How well do Swiss advisers know their clients?

• Swiss investors value financial advisers for their personalised service and expertise, not just their investment performance.

• Advised investors in Switzerland believe their adviser adds significant alpha to their returns—equivalent to an average perceived alpha of 6%.

• Advisers who allocate more time to in-person activities can develop stronger, longer-lasting relationships with clients and their families—key for securing the next generation of assets and the future of their practices. 

Beyond performance: What Swiss investors value about financial advice

Conversations about the value of advice have historically anchored on investment performance—but a new report from Vanguard’s Advisory Research Centre finds advised investors derive significant value from their adviser relationships that extends beyond investment returns. 

The study, Client Connect: The Vanguard Advice Survey 2026, includes responses from more than 1,000 advised investors and 200 advisers across Switzerland. The results suggest relationship-driven factors are just as important to clients as investment performance for building lasting advisory relationships.

With more people in Switzerland choosing to invest, the need for reliable financial guidance has increased. Overall, the value of advice is well regarded by recipients, yet there are some critical disconnects between investors’ expectations of their advisers and what advisers are typically delivering.

Advisers who spot these misalignments can better align their services with client preferences, adding value to their relationships.

Below we share some of the key findings in the report:

Swiss investors derive significant value from their adviser

Nearly all (98%) of the advised investors surveyed in Switzerland believe their adviser drives portfolio growth, adding an average perceived alpha of 6% to their annual return. This is significantly higher than the 3% estimate in our Adviser’s Alpha research¹ —suggesting that clients’ perceptions of adviser value can differ from their adviser’s actual impact on returns.

The survey also found that investors highly value financial advice that is personalised, cost-focused and transparent around fees—elements that are as important as investment returns when assessing investors’ satisfaction with their adviser relationships.

A well-nurtured relationship is what matters most

Importantly, many investors in Switzerland do not feel their adviser delivers personalised advice, with only 27% of investors feeling they always receive advice that is truly tailored to their needs.

To meet client expectations, advisers need to spend more time building more personalised relationships and financial plans based on the preferences and goals of investors, which can strengthen client trust and enhance long-term value.

Behavioural coaching: A key value driver

The report also finds that emotional guidance is one of the most overlooked benefits that advisers can offer their clients. Advisers who engage in behavioural coaching discussions with clients can add as much as 1.5% to their annual net returns—and could be the single most significant source of alpha provided by an adviser². According to the survey, 73% of investors and 90% of advisers in Switzerland recognise the importance of behavioural coaching, particularly in the moments that matter when markets are volatile and emotions may be running high.

Begin legacy planning discussions earlier 

Legacy planning is fast becoming a core component of an adviser’s discussions. More than 70% of investors say they want their adviser to begin working on legacy planning earlier in their relationship—ideally, in their 40s or 50s. Advisers, meanwhile, say they tend to begin legacy planning conversations when their clients are in their late 50s and 60s, suggesting a potential opportunity for advisers to better align their conversations with client expectations.

Building relationships is time well spent

Client Connect: The Vanguard Advice Survey 2026 highlights how investors want more from their advisory relationships. While investment performance matters, clients also crave a more personalised connection with their adviser. They want someone who listens, empathises and understands their personal circumstances—not just about their money, but about their wellbeing, goals and family. For advisers, this can mean devoting more time to connecting and engaging directly with clients—which can leave less time for carrying out routine portfolio and administrative tasks. 

Take back your time by outsourcing portfolio management 

Advisers who outsource their routine investment management to a trusted investment manager like Vanguard can free up more time to focus on the higher-value aspects of advisory relationships that cannot be commoditised, like building human connections and providing strategic long-term guidance.

Advisers that can deliver these higher-value services are more likely to build stronger relationships with clients and their families—while also helping secure the future of their advisory practices.

Outsourcing can help advisers focus on higher-value services

Source: Vanguard.

To read more about the survey findings, download the full report here.

¹ Vanguard, 2025, Quantifying Adviser’s Alpha in Europe.

² Vanguard, 2025, Quantifying Adviser’s Alpha in Europe.