We go direct, with a license and a model the incumbents structurally cannot copy.
UBS pushed them down. The EAMs can't serve them. Nobody's home.
The acquisition window closes when Bellevue, VT Wealth, and Crossinvest finish the roll-up.
The CS-affluent banker cohort was reassigned out of Wealth Management into Personal Banking. Hundreds of thousands of households structurally downgraded. They are looking.
FinIA forced 800 EAMs out 2020–2022. Half of the surviving 1,500 firms have managing directors over 60. Deloitte projects 500–1,000 more exits in the next decade.
"Responsibility for decisions cannot be delegated to AI or third parties." Kills every foreign robo. Blesses one model: licensed entity owning both the AI stack and the human accountability layer.
What used to require a CHF 250k/year relationship manager — integrated planning, continuous suitability, tax-aware rebalancing — now runs at marginal cost on the stack we already built at Konsol.
Every player is structurally locked out of the integrated mass-affluent stack.
The Corgi move, costed at one-sixth of Corgi.
Margin 5–15%, the EAM owns the client, FINMA Guidance 08/2024 explicitly forbids delegating decision responsibility. Dead on arrival.
FINMA authorization 9–18 months. No client book, no custody relationships, no AUM. Series A becomes a regulatory application, not a business.
Change-of-control in 4–8 months. Inherit license + 2–4 custody relationships + audit history. Launch in month 6, not month 24.
The integrated Swiss-household stack that no bank, no robo, and no EAM has ever assembled.
One agent ingests BVG pension certificate, 3a statements, custody PDFs, tax return, salary slips, mortgage terms, marriage contract, 1e documentation. Produces the consolidated household balance sheet no Swiss bank has ever shown the client.
3a contribution timing, Pillar 2 buy-in capacity, 1e self-direction, mortgage amortize-vs-invest, cantonal wealth-tax minimization, staggered 3a withdrawal, cross-cantonal mobility. Outputs: "Buy CHF 22k into BVG before Dec 31, tax saving CHF 7,200."
ETF-only, multi-currency, tax-aware (Irish-domiciled accumulating in the taxable bucket, Swiss-domiciled where stamp-duty wins, 100% equity in 3a). Rebalancing automatic; suitability re-assessed on every life event. Custody white-labelled at pass-through cost.
Family tree mapped at onboarding, cantonal inheritance tax modelled, gifts and titling planned, heirs onboarded as adjacent accounts before the event. Inverts the failure mode of every Swiss bank: 70–80% of heirs change institution.
The client saves CHF 10–25k per year, every year, forever. This is not a fee discount.
They're already on r/SwissPersonalFinance. They're already in ETFs. They're already looking.
Bottom-up, household-by-household. No "1% of $X trillion."
Built on 12-year Swiss client tenure and a Pillar-4 estate layer that extends it to 25.
The license is the door. The dataset is the lock-in.
Charter route: 9–18 months minimum, no AUM. Acquisition route: needs the consolidation window we're inside. By Series A, this moat is locked.
Pictet · VP Bank · Bordier · Lombard Odier wholesale pricing requires 12 months and CHF 50–200M AUM minimums to establish de novo. We inherit 2–4 with the acquisition.
BVG × 3a × tax × mortgage × cantonal mobility interactions in ways no public dataset and no foreign training corpus contains. Denser with every cohort. Only exists inside the licensed entity.
Earned, not bought. Compounds through referral. The channel cost that goes to zero.
The regulatory perimeter is now drawn around the exact shape we are. Foreign robos cannot enter. Non-licensed AI vendors cannot sell. The 1,500 surviving EAMs cannot pivot (median 3.3 FTE, no engineering capability). They are our acquisition targets, not our competition.
Konsol AG is the engine. Signa is the EAM relationship. Helvara is the move.
Ex-supervisory or ex-AOOS. Drives the change-of-control submission, owns the regulatory voice of the firm.
FINSA-licensed, Swiss tax + pension expert. Pillar 1–4 decision owner, anchor of Senior Advisor cohort.
Ex-Swiss FS PE or Bellevue / VT Wealth alumnus. Runs the bolt-on pipeline starting in Year 2.
Konsol-stack proficiency. Scales Reader + Planner against onboarded households.
24-month plan, three milestones, one regulator.
By 2031, Helvara is the Swiss household's first wealth manager — and the only one any of them keep.
Same Corgi move, country by country: acquire the local regulated entity (BaFin §32 KWG in Germany, AMF in France, Consob in Italy), port the Helvara brain onto it, repeat. The AI stack ports. The license doesn't — which is why every market becomes a defensible standalone position, not a winner-take-all race.