Wealth Management for modern investors

Discretionary portfolio management offers you professional, individually aligned management of your wealth – without the effort and uncertainty of investing on your own and without the standard solutions of traditional branch banks. Banks frequently broker investments, yet this not infrequently gives rise to conflicts of interest and high costs that weigh on your return. Discretionary portfolio management is aimed at investors who desire independent advice, clear structures and a long-term strategy.

The advantage for you: you need neither time nor specialised market knowledge. Experts take over analysis, selection and ongoing adjustment of your portfolio – and ensure that your investment remains consistently aligned with your goals and the current market situation.

ZUWAX combines the expertise of an international private bank with a modern digital platform. Together with our shareholder LGT – the private bank of the Princely Family of Liechtenstein – we develop, manage and monitor your portfolio according to a proven institutional investment process.

In doing so we work entirely independently: without sales targets, without rebates and without hidden incentives. Our costs are up to 60% lower than those of traditional wealth managers and private banks – a difference that, over the years, has a considerable impact on your return.

We determine your asset allocation on a scientifically sound basis, supported by research from the Universities of St. Gallen and Zurich. The results speak for themselves: Capital has recognised ZUWAX as a leading wealth manager for eight consecutive years, and in firstfive AG’s live-money comparison our strategies regularly occupy top positions.

First we capture your goals, your risk appetite and your financial situation – digitally in a few minutes or in conversation with our experts. From this we determine a strategic asset allocation that fits you optimally, and you choose how we implement it: particularly cost-efficient (Global), sustainability-oriented (Global Future) or actively risk-optimised (Select).

We then open an account and custody account for you with one of our partner banks in Europe – in your name; your securities are held as segregated assets. As soon as your deposit has been received – from EUR 50,000 for Global and Global Future, from EUR 100,000 for Select – we invest it in your portfolio. Thereafter you can grow your wealth flexibly: with one-off payments or automatically via a savings plan from EUR 500 per month.

Thereafter we take over ongoing management: we monitor the markets, rebalance your portfolio, replace instruments and keep you informed via up-to-date reporting. Deposits and withdrawals are possible at any time – and your client team is available by e-mail or live chat.

Yes. In the course of account opening you issue the transfer instruction once – in full or for selected positions. Everything else is coordinated by the custodian partner bank directly with your previous bank; you do not need to terminate or sell anything there.

The transfer between German banks is free of charge for you and typically takes two to six weeks. During this time your securities remain invested, but may temporarily not be traded.

Positions that fit your target strategy – for example broad index ETFs from our investment universe – can be transferred directly into your portfolio. They are not sold, so any embedded capital gains remain untaxed.

We sell all remaining positions and invest the proceeds in your strategy – if you wish, not all at once, but in stages over several steps or tax years. Important to know: these sales realise capital gains and are subject to Abgeltungsteuer. The advantage of the transfer lies in control over the timing, uninterrupted market participation and convenience – not in a general avoidance of tax.

The transfer itself is not a taxable event as long as the custody account is in the same holder’s name. Your acquiring bank automatically transmits the acquisition data, so that later sales are taxed correctly.

Your loss-offsetting pots transfer automatically only in the event of a full custody-account transfer. In a partial transfer they remain with the previous bank – there you can have losses certified via a loss certificate for your tax return.

Particular rules apply to legacy holdings: shares purchased before 2009 are tax-free upon sale, and for fund units from the period before 2018 a personal allowance of EUR 100,000 applies to gains in value since 2018. We treat such positions with particular care when reducing them. Please note: we may not provide tax advice – in complex cases we recommend speaking with your tax adviser.

A few points you should know: fractions of equities and ETFs, as they arise in savings plans, are not transferable – they are sold at your previous bank before the transfer. Certain fund unit classes as well as securities held abroad may in some circumstances not be transferable, or only against third-party fees.

During the transfer – typically two to six weeks – your securities remain invested but cannot be traded. We will be pleased to review with you in advance which of your positions are transferable.