"A breath of fresh air in a discreet industry" - FINVIA honored as a family office

Once again this year, and for the 3rd time in a row, FINVIA is one of the best family offices in Germany. "The Elite of Asset Managers in German-speaking Countries", which is awarded by Handelsblatt and the Elite Report, scrutinizes almost all asset managers, banks and family offices every year and verifies the best among them. The team led by Elite Report editor-in-chief Hans-Kaspar von Schönfels confirms the high quality, performance and, above all, reliability of the companies surveyed by awarding them the "Recommended" prize.

Mr. von Schönfels, you are an author, analyst and business journalist, but also the founder of the Elite Report. Please introduce yourself briefly.

I started looking into the complex subject of wealth management 40 years ago. I discovered a clear system that gives structure to the entire assessment. The rest is work, a lot of work. I like to see myself as a lobbyist for wealthy readers and performance-oriented people, because they need clear information about the best service providers. After all, their hard-earned money is at stake. The elite of asset managers in the German-speaking world has been around for 20 years now.

What is behind the Elite Report?

The services examined at wealth management are diverse and often confusing, sometimes even contradictory. Nevertheless, investment is and remains a matter of trust. However, it is not always easy to find the right experts for your own needs. It is therefore essential to find efficient and reliable advisors and consultants from this discreet sector.

Once again this year, the Elite Report has identified and honored the best asset managers and family offices. After a thorough examination, the jury came to the conclusion that only 53 of the 366 companies reviewed could be classified as recommendable.

A frightening, but not a new result. After all, one of the most important tasks for professional asset managers is to protect the client's wealth and, if possible, to mitigate inflation. However, not everyone has succeeded in doing this satisfactorily in the past.

What criteria are used to evaluate the candidates?

The Elite Report uses a comprehensive evaluation process for its annual screening. In the family office category, an extremely sensitive segment, this multi-stage analysis process essentially consists of an in-depth reputation survey of competitors and potential clients. This discreet procedure is extremely complex and cannot be replaced by anything else, especially as family offices are rarely or never comparable. The situation is different with asset managers, where numerous direct consulting experiences of readers looking for a new asset manager come into play. This is followed by extensive individual research, from balance sheet analysis to asset-generating intelligence. A total of 41 criteria are evaluated. In addition, a very detailed questionnaire provides further facts and characteristics.

Especially in uncertain times with rising inflation, the Ukraine war and the real estate crisis, even in the Chinese market, wealth-oriented contemporaries want a trustworthy advisor at their side. Can the Elite Report award help to strengthen the relationship between wealth advisors or family offices and clients?

Definitely yes, especially as the run-up to a mandate offers firm guidelines for this. The rest is the client's personal decision. He checks the suitability of the concept obtained. Yes, including the question of whether the chemistry is right. In the case of a family office, the question may go far beyond the answers required for pure capital management. This is where the editorial team of the Elite Report is often called upon to act as a contact manufacturer and moderator.

One final question, Mr. von Schönfels: what would you want from a family office?

The environment for families who own a large wealth has been becoming increasingly complex for years. In particular, the intensifying economic and political risks make it clear that, in addition to solid performance, comprehensive cooperation based on trust forms the basis. It goes without saying that the individual, personal interests of the client should always be at the heart of this. The advisory partner is attentive and open to dialog. They are not afraid to ask questions. They must be well versed in wealth and company succession and act with empathy. Because then it's about the future, but also about family and company history aspects.

Of course, this also means that the family office sector must embrace developments such as digitalization in the financial sector, be it in the form of modern reporting solutions or new approaches in wealth management. Real innovation must therefore emerge to make life easier for wealthy people. After all, there is no substitute for the "human factor", but it is often given too little or simply too traditional consideration in wealth management .

In toto, this is where the added value, i.e. the wealth-creating intelligence, can be found. It's about capital, but often also about the family and its future.

Thank you very much for the interview Mr. von Schönfels!

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You can also read the Elite Report here.

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