Switzerland is renowned for its dynamic financial sector and world-class wealth management. One of the key positions contributing to the success of this industry is the role of wealth manager, who is in charge of managing the assets and wealth of High Net Worth Individuals. The salary of a wealth manager depends on many factors, and some financial hubs offer more attractive salaries than the others.
Average wealth manager salary in Switzerland:
In Switzerland, wealth manager salaries vary according to a number of factors, including experience, skills and geographical location. According to available data, the average base salary of a wealth manager in Switzerland in 2023 is estimated at CHF 102,990 per year. The base salary of a wealth manager in Switzerland can start at CHF 79,000 per year and reach up to CHF 200,000 per year, or even higher. These figures do not include variable pay, which is an important part of a wealth manager’s salary, since their performance can easily push up the figures.
Many wealth managers are remunerated solely through variable pay, i.e. commissions. The higher the profitability of the portfolio under management, the higher the remuneration. It’s important to remember that there are no limitations regarding the variable salary and sometimes wealth managers can be paid very significantly.
Factors influencing a wealth manager’s salary:
Experience and education:
In general, the more senior a wealth manager becomes, the higher his or her salary. Experts in the subject and who hold additional degrees often have access to opportunities with more attractive remuneration packages.
A wealth manager with a solid reputation in the industry and an extensive client network may benefit from higher salaries due to the value he or she brings to the company, whether in terms of financial expertise or in terms of assets under management that can be brought to the company/bank with them.
A wealth manager’s salary can vary according to geographical location. For example, major Swiss cities such as Zurich and Geneva are often associated with higher salaries due to the cost of living and concentration of wealthy clients.
Despite the many economic challenges facing the international financial markets, the wealth management sector in Switzerland continues to prosper. The outlook for wealth managers remains positive for the time being, with continued demand for their services from high-net-worth clients, bearing in mind that the number of millionaires has been rising for several months now. This can translate into more interesting career opportunities and potentially higher salary prospects.
Data source (Glassdoor)