Swiss Cross-Border Wealth Management Certification Market Spain II Edition

Transcripción

1 Swiss Cross-Border Wealth Management Certification Market Spain II Edition Presentation The international financial crisis, with its impact on domestic economies, has led governments to focus on policies aimed at the repatriation of their citizens assets, with the objective of increasing tax revenue as well as fuelling domestic investment activities. In this new world assets are either booked domestically, or, if they do remain offshore, are fully declared. For the successful international financial advisor of the future, this implies the need for an in-depth understanding of the domestic market and domestic environment in which the client operates. The international financial advisor is now competing directly with domestic advisors. While the international advisor has the global dimension as a competitive advantage, he can only leverage this in full if it comes on top of an in-depth understanding of the domestic situation of the client. At the same time, the new transparency opens up new business opportunities for the astute international financial advisor: in this way he/she can now target the client s domestic assets, expand the service offering and the sophistication of services to include tax and inheritance aspects, and address new onshore sources of wealth such as liquidity events. Weissgeldstrategie and "Abgeltungssteuer" have become commonplace concepts developed by the Swiss Banking Association as well as the Swiss Confederation in response to the ever increasing international pressure applied on Switzerland as part of the repatriation efforts described above. All these concepts have in common that they impact the skills required in an international financial advisor. Managing declared assets requires the advisor to be familiar with the tax regulations, the general financial rules and the local market practices of the country in which the wealth owner resides or in which his/her business assets are located. In its capacity of supervising authority, FINMA demands a thorough respect of sovereign states' regulations, coupled with a service offer model consistent with the governing laws of each reference market (excerpt from the FINMA statement on legal risks, FINMA; ). This statement provides a clear guideline for the Swiss financial industry. The Swiss government s policy aims to counter international pressure and to focus on the subsequent implications for the Swiss Banking System. In this perspective, a Swiss client advisor is expected to be thoroughly acquainted with the legal framework governing his/her operations when serving a client residing in a foreign country. In particular, three new areas need to be added to traditional financial expertise of an international financial advisor to sustain and expand his/her business opportunities: familiarity with domestic regulations to sustain business; 1

2 familiarity with domestic taxation to expand the level of advice; familiarity with the local markets and local client needs to compete successfully and expand own offerings to integrate domestic needs. In this way, the new competitive scenario is an opportunity to broaden the Swiss banks business possibilities, even if the process of adapting to the new situation is difficult and painful. In response to these new competitive market requirements, the Centro di Studi Bancari and the Swiss Finance Institute have developed a training program addressing precisely the above key issues centered on a client advisor s crossborder business with Spain. To optimize the time of the client advisor, the training program blends various learning methods: Self-study Pre-test Foundation (Module 0) Specializations (Modules 1-3) Final Exam Refresher Online Documentation Online Classroom training Case studies Classroom training Case studies Multiple choice Classroom training Case studies 15 days 30 min. 15 days** 1.5 days 25 days* 2.5 days 15 days** 60 min. 0.5 to 1 day *Average values The program starts with a phase of self-study based on online documentation. It is followed by a self-assessment pre-test to help the participant to gauge his/her level of preparation and to ensure a homogeneous level of knowledge among participants as they begin the classroom phase. The pre-reading material will be made available electronically in English (some self-study readings are also available in different languages), to be downloaded from a limited access e- learning platform. The classroom phase starts with a Foundation session (Module M0) followed by Specialization sessions (Modules M1, M2 and M3). The classroom phase is followed by a multiple choice exam. In order to maintain the certification, alumni will have to attend refresher sessions (on average once a year) aimed at providing an in-depth review of the major law and tax changes relevant for the Spanish market. The Centro di Studi Bancari and the Swiss Finance Institute offer cross-border training programs for various countries (Germany, France, Belgium, Austria, UK, Spain, Italy and others as requested) with the same characteristics. For all these countries the Foundation Module (M0) is the same. Participants who have already taken Module M0 can therefore register directly for the Specialization Modules (M1 M3) for the chosen country. Objectives As regards know-how, at the end of the program the participant: - has learned the Spanish and Swiss regulations governing cross-border activities; - knows the fundamentals of Spanish taxation principles and their implications for managing wealth; 2

3 - has deepened his/her insight into the Spanish wealth management market and its links to the domestic business activities of the wealthy. As regards insights, at the end of the program the participant: - has understood that the cross-border issue is also a business opportunity, and not just a regulatory challenge; - has mastered the main Spanish legal and economic variables to the degree necessary to be able to continue building a trusted relationship with Spanish clients; - has better understood how the regulatory risks are managed. And as for practical applications, at the end of the program the participant: - is able to improve after-tax investment performance by taking into account aspects such as investment taxation and inheritance taxation; - knows how to identify selected business opportunities and how to use them to expand the relationship with his/her client. Target Audience Content The program is primarily designed for client advisors. However, the program also serves a wider set of professionals such as portfolio management consultants, investment advisors, wealth and tax planners, or compliance managers. M0 Foundation (12 hours) The module is divided into three parts and deals with regulation, taxation and economic principles common to all markets and related to cross-border activities. 1. Compliance and risk-based approach: the legal framework 1.1. Cross-border activities introduction Basic concepts definition Swiss and European reference laws 1.2. The risk factor in cross-border activities Regulation risk FINMA s approach to cross-border dynamics Approaches by foreign regulators Civil risk (place of jurisdiction, applicable laws) Penal/fiscal risk MiFID 2. Tax system, taxation of investment incomes 2.1. Rules governing family taxation Residence of the individual and of family s members Determination of income in compliance with international principles Foreign income taxation and reporting duties 2.2. Taxation of business entities Company taxation (tax opaque entities) Tax period Calculation of income and rates Consolidated taxation of entities 3

4 Taxation of dividends, interest and capital gain Taxation of business associations (transparent entities) Tax period Calculation of income and rates Partner tax liability 3. Integrated advice for industrial families and owners of privately-held companies 3.1. Understanding and responding to the entrepreneurs needs Entrepreneurs wealth structure - company, real estate, collectables, other investments How to prepare/enter into discussions Collection of possible entry-topics Opportunities for the private banking business 3.2. Family company, asset allocation and risk diversification Company s potential performance Company s life cycle and risk profile Diversification considerations 3.3. Overview of main transaction types with corporate finance implications Succession planning - inheritance Business development strategies Staying private or going public - Private equity, IPO 3.4. Short review of main company-valuation techniques (reference to the prereadings) Comparable Multiples Discounted Free Cash Flows (DCF) 3.5. Liquidity events as a unique asset gathering opportunity Full company disposal - implications for the owner and the role of the private client advisor Other events 3.6. Case study of a liquidity event M1 Cumplimiento de la normativa y medición del riesgo: el marco legal (4 horas) Este módulo se centra en cómo las autoridades supervisoras aplican sus normas, enfatizando en el grado de "riesgo regulatorio" en actividades transfronterizas. Esto da lugar a que no se logre una adecuada comprensión mediante la simple enumeración de lo que se debe o no debe hacer (do's and don'ts) y a las frecuentes áreas de incertidumbre asociadas a la normativa actual. Este módulo no reemplaza las normas internas del banco, pero ayuda a su mejor comprensión. 1. Principios de la normativa bancaria y financiera 1.1. Criterio de determinación de la ley aplicable Criterio de la prestación más característica Captación de clientes como criterio relacionado con la prestación de servicios financieros La excepción de la clientela no captada 4

5 1.2. Actividades permitidas y actividades prohibidas Qué actividades pueden ser realizadas en territorio español? Qué servicios pueden prestarse desde Suiza hacia España? Qué servicios pueden prestarse cuando el cliente visita Suiza? 2. Aplicación de los principios 2.1. Posibilidades en términos de promoción de servicios Es posible la promoción de servicios a través de los medios de comunicación? Diferencias entre los servicios de marca (branding) y la promoción de servicios Existe un umbral relacionado con la promoción de servicios financieros? 2.2. Promoción de actividades comerciales de carácter individual (one-to-one prospection) Está permitido que el relationship manager o gestor comercial se ponga en contacto con potenciales clientes de manera individual (one-to-one)? 2.3. La oferta de nuevos servicios a clientes ya existentes 2.4. Prestación de servicios Gestión discrecional de activos Asesoramiento de inversión Intermediación (brokerage) Asesoramiento financiero Efectivo 2.5. Oferta de productos Venta activa y pasiva de fondos de inversión Venta activa y pasiva de productos estructurados Análisis Financieros 3. Estudios de casos M2 Planificación fiscal, sucesoria y financiera (12 horas) Este módulo enseña a los asesores personales del cliente a considerar las implicaciones fiscales que derivan de las decisiones de inversión de acuerdo con las leyes fiscales aplicables según la jurisdicción del cliente. Esto permite un asesoramiento de inversión más efectivo, ayudando, por tanto, a un fortalecimiento de la relación entre asesor y cliente en el nuevo mundo de la transparencia fiscal. Además, el módulo enseña al asesor personal a reconocer los potenciales problemas fiscales de forma anticipada. Identificar estos problemas no solo demostrará previsión y fortaleza en la relación entre asesor y cliente, sino que también generará nuevas oportunidades de negocio puesto que cada unidad de negocio estará inmersa en la resolución de los temas en cuestión. Por último, el módulo permitirá al asesor personal tener en consideración determinados conceptos claves en la planificación financiera, con especial énfasis en los impuestos personales, la jubilación, la herencia y la sucesión. 1. Implicaciones fiscales españolas en la tributación de las personas físicas 1.1. Normas para la determinación de la residencia fiscal Normativa española Tratados internacionales 5

6 Residentes fiscales en España No residentes fiscales en España 1.2. Obligaciones formales y tipos impositivos 1.3. Tributación de las inversiones Tributación de los ahorros Base imponible general VS base imponible del ahorro Tributación de los intereses, dividendos y ganancias de capital Tributación de las participaciones en fondos de inversión y otros vehículos de inversión Tributación de seguros y planes de pensiones 1.4. Planificación fiscal Período de imputación Bonus y otros incentivos Régimen especial para trabajadores desplazados Salario obtenido por trabajos prestados en el extranjero 1.5. Caso práctico 2. Tributación de las personas jurídicas en España 2.1. Tributación de las sociedades 2.2. Período impositivo 2.3. Cálculo de la base imponible y tipos de gravamen 2.4. Régimen de consolidación fiscal 2.5. Tributación de los dividendos, intereses y ganancias de capital 3. Normativa aplicable a las sucesiones y donaciones. Tributación Donaciones y sucesiones desde una perspectiva legal 3.2. Donaciones y sucesiones desde una perspectiva fiscal Residentes fiscales en España No residentes fiscales en España 3.3. Planificación fiscal Especial consideración a los trusts y a las fundaciones privadas Caso práctico M3 El Mercado de banca privada en España (4 horas) El objetivo de este módulo es, por un lado, permitir que el banquero privado pueda tener una discusión más profunda con su cliente sobre el entorno económico en el país del cliente y las implicaciones que esto tiene en sus inversiones. Por otra parte, el módulo también proporciona el asesor un mejor conocimiento de la competencia interna, ofreciendo de esta forma argumentos más estructurados y inteligentes que permitan tener conversaciones enriquecedoras con los clientes. 1. El mercado doméstico 1.1. Tamaño y crecimiento 1.2. Distribución de la riqueza 1.3. Distribución de los ingresos 2. La actividad transfronteriza, un negocio intercultural 2.1. El factor cultural como factor competitivo para un asesor transfronterizo 2.2. "Riqueza", "familia" e "integración social": tres factores fundamentales trabajando en otros países 6

7 2.3. Actitudes de los clientes ante el asesoramiento transfronterizo 3. Competidores en el Mercado de banca privada 3.1. Tipos de competidores 3.2. Diferenciación y posicionamiento de las estrategias de los competidores para diferentes segmentos y regiones 3.3. Canales de distribución en el Mercado 3.4. Fortalezas y debilidades de los principals competidores 4. Oferta de productos y servicios en el Mercado actual 4.1. Productos de moda y conexión con las necesidades reales 4.2. Servicios demandados por los clientes 4.3. Oferta de servicios por parte de los competidores 4.4. Estrategias de precios de la competencia 5. Comercializando un servicio transfronterizo 5.1. Enfoques al servicio de banca privada transfronterizo Estrategias Estructura y organización Procesos 5.2. Oportunidades para la banca transfronteriza respecto a los competidores locales 5.3. Argumentos de venta para el servicio transfronterizo 6. Tendencias emergentes en el Mercado 6.1. Tendencias en los productos 6.2. Tendencias en los servicios 7. Discusión entre los participantes 7.1. Como competir con la banca privada local 7.2. Argumentos de venta útiles 7.3. Ventajas competitivas 7.4. Cómo superar las barreras organizacionales? Didactics Blended learning approach with a combination of teaching methods: e-learning, classroom training and case studies Documentation Centro di Studi Bancari and Swiss Finance Institute teaching material Advisory board Alfredo Gysi, Chairman of the Association of Foreign Banks in Switzerland, Member of the SwissBanking Board of Directors, Member of the Swiss National Bank s Bank Council, Chairman of the Board of Directors of BSI SA Claudio Loderer, Professor and Director of the Institute of Financial Management at the University Berne, Vice President of the Rochester-Berne Executive M.B.A. Program, Research Associate at the European Corporate Governance Institute (ECGI) Xavier Oberson, Professor of Swiss and International Tax Law, Director of the LLM Tax Program at the University of Geneva, Member of the Federal Commission for Tax Harmonization Daniel Zuberbühler, former Director of the Swiss Federal Banking Commission and Vice-Chair of the Board of Directors of FINMA, Senior Financial Consultant at KPMG Steering Committee René Chopard, CEO, Centro di Studi Bancari Harry Hürzeler, Senior Advisor, Swiss Finance Institute 7

8 Program director Helen Tschümperlin Moggi, CFA, Head of Area Banking & Finance, Centro di Studi Bancari Course manager Laura Manghera, Area Banking & Finance, Centro di Studi Bancari Faculty Foundation Geneviève Berclaz, Lawyer, Partner, BRP Bizzozero & Partners SA, Geneva (French, English) Denny De Angelis, Managing Director of the AIdAF-Alberto Falck Chair in Strategic Management in Family Business, Bocconi University, Professor in Strategic and Entrepreneurial Management, SDA Bocconi, Milan (Italian) Nicola Franchini, Tax Director (Switzerland), Talenture Advisory SA, Lugano (Italian) Patrick Genazzi, Partner, BRP Bizzozero & Partners SA, Geneva (French) Giacomo Gianella, Partner, BRP Bizzozero & Partners SA, Geneva (German, Italian) Christoph König, Senior Specialist, International Affairs, Swiss Financial Market Supervisory Authority FINMA, Berne (English, French, German) Sophie Maillard, Lawyer, Partner, BRP Bizzozero & Partners SA, Geneva (English) Andrea Rieger Münger, Attorney-at-law, Partner, LCR Services, Zurich (German) Raffaele Rossetti, Lawyer, Partner, Froriep Renggli, Zurich (Italian) Fouad Sayegh, Attorney-at-law, LL.M., Partner, Oberson Avocats, Geneva (French) Eduardo Schindler, Founder and CEO, 2thePoint, Zurich (English, French, German) Peter Stocker, Head Tax, Legal & Compliance, Marcuard Family Office Ltd., Zurich (English, German) Spain Hedwig Dubler, Lawyer, BRP Bizzozero & Partners SA, Geneva José Luis Fernández-Picazo Callejo, Lawyer, Tax Expert, KPMG Abogados, Madrid Álvaro Lobato, Attorney-at-Law, KPMG, Madrid Rafael Juan y Seva Redondo, Managing Partner, Aureo Wealth Advice, Madrid Salvador Ruiz Bachs, Partner, Allen & Overy, Madrid Program duration Scheduling Pre-test 32 hours (M0 included) From September to November 2013 (see attached timetable) An online self-assessment test is required before the start of the classroom phase. This serves to ensure that participants gauge their own level of preparation and to help achieve a more homogeneous level of knowledge for this phase. The test will be a 30 minute multiple choice questionnaire and will allow participants to check if they have the appropriate level of knowledge of the basic principles that will be treated during Foundation Module 0. 8

9 Exam After completing the full program, a multiple choice exam will be held. The exam will last one hour. Successful candidates will receive the Swiss Cross- Border Wealth Management Certification Market Spain issued by the Centro di Studi Bancari and the Swiss Finance Institute. Fees SBA members CHF 3,900.-, others CHF 4,330.- Registration deadline Information September 12, 2013 Alfonsina Barbay abarbay@csbancari.ch Phone:

10 Swiss Cross-Border Wealth Management Certification - Market Spain 2013 SEPTEMBER OCTOBER Day Time Module Day Time Day Time 1 Sun 1 Tue 1 Fri 2 Mon 2 Wed 2 Sat 3 Tue 3 Thu 3 Sun 4 Wed 4 Fri 4 Mon 5 Thu Online documentation availability 5 Sat 5 Tue 6 Fri 6 Sun 6 Wed 16:00-19:30 7 Sat 7 Mon 7 Thu 08:30-17:00 8 Sun 8 Tue 8 Fri 08:30-17:00 9 Mon 9 Wed 9 Sat 10 Tue 10 Thu 10 Sun 11 Wed 11 Fri 11 Mon 12 Thu 12 Sat 12 Tue 13 Fri 13 Sun 13 Wed 14 Sat 14 Mon 14 Thu 15 Sun 15 Tue 15 Fri 16 Mon 16 Wed 16 Sat 17 Tue 17 Thu 17 Sun 18 Wed 18 Fri 18 Mon 19 Thu 19 Sat 19 Tue 20 Fri 20 Sun 20 Wed 21 Sat 21 Mon 21 Thu 22 Sun 22 Tue 22 Fri 23 Mon 23 Wed 23 Sat 24 Tue 24 Thu 24 Sun 25 Wed 25 Fri 25 Mon M0* Language: English Location: Zurich M0* Language: English Location: Zurich 26 Thu 16:00-19:30 26 Sat 26 Tue 27 Fri 08:30-17:00 27 Sun 27 Wed 09:00-10:00 28 Sat 28 Mon 28 Thu 29 Sun 29 Tue 29 Fri 30 Mon 30 Wed 30 Sat 31 Thu NOVEMBER Module M1 Language: Spanish Location: Zurich M2 Language: Spanish Location: Zurich M2 - M3 Language: Spanish Location: Zurich Final Exam Language: Spanish Location: Lugano/Geneva/Zurich Modules M0 M1 M2 M3 (*) Foundation Cumplimiento de la normativa y medición del riesgo: el marco legal 16:00-17:30 Planificación fiscal, sucesoria y financiera 17:30-18:00 El Mercado de banca privada en España 18:00-19:30 Foundation Module (M0) is common to all the countries and needs only to be attended once. This module is offered also in Lugano in Italian (6 7 May 2013), in Zurich in German (13 14 May 2013) and in Geneva in French (19 20 September 2013). Participants who have already attended module M0 can therefore register directly for the Specialization Modules (M1 M3) for the specific chosen country. Time Schedule Evening Sessions Full Day Sessions 08:30-10:00 Lesson 10:00-10:30 Coffee Break 10:30-12:00 Lesson 12:00-13:30 13:30-15:00 N.B. The timetable might be subject to change. 15:00-15:30 These changes will be communicated in advance to the participants. 15:30-17:00 Lesson Coffee Break Lesson Lunch Lesson Coffee Break Lesson 10