Beyond the mere management of financial assets, high-net-worth individuals are now seeking comprehensive support that encompasses investments, taxation, wealth structuring and governance. For Raphael Müller, this trend reinforces the relevance of the multi-family office model and is forcing wealth management firms to rethink their positioning.
How has the multi-family office model evolved most significantly in Switzerland in recent years?
When I joined Tramondo twelve years ago, discussions with clients still largely centred on investment opportunities, products and performance. Over the last three or four years, however, I have observed a profound change. Clients are now far more concerned about risks, the resilience of their portfolios and the long-term preservation of their wealth. The pandemic, geopolitical tensions, inflation and energy shocks have fundamentally transformed how high-net-worth families view their wealth. They are asking themselves different questions. How can this wealth be protected? How can future generations be provided for? What structures are best suited to preserving family assets over the long term?
This shift has significantly reinforced the relevance of the multi-family office model. Investment management remains important, but it is no longer sufficient. Clients increasingly expect integrated solutions that encompass investment expertise, legal and tax advice, and structuring.
The line between independent asset managers and multi-family offices is becoming increasingly blurred. Where exactly does the distinction between these two models lie today?
It is true that the distinction has become less clear-cut. Many traditional asset managers now present themselves as multi-family offices. In reality, many remain primarily investment advisers who call upon external partners whenever clients require more specialised services.
For me, the real distinction lies in the way the organisation is structured, and in its ability to manage a family’s wealth in all its dimensions, however complex they may be.
A genuine multi-family office combines investment management with expertise in the fields of law, taxation, trusts and structuring. We are not simply an investment adviser who delegates complex matters to external partners. We have qualified in-house staff in each of these areas. We may occasionally call upon an external specialist, but overall coordination remains our responsibility.
In the long term, where do you think you can add the most value for your clients?
As I have just said, I believe the great value of this model lies in its ability to bring together, within a single organisation, complementary expertise in investment, law, taxation and wealth structuring. For clients, this approach significantly reduces complexity and delivers more coherent solutions, thanks to close collaboration between specialists who share the same vision and have the same objectives.
Wealth succession, family governance, asset protection and cross-border issues all require a truly multidisciplinary approach. And this ability to integrate diverse areas of expertise in support of an overarching strategy will become even more important in an environment characterised by ever-increasing complexity and uncertainty.
How have you adapted your portfolio construction in recent years?
Our investment philosophy has remained remarkably consistent. We continue to prioritise transparent, high-quality investments and to hold international companies with excellent fundamentals for the long term. In alternative assets, we have maintained our convictions regarding asset classes such as gold, which plays a useful role as a store of value and a stabiliser within portfolios.
More broadly, we are focusing more on portfolio resilience, liquidity, concentration risks and the interactions between its various components. Diversification is not about increasing the number of holdings, but about managing risks and understanding their impact on portfolios.
We are constantly evaluating new technologies and AI-based tools, which are already assisting us in certain areas. However, we have not yet come across a technology that fundamentally disrupts our investment philosophy.
What have been Tramondo’s strategic priorities in recent years?
The first priority has been to strengthen our investment capabilities. We have recruited new talent and forged partnerships focusing on quantitative research and analytical tools based on artificial intelligence.
Our aim is not simply to maximise returns in favourable conditions. We are committed to building resilient portfolios capable of weathering periods of stress and uncertainty.
Another priority has been to build a strong corporate culture by attracting staff who share our values: team spirit, trust and long-term commitment.
Another key focus has been investment in technology and infrastructure. We have modernised our systems, both in wealth management and in our fiduciary activities, to ensure we have the tools that will enable us to consolidate our growth.
In your experience, what are the key factors for successfully integrating a relationship manager today?
The multi-family office model acts as a powerful magnet for managers coming from the banking sector. This is because they are not simply changing employers. First and foremost, they are joining an organisation that enables them to broaden their value proposition.
Even when a client does not immediately require tax or legal support, the ability to draw on these skills when the time is right brings real added value. This enables asset managers to have more in-depth discussions with their clients and to position themselves as long-term advisers, going beyond the mere management of financial assets.
That said, recruitment remains, above all, a people-oriented profession. The best candidates often come from personal networks and recommendations. Identifying the right people takes time and patience.
More importantly, asset managers must adopt a genuine team spirit. The days of the lone wolf are over. The asset manager remains at the heart of the client relationship, but must be able to rely on a multidisciplinary team capable of providing comprehensive solutions.
Beyond recruitment, what are the main drivers of growth today for a multi-family office or an independent asset manager?
One of the main opportunities lies in our ability to broaden our relationship with clients. Wealth transfer, estate planning, asset protection and structuring are generating growing demand for advice that goes beyond mere portfolio management. This also enables us to deepen existing relationships. The better we understand a client’s overall situation, the more value we can deliver to them.
Another major driver of growth lies in technology and artificial intelligence. Clients will continue to place great importance on the personal relationship, but they will also expect their advisers to make use of better tools. For organisations like ours, this represents a real opportunity. Our agility enables us to adopt new solutions quickly and to rely on specialist partners rather than developing everything in-house.
Scale is also becoming an important factor. Requirements relating to regulation, cyber security, compliance and reporting demand ongoing investment. Companies must be of sufficient size to absorb these costs whilst maintaining a personalised service.
Finally, we are pursuing our geographical expansion in a targeted manner, where it makes strategic sense. Australia, for example, has become an attractive market for us. This is perfectly understandable. High-net-worth families are becoming increasingly international, with interests and challenges that extend beyond national borders.