Zurich has a new fintech start-up that for once does not try to disrupt the traditional banking, but even wants to help wealth managers to create more revenue. WealthInitiative offers a secure platform that enables wealth managers to trade real estate, art and passion investments, and, through that market place, enables them to explore synergies among their own client base.WealthInitiative wants to facilitate for real estate, art and passion investments. While securities market is already highly digitalized, a similar offer does not exist for the above mentioned goods. Usually, the sale of a property or a rare watch collection is linked to high fees from intermediaries and a rather dry market, where it can be hard to find a buyer/seller. Even within some wealth managers, relationship managers are not aware what goods the clients of their fellow relationship managers want to buy or sell. This is exactly where WealthInitiative wants to step it.
Whitle label platform for tangible assets by WealthInitiative
WealthInitiative is available as a cloud-based solution or can be hosted as a white label solution on a banking IT infrastructure. It creates a secure market place where client assets can easily be found and traded. With this offer, the platform should bolster private banks competitive edge by offering a market place for a very emotional asset class, and, by facilitating secure and efficient transactions. Furthermore, by cutting out intermediaries, the platform should enable wealth managers to generate additional revenues.
Moreover, the platform promises to speed up transactions, enhance confidentiality, and significantly lowers the costs for clients, leading to a superior client experience. In the near future, WealthInitiative will allow various wealth management institutions to securely reach out and connect with each other, multiplying transaction flow, and creating additional opportunities for their clients. WealthInitiative is also working on the integration of blockchain technology to allow tracing provenance and ownership of assets traded on its platform, which will further add to the security of transactions.
WealthInitiative founder Douglas Azar:”Creating synergies among clients is the next growth driver”
WealthInitiative was founded by the Frenchman Douglas Azar. The combination of his passion for art and his experience in private banking drove him to start this project. “I strongly believe that creating synergies among clients is the next growth driver for wealth management institutions. Throughout my experience in private banking and art investment research, I kept on wondering about the lack of tools that would allow private banks to better exploit this untapped potential. WealthInitiative was born out of a desire to fill this gap”, comments Douglas Azar.
Zurich based WealthInitiative was founded by Douglas Azar and does employ four people at the moment. Several banks are in a due diligence phase. WealthInitiative will include an API in the second phase, when the platforms from the individual banks and wealth managers will be able to communicate with each other and form one big exchange.
Douglas Azar has 13 years of experience in Banking in various locations (U.S.A, Middle East, Switzerland) including 10 years in Private Banking focusing on investment advisory. He also has extensive knowledge in “art investment” and wrote articles in newspapers on the subject. He graduated from Audencia business school in France and also has a Master in business law form Assas University in Paris. He is a CAIA (Chartered Alternative Investment Analyst) charter holder.