$22mn case exposes the risks in opaque world of Zürich’s independent wealth advisers
The couple came into the hotel lobby tanned and laden with their beach bags. Funny how Gregory and Vera Mirlas were almost always early to every appointment, even here on the Riviera, their young friend joked, as he embraced the couple at their rendezvous in the chic French resort of Juan-les-Pins. They strolled in the September heat across the town square, past the Parc de la Pinède, for lunch at their favourite restaurant, Le Perroquet. The couple ordered lamb, as usual.
It turned out that they had been sold a high-fee structured product with an upside linked to an index performance. What they hadn’t been told was that the fund tracking the index would have its dividends stripped out for the bank to keep. In a third case — which, says Gallotti, shows the limitation of the new FinSA rules — members of a rich Italian family showed him their accounts with a wealth adviser in the canton of Ticino. The adviser had promised them minuscule fees — just €2,000 annually.
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