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Interview with Jvan Zatta and Massimiliano Tagliabue

Mr Zatta, how is the service offered to external asset managers changing?

I would say it is evolving along two lines. The first relates to the range of products and services. In this regard, to summarise, we can say that in addition to the classic and essential tools, at least as far as we are concerned, we have invested heavily in enabling external asset managers to automate and optimise routine and more mechanical tasks, as well as to gain greater autonomy in certain activities. This has served to ‘free up’ time to devote to tasks with greater added value and thus at least partially offset the increased complexity that regulatory changes have brought about at a managerial and structural level. But there is a second, important aspect, which I believe certainly applies to BancaStato but also to the entire sector: that which sees the banking partner supporting external asset managers in their capacity as entrepreneurs as well. They, too, have specific needs. And often their business activities absorb so much of their attention and energy that aspects related to personal wealth planning take a back seat. Aspects that nevertheless deserve to be considered in good time.

Mr Tagliabue, you are an expert in wealth planning. What are the aspects that every entrepreneur – including, therefore, external wealth managers – should consider?

I would say there are mainly four areas. The first is financial planning. For an entrepreneur, it is essential to make informed decisions, improve personal and family financial stability, to be able to face one’s economic future with confidence. It is a matter of optimising available resources by drawing up, so to speak, a sort of personal ‘business plan’; then, it would be advisable to map out future scenarios and, based on these projections, assess the available options and the possibilities for optimising one’s cash flows. Let us turn to the second topic: continuity plans. Companies, including external asset managers, may be accustomed to highly operational ‘business continuity plans’ for IT systems or other areas, but… what happens if the management of the company were to suddenly and unexpectedly cease due to an inability to ensure business continuity? This is where it proves invaluable to consider issues such as signing rights in the commercial register and regarding banking relationships, shareholders’ agreements, precautionary mandates, succession planning and pension risk analyses: elements that underpin and cement long-term stability, come what may. The third aspect concerns distribution strategies: how can assets be optimally transferred from the business to the private sphere? To answer this, one must consider the balance between business, private and pension assets, the medium- and long-term distribution strategy, and the efficient organisation of distributions. Finally, perhaps the most ‘well-known’ and also most underestimated aspect: business succession. Being prudent in this regard means ensuring a smooth transition, minimising the tax impact and facilitating the long-term continuity of the business; this is achieved through thorough analysis of succession scenarios, the soundness of the accounting structure, and potential issues relating to inheritance and tax law. The importance of business succession is particularly relevant today: just consider that around two-thirds of Swiss asset managers are expected to face this issue within the next ten years at the latest.

Mr Tagliabue, what is the cost of failing to act in this regard?

To answer, I’ll turn the concept of your question on its head. Seeing your banking partner as a key point of reference for establishing a comprehensive strategic dialogue – and thus delving deeper into wealth planning aspects – ultimately means protecting and maximising the value created, often over decades, through intuition, tenacity and many, many sacrifices. Because, in this area too, anticipating, working in good time and, above all, not being caught off guard by emergencies, is the only right way to reap the full rewards of what has been sown.

Mr Zatta: what is your view and what has your experience taught you?

I fully agree with what my colleague Tagliabue has said. External wealth managers represent entrepreneurial excellence in the region. They contribute to the creation of wealth for the community and play a decisive role in maintaining the high quality and good reputation of the financial hub. They put an enormous amount of effort into their work. As banking partners, we are delighted to be able to support them in every way, including, of course, in wealth planning.

Biographies

Jvan Zatta is the director and head of the external asset management team at BancaStato. He has a thirty-year career in banking, gained while working for major Swiss banks. The positions of increasing responsibility he has held in the trading room and in advisory services to asset managers have allowed him to play a leading role in the sector’s profound market, regulatory, and technological changes. He has been with BancaStato since 2014. He holds a Bachelor’s degree in Business Administration and has also earned a Master’s degree in Economic Law.

Massimiliano Tagliabue is Deputy Director and Head of Wealth Planning Services at BancaStato, where he has been working since 2025. He has over 35 years of experience in the banking sector, gained at leading Swiss institutions, and has focused specifically on wealth planning since the late 1990s. Throughout his career, he has held various professional roles, including lecturer and member of the board of trustees of a major pension fund, actively participating in numerous projects aimed at developing wealth management services for clients residing in Switzerland. Among his most recent activities, he has been responsible for the development and implementation, on behalf of BancaStato, of wealth management services specifically designed for entrepreneurs.