with a high proportion of cash. Almost half of wealthy people state that they would change their bank if it imposed negative interest rates on them. Investors hold on average 33 % in cash savings This number is unchanged from our previous study in The risk of losing clients in this way remains a real one for banks. 12 INVESTOR PULSE
15 However many investors state that, given the low interest rate situation, they are willing to invest in alternatives welcome news to advisers with expertise in this field. Likely reaction in the event of banks charging a negative interest rate 48 % 29 % 12 % 10 % 2 % I would move all of my cash to another bank which would not charge me I would look to invest into a wider range of financial products, such as equities and bonds I would put more money into other assets such as property, gold or other collector's items Nothing. I am willing to have a negative interest rate to know my money is safe I would seek to move my cash into an overseas bank account INVESTOR PULSE 13
16 Investment management and financial advice Financial planning The more money someone has, the greater the likelihood that he or she takes professional investment advice. Investor Pulse shows that 67% of wealthy investors do take advice. Investment products such as alternative investments, which are not easily understood, are rarely used by investors who do not use an adviser. 14 INVESTOR PULSE
17 67 % seek professional advice INVESTOR PULSE 15
18 Local advice is important One might expect wealthy individuals to rate their adviser well for achieving performance. But in fact, many other factors are needed for investors to keep faith with advice. Trust and reputation are extremely important. 63% of those questioned stated that these are the main criteria. Fees also play a major role. Performance was decisive for only 29%, and wealthy people by and large put more trust in Swiss institutions than foreign ones. Swiss origin is more important to wealthy investors than in the previous survey in 2015, with the figure rising from 26 to 35%, again a sign perhaps of investors wanting to stick to what they know and trust. The trust and reputation enjoyed by an institution are extremely important. 16 INVESTOR PULSE
19 Overall, 65% of people are satisfied with their adviser. This figure is in line with surveys overseas that show, for example, satisfaction of 69% in the United States 1. These figures are undoubtedly good, but there is room for improvement. Personal relationships, frequency of contact, and high quality information about macro events are key factors in client satisfaction. Only 41% of wealthy individuals state that they are sufficiently informed about macro developments. This suggests that advisers should try to address global issues even if they do not have an answer to every question. Satisfaction with financial adviser 63 % Quality of team assigned 41 % How do they keep me informed on current affairs 1 Source: 2017 US Investor Pulse survey 41 % INVESTOR PULSE 17
20 Broadening investor understanding Alternative investments Only a very few investors state they are well informed about the different alternative investment asset classes; only 4% are very familiar with either commodities or hedge funds, 6% are very familiar with private equity and 10% are very familiar with REITS. More claim some level of knowledge, but across all four classes most people know very little. Even among investors who do hold each product type, the proportion claiming to be very or somewhat familiar could be higher, suggesting some investors are buying these products even though they don t fully understand them. However, the stated likelihood of increasing allocations to these asset classes is low, which means investors are potentially missing out on the benefits these products can offer. 18 INVESTOR PULSE
21 Alternative investments are seen as volatile and illiquid We have seen that wealthy investors are wary of alternative investments because they do not understand them. Many also have preconceptions that alternative investments are volatile and illiquid and lack capital protection in a crisis situation. Because they do not really understand the products, wealthy people often regard them as irrelevant. Only a very few state that these products are created for people like them (ranging from 2% to 5%). In the alternative investment category, wealthy investors still place the greatest confidence in real estate and see it as a good way to diversify, even if allocations are still low. It could be useful for investors to know more about the different asset classes within alternative investments. Explaining them with simple, clear language is the key to creating trust. Lack of knowledge leads to passiveness Very familiar/ I do understand them They are for me REITS 10 % 5 % Private equity Hedge funds Commodities 6 % 5 % 4 % 3 % 4 % 2 % INVESTOR PULSE 19
22 Retirement concerns Planning High taxes and the adequacy of future returns worry wealthy individuals in Switzerland. One in four also worries about the quality of advice they receive. All of these factors make it more difficult to plan effectively for retirement. One in four investors worries about the quality of advice received. 20 INVESTOR PULSE
23 Those questioned consider it important to receive the best possible medical care in old age. This concern has become even greater in the past two years also the question of how lifestyles can be maintained after retirement remains an important issue at 36%. For many people, it is reassuring to know that they have sufficient cash to meet any emergencies. But it is important to make it clear to people that holding high proportions of cash might not provide genuine capital protection, as the value of the cash will be eroded by inflation over the medium- to long-term. INVESTOR PULSE 21
24 The failure to plan for retirement flies in the face of the priorities that wealthy people mention in the survey. For them, building up or maintaining old-age provision is important. In doing so, many rely on their own or their family s assets. What are the Swiss investors retirement plans? 55 % 45 % 45 % 40 % % % No plans needed. Financial situation is strong Will receive a state pension Have invested specifically to provide for their retirement. 22 INVESTOR PULSE
25 Despite this lack of precise planning many investors still invest in personal or company pensions, or hold other investments designated for retirement. Consequently investors who are not currently retired see their retirement income coming from a variety of different sources. 41% believe they will stay invested in their existing pension arrangement and draw down income from that fund. 37% believe they will use rental income from property, with 35% saying they will reinvest in other savings and investments. Sources of income in retirement 35 % 37 % 41 % invest the money in other savings and investments invest in property and use the rental income stay invested and draw down from exisiting retirement fund(s) INVESTOR PULSE 23
26 Five points to remember 1 Good advisers pay for themselves Advisers provide wealthy Swiss individuals with many benefits provided, of course, they understand their trade. Good advisers make sure their clients have broadly diversified investments. They also increase individuals awareness of timely retirement planning which helps instil confidence about their financial future. 2 Fewer missed opportunities Wealthy Swiss individuals are not alone in relying too heavily on their cash. Many people want to put cash to one side in uncertain times and simply wait and see what turns up. Since long-term financial objectives like financing retirement represent an important issue for wealthy Swiss individuals, the time is right to look at alternatives to cash. If the aim is to increase one s wealth, cash offers only very limited potential particularly in times of record-low interest rates. Anyone holding large quantities of cash may be missing out on better investment opportunities. 24 INVESTOR PULSE
27 3 Home is assumed to be a safe refuge What is privately referred to as cocooning when people retreat into their homes, seeking protection against an ever more uncertain world can also be observed in investment behaviour. For many wealthy individuals, an investment in Switzerland and Swiss francs is regarded as more secure. They have the sense that they are familiar with the current environment. In doing so, investors are ignoring the fact that they would be badly positioned in the event of a domestic crisis and that regional diversification would reduce risks. 4 Knowledge gives a competitive edge In our survey, we saw that many investors know only a little about alternative investments. This lack of knowhow means that they are sceptical about this investment category and therefore might not be allocating enough of their assets for optimal performance. Portfolios enriched with alternative investments can outperform comparable traditionally-invested portfolios over the long term. It is important to keep investors informed if concerns are to be reduced and confidence built up. 5 How we will increase our long-term assets The good news is we will probably live longer and more healthily than our parents and grandparents. But we need to make financial provisions to provide for this. Given the long time period involved, it makes sense to invest smaller amounts regularly, rather than trying to find the perfect moment to invest a large amount all at once. INVESTOR PULSE 25
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