71 percent rule out switching banks – even if the costs are a concern

The new True Wealth Investor Pulse shows: Wealthy Swiss investors are confident, but the wealth management market remains sluggish.

Press Release

Zurich, June 1, 2026

Geopolitical confrontations, unpredictable government decisions, technological upheaval, demographic change: Rarely has the financial market environment been marked by so many uncertainties. Against this backdrop, how confident are wealthy Swiss investors – regarding their own portfolios and Switzerland’s economic well-being? What risks do they consider relevant, and how satisfied are they with the local offerings? True Wealth, the pioneer of digital wealth management, explores these four questions in depth with the new True Wealth Investor Pulse. The survey, conducted for the first time and to be repeated annually, of 508 high-net-worth investors paints a clear picture: confidence remains high despite all the uncertainties – but there is a significant need for action regarding the costs of wealth management.

Own portfolio rated higher than the global economy

Investors make a clear distinction between the global economic situation and their own financial investments. Only 35 percent are confident about the global economy in ten years – compared to 59 percent regarding their own portfolio. The average confidence rating for their own investments is 3.51 on a scale of 1 to 5, while that for the global economy is only 3.01.

«This discrepancy raises questions: Do investors already consider the mentioned risks to be priced into the market? Do they trust that they can protect themselves with the right allocation? Or do they assume that the burdens will primarily affect wage earners, not capital? All three effects likely play a role,» says Felix Niederer, CEO and founder of True Wealth.

Everyone fears war – tariffs hit the portfolio

When it comes to global risks to Switzerland’s economic well-being, military conflicts (73 percent) and trade conflicts and tariffs (66 percent) dominate. When looking at their own portfolios, the picture shifts slightly: here, respondents rank trade conflicts and tariffs (65 percent) just ahead of military conflicts (64 percent). War is the abstract threat – tariffs are the ones that tangibly impact the portfolio.

At the national level, relations with the European Union are the biggest concern: 51 percent view a deterioration in relations as a risk to the Swiss economy. What stands out is the differing assessment of technological innovation: for the Swiss economy, it ranks fourth among risks (36 percent) – but for their own assets, it ranks second (37 percent), ahead of demographics and migration. This suggests that investors perceive technological changes more as a personal investment risk than as a macroeconomic threat.

Costs as the industry’s weak point

Apart from the uncertainties mentioned, investors were surveyed on key aspects of wealth management. Six dimensions were evaluated: digital user-friendliness, product offering, quality of advice, transparency, returns, and costs. In five of these, the results are positive, with top marks for digital user-friendliness (4.01 on a scale of 1 to 5). Only costs fall significantly short, with an average score of 2.85. 34 percent of respondents are dissatisfied with the costs of their investment solution, while only 23 percent are satisfied.

«No other factor is viewed as critically as costs – and this among a target group that entrusts a fortune to their bank. That is a clear signal to the industry,» says Felix Niederer.

Banks dominate – the market remains sluggish

Despite the criticism regarding costs, the market remains strikingly sluggish. 52 percent of respondents delegate their investment decisions. Among these delegators, 76 percent use a traditional bank. Independent wealth managers follow with 27 percent, while digital wealth managers are used by only 4 percent – even though costs are the most frequently cited point of criticism.

Nevertheless, the willingness to switch remains low: 71 percent of delegators rule out switching providers, 30 percent of them categorically. Only 26 percent would even consider switching, and just 1 percent has concrete plans to do so.

«71 percent rule out switching. This does not indicate satisfaction, but rather habit. And habit is the greatest competitive advantage of established banks,» says Felix Niederer.

You can find more about the study and the full results here.

About the methodology: The True Wealth Investor Pulse was conducted on behalf of True Wealth by the market research firm YouGov Switzerland AG. The survey polled 508 investors in German- and French-speaking Switzerland with liquid investment assets of at least 200'000 Swiss francs. The survey took place between March 10 and 16, 2026.

About True Wealth

True Wealth was founded in 2013 by Oliver Herren, co-founder of Digitec Galaxus AG, and Felix Niederer, a physicist and portfolio manager. The online platform has consistently automated all processes of modern asset management and offers customers domiciled in Switzerland a cost-effective wealth management solution starting from an investment amount of 8'500 or 1'000 Swiss francs for children's portfolios and investments in pillar 3a.

The company manages more than 2.8 billion Swiss francs in assets, spread across more than 45'000 clients.

The annual all-in wealth management fee is 0.25 to 0.50%, depending on the investment amount. The management fee for pillar 3a is 0%.

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