Wealthtech Everon makes a move into private banking 

Founded in 2019, Everon is the first independent Swiss digital private banking solution for wealthy and high-net-worth individuals. 

It offers high-quality investment possibilities and financial services via an all-in-one app that includes additional human advising services. 

‘’We believe that most private banking services can be digitalised, making them cheaper and enabling a broader audience to access them,’’ said Jonas Bächinger, Everon co-founder, speaking to PBI. 

While private banking typically requires a minimum commitment of half a million to a million, Everon's asset management begins at just CHF30,000 ($33,695).

Jonas Bächinger: We founded the company in 2019.  

And we’re servicing all individuals, where we noticed that there was no suitable offering for people who are looking for independent support, or access to professional investment opportunities.  

To offer an interesting service for them that helps them to build wealth over them over their lifetime. 

We received a lot of those inquiries, and we're forcing our projects to decline them and that's where we cannot be those clients who are decline all the time.

Jonas Bächinger: First reason is that the entry thresholds that we have, are very low in comparison to traditional private banking providers.  

We’re currently requesting a minimum of 50,000 Swiss francs for Swiss residents and 100,000 Swiss francs for foreign residents.  

When we talk about foreign clients, the biggest USP is just they're able to access with private banking without the needs of depositing three, four or 5 million and more.  

The second one was most clients that come to us are kind of looking for a combination between digital experience but still having human interaction.  

Financial service providers in Switzerland are just offering a well and very standardised, more sales-oriented service so that's one of the issues that we try to fix them.  

Last point, especially for foreign clients. We have been servicing foreign clients since beginning of this year. And this is also pretty special because Switzerland is still very active when it comes to offshore private banking.  

But the entry hurdles increased dramatically in the last year. We are the first wealthtech in Switzerland that offer those services again, to foreign clients who would like to book their funds here in Switzerland. 

Jonas Bächinger: Our typical client is next generation.  

They are inheriting money, build up some kind of wealth.  

And for Swiss clients, most of them deposit the majority of their wealth with us. When it comes to foreign clients, I would say what we see right now is diversification.  

Jonas Bächinger: Mostly traditional, regional, private banks when we get our clients from, so we do not get clients, you know, from other fintech’s because the clients we serve as are not yet serviced by fintech.

Jonas Bächinger: We would like to make it as human as possible and as digital as needed. So, all those steps where we think a human being is not generating any additional value.  

For instance, typing in your personal information, signing a contract identifying yourself, a client can do this better by himself. When it comes to advising the client, which investment solutions to choose, which strategies when it comes to planning the financial situation holistically, we see an added value if you have somebody to talk to. 

 This transfers trust to the clients.  

So therefore, we try to have a hybrid model in place when it comes to questions that we can support the client with, but if those are things that the client can do better by himself, he can use the mobile application we have today.  

Jonas Bächinger: We want to go abroad.  

We are focusing especially on Western Eastern Europe. Within the next five years, I would like to extend to Middle East and Asia.  

Our goal is really to be an established player when it comes to Swiss private banking in Western and Eastern Europe and make the steps towards Middle East and Asia.  

We would like to achieve within the next five years is 1 billion assets under management.  

Jonas Bächinger: We want to focus on countries which are a bit let's say less developed from a financial perspective.  

Where the political situation is a bit more unstable, we would like to focus especially on Eastern Europe right now, because of the macroeconomic environments.