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To do so, V3’s advisers have trained themselves in soft skills, listening, and emotional intelligence – as well as mindfulness. Meditating went mainstream in finance long ago, but Farinella is one of the first in wealth management to use elements of mindfulness not just as an alleviator of workplace stress, but as part of business.

«It’s sort of a training I do which helps to give me the clarity and the calmness to listen to my clients and to actually interpret and understand what they need,» Farinella said.

«Did I Tell You I Have a Boat?»

To be sure, managing money for the wealthy has always been more refined than the sharp-elbowed ways of Wall Street and investment banking. However, private banks are only now expanding their business to consider customer satisfaction or emphasize listening skills alongside their advisers’ qualifications.

Farinella jokes about one of his first client’s wealth, which had seemingly skyrocketed from an initial $200 million after several years with V3. The surge was due less to Farinella’s investing acumen than the time needed for the client to trust him enough and reveal the full picture.

No Secrecy, But Hefty Fees

«The $200 million client turned into $1.2 billion, as it took time for us to get to know each other,» Farinella said. «I got calls saying things like, 'I forgot I have this account', and 'did I tell you I have a boat?'»

Farinella's and V3's gentle approach may seem difficult to reconcile in Switzerland, where wealth managers are becoming scrappier in their fight for assets, clients, and fees. Since the alpine nation gave up banking secrecy, the industry has struggled to replace its once-biggest draw.

Not Sustainable for the Long Term

«Fees used to buy private banking advice, investments – and secrecy. Secrecy is out, but the price didn’t go down,» Farinella said. The Swiss private banking model – charging basis points or percentages on assets – is not sustainable for the long term, he argues. «If what you’re bringing to the table is exactly what everybody else is bringing, yet they’re charging half or less or one quarter or whatever you’re charging, there’s something wrong.»

Wealth managers need to be clearer as to what services or added value they’re offering compared to the classic model, according to Farinella, who advocates shopping around.

No Get-Rich-Quick Business

He is the sole owner of V3, which is profitable and independent. How does the entrepreneur reconcile the often-lengthy process of gaining trust with V3’s commercial ambitions?

«I'm not gonna lie, it’s not easy. But you can’t expect an individual you’ve never met before to trust you implicitly and open up all of their personal life to you,» said Farinella.

A Client for Life

He argues that if wealth managers think long-term and not get-rich-quick, their bets will pay off. «My philosophy is if you do right for your client, in theory you have a client for life.»