Interview with Michael Zumstein, team head Swiss abroad and responsible for proposing banking solutions
Please tell us about yourself.
My name is Michael Zumstein and I head the BCGE teams in Zurich and Base that take care of our Swiss expats. I have been Vice Presindet at BCGE for 5 years and have 15 years of experience in private banking.
I trained to become an IAF-certified financial adviser and obtained a MAS in Private Banking & Wealth Management from the Lucerne University of Applied Sciences as part of my post-graduate studies in 2019.
I currently live in the Basel region with my partner and two daughters. In my free time, I enjoy making music, practicing endurance sports and riding my motorbike.
Do you have a particular connection with life as an expat?
When I was very young, I was a Swiss expat myself. At the time, my father was working in Tanzania, so I grew up in Africa. After finishing my first period of educational formation in Switzerland, I spent about 18 months travelling around Asia. These experiences in other countries broadened my horizons; I understand very well why some people want to emigrate.
Can you tell us who Swiss expats tend to be (retirees, students, young professionals, families, etc.)?
I have found there is a wide range in circumstances for expats. On one hand, there are older clients whom I can assist with their long-term plans. I can help them realise a long-held (or even lifelong) goal to move to their dream country.
But of course, there are also younger clients who want to live and work outside Switzerland.
What these two groups have in common is the desire to be able to rely on a secure bank in Switzerland and the desire to benefit from personalised advice and support.
What does Switzerland mean to them? Are they proud to represent the country abroad?
During the many meetings I’ve had with expats, the following themes have come up regularly: homeland, roots, security.
Even though living elsewhere has its charm, the Swiss mentality is still very much appreciated, as is the fact that we speak the same language. Moreover, many Swiss expats seek contact with other Swiss expats in the countries they are in.
What do Swiss expats really need?
BCGE has been offering advantageous options to Swiss expats for decades, regardless of our clients’ locations.
Their needs vary significantly.
Switzerland’s political stability, the stability of the Swiss franc and the security of a client’s bank are undoubtedly the most important factors. As far as financial options are concerned, in most countries we can offer expats the same options as we offer our clients domiciled in Switzerland.
How does BCGE assist Swiss expats?
Thanks to our many years of experience with Swiss expats and our close collaboration with Soliswiss, we offer added value to all our clients, not only in Switzerland but also abroad, whether it’s in terms of planning, avoiding certain obstacles or assisting them with future financial issues. The aim is to provide our clients with comprehensive advice.
This advice begins with a systematic needs analysis, which plays an essential role.
From this initial analysis, an individual financing and investment plan is drawn up.
We always proceed in a very systematic way, based on this needs analysis.
In particular, we ask ourselves the following questions:
- What assets are available?
- What income and assets will the person need in the future?
- What are their plans?
- Is the person planning to buy property? What is the cost of living? Should a capital withdrawal be considered?
During a personal consultation, we will draw up an individual financial plan that will be reviewed periodically over the years.
Our staff are at your disposal in Geneva, Basel, Zurich and Lausanne. Take advantage of our experience through a personal consultation.
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