Wealth Management

Our services and

what they are worth
Fees and conditions

Valid from October 2017

2  Our services and what they are worth

Content “Every service has

its price. What
matters is that both
4 win you over.”
Everything starts with a
personal conversation

7
Your basic choices

8
Vontobel Access Full & Select

10
Vontobel Managed Solutions

12
Vontobel Advisory Services

14
Securities Transactions

15
Financing Solutions and
Wealth Services

16
Additional Services

17
General Provisions

18
Glossary

Vontobel uses only recycled paper for

printing. It takes about 1.5 times less energy
and 2.5 times less water to produce re­-
cycled paper than it does to produce paper
from fresh fiber. Recycled paper also cuts
greenhouse gas emissions by more than 20 %.
We offset the remaining emissions with var­
ious CO 2 projects around the world.

Further information:
vontobel.com/sustainability
 Our services and what they are worth  3

A partner for your goals

Vontobel Wealth Management actively manages your

assets with foresight – if you wish, over generations.
We follow a holistic approach, closely monitoring the
markets and anticipating trends and opportunities
so that we can develop individual solutions for you. In
this way, we create the optimal preconditions for in-
creasing and protecting the assets you have entrusted
to us – for the long term and at an appropriate level
of risk.

You, your wishes and goals are our number one priority. you. To what degree you would like to combine the one
Continuity and long-term sustainability are very important with the other depends on your preferences.
in our business relationships, so over a span of many
years, your Relationship Manager will remain the same As our client, you benefit from our nearly one hundred
person. Our team approach ensures that not only your years of experience, from the advantages that only a
­Relationship Manager is there for you, but that you also ­family-owned financial institution has to offer, and from
have additional experts at your disposal as needed. In our success at combining tradition with innovation in a
addition, we offer high-quality digital solutions that can way that will generate profits for you as a client.
provide relevant sup­port to the personal advice we give
4  Our services and what they are worth

Everything starts with a

personal conversation

The philosophy behind the way we work with you

­follows a set of clear principles that are oriented toward
meeting your specific goals. Initiating the relationship
is a personal conversation between us. Only when we
more precisely understand you, your current situation
and your goals can we meet your expectations and
optimally bring our know-how to bear. Further, in order
to take account of possible changes over time, we will
have such a conversation with you on a regular basis.

Together, we will elaborate a picture of your current situ­ your own investment ideas and would like to coordinate
ation, discuss your values, your family and professional them with us, then our Advisory Service is a suitable solu-
situation, and put together a catalogue of your assets and tion for you. You decide when, and how intensively, you
liabilities. We will thrash out your plans and goals, and want to exchange views with our experts in addition to dis-
­establish which ones are your priorities in the medium and cussions with your Relationship Manager. But the actual
long term. Based on all this, we will then provide you with investment decisions always remain with you.
suggestions for solutions that we will implement, according
to your specifications, and monitor on a regular basis. It goes without saying that you can also decide to manage
a portion of your assets one way, and another portion a
To what degree you want to be involved in the investment different way.
process is another important point. You can completely
delegate the management of your wealth to us, whereup- Or perhaps you are only interested in one particular market,
on you do not have to worry about anything else. If you or one industry, one product, one investment vehicle – in
are already familiar with the major financial markets, have this case, we are also here for you.
 Our services and what they are worth  5

You set the goal, and together we choose the way to get there.
In other words, in order to be able to offer you exactly your destination – in a disciplined and forward-looking
what suits your requirements and wishes best, we listen manner. Again and again, we will orient ourselves to the
to you very carefully. Only then will we propose the path­ following steps:
ways that will bring you systematically and consistently to

Your situation
Taking into consideration your values and ex-
pectations, we will analyze your assets and
­liabilities, your professional and family situation.

Your plans and goals

We will weight and prioritize your most import-
ant plans and goals for the future.

Your investment strategy

We will establish the appropriate strategy to
achieve your goals, being sure to clarify your
risk capacity and risk tolerance as well as your
experience with financial products.

Your orientation
Here, we will complete the overall picture
and determine the next steps.

Your solution
This comprises a specific proposal, with
the relevant contracts and supplemental
information.
6  Our services and what they are worth
 Our services and what they are worth  7

Your basic
choices

Our services are designed to help you determine what

is important to you, how much help you want and in
what combination.

Vontobel services at a glance

Vontobel Access

Vontobel Managed Solutions Vontobel Advisory Services Financing Solutions

– Vontobel Opportunities – Vontobel Initiatives and Wealth Services
– Vontobel Conviction – Vontobel Impulse
– Vontobel Diversifier
– Vontobel Specials
Vontobel Compose

Vontobel Access Vontobel Compose

With Vontobel Access, you are assured access to the world Certain asset structures, as well as your personal prefer-
of Vontobel with our investment solutions, financing solu- ences, may make a combination of Managed Solutions
tions and wealth planning services. In Vontobel Access all and Advisory Services a sensible choice. In this instance,
our essential basic services are included. you determine which part of your assets should be man­
aged in one way and which part in the other way. Here,
Vontobel Managed Solutions too, there is a wide range of options available to individu-
If you choose our Managed Solutions, you delegate in- alize the service we provide you.
vestment decisions and their execution to us. You have
the choice between different solutions comprising dif­ Financing Solutions
ferent investment strategies and reference currencies. Our Financing Solutions make it possible to exploit your
assets optimally and leverage them with borrowed capital.
Vontobel Advisory Services For example, we offer Lombard loans that help you opti-
You would like to benefit from the knowledge and recom­ mize cash flows and allow you to take advantage of inter-
mendations of our analysts and investment experts. But esting investment opportunities. In addition, we offer a
you want to decide yourself how much, when and where range of mortgages.
you want to invest. In that case, our Advisory Services
are the right choice for you. Wealth Services
Our specialists can advise you on all financial matters.
We work with you to develop a comprehensive strategy
based on your individual financial and family situation as
well as your personal wishes and goals.
8  Our services and what they are worth

Vontobel Access
Full & Select

With Vontobel Access, you are assured

access to the world of Vontobel with our
investment solutions. All our essential
basic services are included.

Services Vontobel Access

Full Select
Support services
• • – Personal Relationship Manager
• • – Comprehensive analysis of your situation, personal and financial objectives, as well as your
risk c
­ apacity and risk tolerance
• • – Detailed proposal for the implementation of your objectives
• • – Access to investment and Financing Solutions, and to specialists from Wealth Services
• • – Annual discussion to update and assess your current situation
• • – Digital mailbox for communication with Vontobel
• • – Access to digital channel and mobile services

Evaluations and reports for tax purposes

• • – Statement of assets (upon request, this may also be provided in consolidated form)
• • – Country-specific tax statement (if not available, generic tax statement)
• • – Certifications for AEI and FATCA

Custody account management

• • – Safekeeping of securities (including third-party expenses)
• • – Securities administration (for example, crediting dividends)
• • – Incoming delivery of securities
• – Management of connections of accounts and custody accounts (for example, usufruct)

Account management
• • – Current accounts in different currencies
• • – Account statements

Mailing and archiving of bank documents

• • – Delivery of bank statements – electronically
• – Delivery of bank statements – physically
• – Additional mailing instructions
• – Access to a digital archive of your personal banking documents of the past 10 years

Payment services and cards

• • – Cash withdrawals at the Cash Desk
• – Payments entered in the digital channel itself:
• • Unlimited number of CHF / EUR payments within Switzerland or according to SEPA standard
• 6 other payments abroad or foreign currency payments per quarter
• – All other payment orders (via relationship manager):
• 12 CHF / EUR payments within Switzerland or according to SEPA standard per quarter
• 6 other payments abroad or foreign currency payments per quarter
• – Maestro debit card (no fees for withdrawals from third-party banks in Switzerland and abroad)
• – Possibility of ordering credit cards1, credit card guarantee
• – Possibility of ordering Travel Cash Cards1
1 For fees, see “Additional Services” (page 16)
 Our services and what they are worth  9

Fees Vontobel Access Full

Fees depend on the domicile of the contractual partner.
SWITZERLAND & LIECHTENSTEIN EUROPE INTERNATIONAL
CHF 500 per quarter CHF 600 per quarter CHF 700 per quarter
+ 0.25 % of total assets per year + 0.25 % of total assets per year + 0.30 % of total assets per year

A surcharge of CHF 500 per quarter is levied for legal Payment orders exceeding the number of payments
entities and clients requiring enhanced monitoring of included are charged separately, as are other services
their business relationship for regulatory reasons. as stipulated in “Additional Services” (page 16).

Fees Vontobel Access Select

Fees depend on the domicile of the contractual partner.
SWITZERLAND & LIECHTENSTEIN EUROPE INTERNATIONAL
CHF 400 per quarter CHF 500 per quarter CHF 600 per quarter
+ 0.25 % of total assets per year + 0.25 % of total assets per year + 0.30 % of total assets per year

A surcharge of CHF 500 per quarter is levied for legal Payment orders and other services are charged
entities and clients requiring enhanced monitoring of ­separately as stipulated in “Additional Services”
their business relationship for regulatory reasons. (page 16).

The services provided within Vontobel

­Access may not be selected individually.
10  Our services and what they are worth

Vontobel
Managed Solutions

Management of your assets by delegating it to our

specialists. Benefit from the rapid adaptation of
your portfolio when events occur in the markets,
and from a disciplined investment process.

With a managed solution mandate, you delegate to us the we manage your portfolio, and we keep it under continu-
job of managing your assets, based on your wishes and ous observation. In addition, you benefit not only from
goals. This means you are always invested in line with our pro­prieta­r y investment instruments we have developed,
current market expectation. which put efficient index strategies into practice.

In addition, you benefit from our rapidly and efficiently We offer you a broad range of diversified and focused
adapting the portfolio to changes in market conditions. strategies. And you also have the option of investing your
Thanks to our institutional competences and a proven assets according to sustainable investment criteria.
­investment process, we are highly disciplined in the way

Services
– Management of your portfolio in accordance with your – Independent quality and risk monitoring
personal investment strategy – Use of proprietary investment products that invest
– Rapid adaptation of your portfolio when market events optimally in equity markets worldwide
occur – Use of inducement-free investment funds
– Always invested in line with our market assessment – Detailed, transparent information about the develop-
– Take advantage of our institutional competences and ment of your portfolio
professional investment process
 Our services and what they are worth  11

Flat fee model

Vontobel Opportunities Vontobel Diversifier
For investors who also want to exploit short-term market For investors wishing to invest in the most important
opportunities. global financial markets.

FEES BASED ON INVESTED ASSETS PER YEAR1 FEES BASED ON INVESTED ASSETS PER YEAR1
Up to CHF 2 million 1.25 % Up to CHF 1 million 0.90 %
CHF 2 – 5 million 1.20 % CHF 1 – 2 million 0.80 %
CHF 5 – 10 million 1.10 % CHF 2 – 5 million 0.75 %
Over CHF 10 million 0.95 % CHF 5 – 10 million 0.65 %
Minimum invested assets: CHF 1 million Over CHF 10 million 0.50 %
Minimum invested assets: CHF 150,000

Vontobel Conviction
For investors sharing our evaluation of the market. Vontobel Specials
For investors who wish to invest in specific asset classes
Choose Vontobel Conviction Sustainable if you want to or selected regions.
consider specific sustainability criteria when investing.
FEES BASED ON INVESTED ASSETS PER YEAR1
FEES BASED ON INVESTED ASSETS PER YEAR1 Up to CHF 2 million 1.25 %
Up to CHF 1 million 1.10 % CHF 2 – 5 million 1.20 %
CHF 1 – 2 million 1.00 % CHF 5 – 10 million 1.10 %
CHF 2 – 5 million 0.95 % Over CHF 10 million 0.95 %
CHF 5 – 10 million 0.85 % Minimum invested assets: see product information
Over CHF 10 million 0.70 %
Minimum invested assets: CHF 250,000
1 The fee applies to the total invested assets in the respective
­mandate and corresponds to the effective price. On debit notes,
the proportion of fees for portfolio management and for trans­
actions are shown separately.

The lowest fees applied are those calculated

on the basis of the minimum invested assets.

Fees for Vontobel Managed Solutions are

charged in addition to the fees for Vontobel
Access.
12  Our services and what they are worth

Vontobel
Advisory Services

Management of your assets with the support of an

­experienced partner. Benefit from investment ideas
and recommendations we submit to you, as well as
from ongoing portfolio monitoring.

When it comes to Advisory Service, we actively support of research and investment publications, assuring that
you when investing your assets, always in line with our you are on the pulse of the markets. In addition, you benefit
jointly defined investment strategy. You decide on the com- from comprehensive portfolio monitoring and are a ­ ctively
position of the portfolio. You receive individual invest- informed if a portfolio position deviates from our commonly
ment ideas, tailored to your portfolio and objectives, and agreed specifications. We offer you two dif­ferent Advisory
you can call upon the know-how and experience of our Service mandates, which you can combine with two pricing
investment experts. We give you access to a broad range models (a flat fee model and a brokerage fee model).

Services
– Active support from our investment experts in manag- – Continuous monitoring of your portfolio, including no-
ing your portfolio tification in case of deviations from your specifications
– Personal investment advice, with specific investment – Regular portfolio review (“Health Check”)
ideas submitted based on your investment objectives – Access to proprietary investment products that invest
– Access to a wide range of research and investment optimally in equity markets worldwide
publications – Access to inducement-free investment funds
– Access to global financial markets, a broad range of – Detailed, transparent information about the develop-
financial products and an efficient and secure settle- ment of your portfolio
ment platform
 Our services and what they are worth  13

Flat fee model Brokerage fee model

Vontobel Initiatives Vontobel Initiatives
For investors who want to benefit actively from market For investors who want to actively benefit from market
opportunities. opportunities.

FEES BASED ON INVESTED ASSETS PER YEAR1 FEES BASED ON INVESTED ASSETS PER YEAR2
Up to CHF 1 million 1.10 % Up to CHF 1 million 0.65 %
CHF 1 – 2 million 1.00 % CHF 1 – 2 million 0.60 %
CHF 2 – 5 million 0.93 % CHF 2 – 5 million 0.58 %
CHF 5 – 10 million 0.85 % CHF 5 – 10 million 0.55 %
Over CHF 10 million 0.70 % Over CHF 10 million 0.45 %

  Fees for Securities Transactions (see page 14)

Vontobel Impulse
You implement the portfolio strategy together with your
Relationship Manager.
Vontobel Impulse
FEES BASED ON INVESTED ASSETS PER YEAR1
You implement the portfolio strategy together with your
Up to CHF 1 million 0.95 %
Relationship Manager.
CHF 1 – 2 million 0.85 %
CHF 2 – 5 million 0.78 % FEES BASED ON INVESTED ASSETS PER YEAR2
CHF 5 – 10 million 0.70 % Up to CHF 1 million 0.50 %
Over CHF 10 million 0.55 % CHF 1 – 2 million 0.45 %
CHF 2 – 5 million 0.43 %
CHF 5 – 10 million 0.40 %
1 The fee applies to the total invested assets in the respective man- Over CHF 10 million 0.30 %
date and corresponds to the effective price. On debit notes, the
proportion of fees for advisory and for transactions are shown   Fees for Securities Transactions (see page 14)
separately.
2 The fee applies to the total invested assets in the respective mandate
and corresponds to the effective price.

Fees for Vontobel Advisory Services are

charged in addition to the fees for Vontobel
Access.
14  Our services and what they are worth

Securities
Transactions

The Vontobel trading platform gives you

access to all major financial markets around
the world.

Equities, bonds and funds

FEES BASED ON TRANSACTION VALUE1

Up to CHF 100,000 1.25 %
CHF 100,000 – 350,000 0.85 %
CHF 350,000 – 500,000 0.75 %
Over CHF 500,000 0.30 %
Minimum CHF 125

– In the case of equities and bonds, the fee includes – Stock exchange fees and fiscal duties will be charged
own and third-party transaction fees in addition2
– In the case of funds, third-party issuing charges and – Minimum fee for hedge funds: CHF 500
third-party fees are charged additionally

Money market investments

FEES BASED ON TRANSACTION VALUE1 MONEY MARKET MONEY MARKET CALL TIME
FUNDS PAPERS MONEY DEPOSITS
Up to CHF 500,000 0.30 % 0.500 % 0.500 % 0.500 %
CHF 500,000 – 1 million 0.30 % 0.375 % 0.500 % 0.375 %
Over CHF 1 million 0.30 % 0.250 % 0.375 % 0.250 %
Minimum CHF 125 200 200 200

– Minimum amount for call money: CHF 500,000

– Minimum amount for time deposits: CHF 100,000
– Minimum change for call money and time deposits:
CHF 100,000

1 The fee applies to the total transaction value and corresponds to

the effective price.
2 Among others, this applies to the Swiss stamp duty levied on the
purchase and sale of securities in Switzerland. The amount of the
stamp duty depends on whether the stock exchange is located in
Switzerland or abroad.
Your Relationship Manager will be happy
to advise you concerning fees related to
­options and futures.
 Our services and what they are worth  15

Financing Solutions and

Wealth Services

Optimize your investments with Financing

Solutions. Take advantage of our experts for
long-term Wealth Services.

Financing Solutions Wealth Services

If you would like to take optimal advantage of your assets Our specialists will be happy to advise you on questions
and supplement them with borrowed capital, we have a relating to your personal wealth planning, particularly in
variety of financing solutions to offer you. the following areas:
– Financial and pension planning3
– Asset structuring3
Lombard financing – Estate planning
– Services for charitable foundations
Your Relationship Manager will be happy to provide you – Tax planning
with an individual offer. – Relocation services
– Accounting
FEES
– Real estate services
The conditions depend on the type of loan and are linked to the
Interest rate environment. FEES
Credit rollover; due at each rollover of a CHF 300 Preliminary discussion, included in V
­ ontobel
credit with a term of up to one month initial optimization analysis Access
Extended credit check for new or increased CHF 5,000 – 20,0002 Financial and pension plan3 CHF 2,500
credit line: concentrated portfolios1, third-
Advisory consultation, per hour4 CHF 350
party deposits, bank guarantees, life insurance,
loans to operating companies Administrative processing, per hour CHF 200

3 Only available for clients domiciled in Switzerland.

Mortgages 4 Depending on the complexity of the advice, deviations from the
stated hourly rate are possible.

Your Relationship Manager will be happy to provide you

with an individual offer for fixed-rate, forward or Libor
mortgages.

FEES
The fees are linked to the interest rate environment.

1 Concentrated portfolios are portfolios with only 1 – 3 positions,

or 1 position >50 %, or 2 positions >75 %, or 3 positions >90 % of the
portfolio’s total market value.
2 Depending on the complexity
16  Our services and what they are worth

Additional
Services

PAYMENT SERVICES AND CARDS

Payments entered in the digital channel itself:
CHF / EUR payments within Switzerland or according to SEPA standard Free of charge
Other payments abroad or foreign currency payments, per order CHF 5
All other payments (via relationship manager):
CHF / EUR payments within Switzerland or according to SEPA standard, per order CHF 15
Other payments abroad or foreign currency payments, per order CHF 75
Payments abroad or foreign currency payments with the cost option
“All costs charged to client” (OUR). Flat fee for third-party costs so that all cost claims by foreign banks are covered. CHF 20
Credit card See fee schedule of the card issuer
Travel Cash Card See fee schedule of the card issuer

TAX SERVICES
Withholding tax reimbursement 9 % of the reclaimable amount1, minimum CHF 250, maximum CHF 750
(We cover the most common international markets) per application + third-party expenses
Delivery of collective tax statements without application for reimbursement CHF 10 per earnings report
Tax certificate for the past year, per item Third-party expenses (CHF 65 – 100)
Preparation of individual, detailed tax reports (e.g. purchase data report,
detailed report for AEI or FATCA, historical tax documents) CHF 250 per hour

ASSETS HELD OUTSIDE VONTOBEL INVESTMENT SOLUTIONS

Fees for Vontobel Access (page 9) plus a surcharge of 0.20 % per year for physical precious metals, precious metal accounts, private equity
and hedge fund positions as well as other non-traditional investment products
Fees for Securities Transactions (page 14) plus a surcharge of 50 % for equities, bonds and funds

SAFE DEPOSIT BOX

Annual fee depending on size, according to separate fee schedule from CHF 200

SPECIAL FEES
Enhanced clarification requirements in connection with account maintenance / safe custody CHF 10,000
Delivery of securities (in Switzerland and abroad according to client instructions, per item) CHF 200
Closing the banking relationship2 (fee depends on the total assets on the date of closing):
Up to CHF 250’000 CHF 500
Up to CHF 1 million CHF 750
Up to CHF 5 million CHF 1,000
Over CHF 5 million CHF 1,500

1 Applications will be effected only in case a minimum of CHF 100

can be reimbursed, after deduction of expenses. If the amount is
lower, it will be carried over to the following year, as per the appli­
cation deadlines per country.
2 Includes closing the banking relationship (account / custody
account), crediting positive remaining balances, archiving of client
documents, postal delivery of client documents (as required),
­closing card accounts, deletion of standing orders, dissolution of
direct debit orders (LSV), dissolution of the digital mailbox and
mobile services.
 Our services and what they are worth  17

General
Provisions

– For Vontobel Access, the domicile of the contractual – For structured products traded on the secondary
partner is relevant. In the case of joint relationships market, transaction fees of equities, bonds and funds
in which the contractual partners have different domi- apply on brokerage models. In the case of structured
ciles, the higher fee applies. products that are subscribed on the primary market,
the Bank may receive inducements as reimbursement
– In Europe, Vontobel Access comprises the countries of in the context of Vontobel Advisory Services and
the European Union (EU) and the European Economic ­assets held outside Vontobel Investment Solutions.
Area (EEA), excluding Principality of Liechtenstein. For
all other countries, our International Pricing applies. – The Bank reserves the right to levy a surcharge or
supplemental fee for services and products requiring
– Unless otherwise stated, fees are for one year and an exceptional investment of time or effort.
are charged pro rata temporis on a quarterly basis; the
calculation is based on the average portfolio value. – In the case of account closing, the periodic fees for the
current quarter are calculated pro rata temporis to the
– Fees do not include value-added tax. end of the current month and are payable i­mmediately.

– Stock exchange fees and fiscal duties will be charged – For reasons of clarity and ease of use, only the most
in addition. important services have been listed in this document.
Your Relationship Manager will be happy to inform you
– Any third-party commissions and expenses will be about services and fees which are not listed here.
charged in addition.

– When executing foreign exchange, precious metals,

and OTC derivatives transactions, additional costs,
such as bid-ask spreads, may apply regardless of the
chosen investment solution and pricing model. Unless
otherwise agreed, these transactions are executed
by the Bank as counterparty and not as a commission
business. Your Relationship Manager will be pleased
to inform you about the amount of spreads and
margins.
18  Our services and what they are worth

Glossary

Additional mailing instructions Additional requirements for the delivery of bank correspondence (for example,
delivery of document copies to an authorized person).

Automatic Exchange of Information Procedure governing the mutual exchange of data between participating
in Tax Matters (AEI) countries concerning accounts and custody accounts of taxable persons.
The new global standard for the AEI is intended to prevent cross-border
tax evasion.

Collective tax statements without Compilation of the recoverable withholding tax amounts without correspond-
application for reimbursement ing applications for reimbursement.

Consolidated catalogue of assets List of assets, which summarizes the securities positions of several different
investment solutions.

Country-specific tax statement Annual statement of investment-derived income (interest, dividends and other
distributions, and fund reinvestments if applicable), as well as – if required –
realized capital gains and losses, bank charges and debt interest, taking into
account specific requirements for selected European countries, in particular
Switzerland, Austria, France, Germany, Italy, Spain, Sweden, and the USA.
Partially, additional reports (e.g. Modelo 720 for clients in Spain, monthly reports
for clients in France or Belgium) are provided.

Digital mailbox Encrypted channel for receiving or retrieving bank documents. The digital
mailbox can be used on different devices such as smartphones, tablets and
desktop computers.

Enhanced monitoring requirements Increased due diligence which applies in specific client situations to combat
money laundering. This applies, for example, to persons who occupy a sig­
nificant public function in a national government, state-owned enterprise or
supranational organization.

Foreign Account Tax Compliance Act A US law directly affecting banks outside the United States. The goal of F
­ ATCA
(FATCA) is for all accounts held abroad by US persons to be disclosed and taxed in
the US. FATCA requires that foreign banks identify accounts held with them
(directly or indirectly) by US persons (so-called “US accounts”) and periodi­
cally report to the US tax authorities.

Foreign custody costs Costs that foreign clearing organizations charge for the securities held by
them for safekeeping.

Generic tax statement Annual statement of investment-derived income (interest, dividends and
other distributions), realized capital gains and losses, bank charges and debt
interest, without specific details.

Inducement-free investment fund Investment fund which does not compensate for distribution fees. As a rule,
these investment funds have lower overall costs.

Invested assets All the assets in an investment solution (e.g. securities, physical positions held
in a custody account, money market investments and account balances). The
absolute ­value of individual holdings are added together and cannot be offset
against each other for example with short positions, forward contracts).
 Our services and what they are worth  19

Investment strategy The guideline and approach, defined by the investor, concerning how the port-
folio should be managed. These may relate to specific investment instruments,
currencies, industries and time periods.

Non-traditional investment products Investments that cannot be allocated to traditional asset classes such as
­equities, bonds or money market products. They comprise a wide variety of
­instruments and strategies (e.g. hedge funds or private equity).

Operating companies Companies which carry out a trade, production or service operation, or operate
another business of a commercial nature.

Portfolio review (“Health Check”) Systematic report on the risks in the portfolio and any deviations from the
­selected investment strategy.

Risk capacity Risk capacity indicates the risk that a client can reasonably tolerate due to
his / her life, income and wealth situation and is an integral part of the risk pro-
file that is determined for each client. The risk profile is used as a basis for
recom­mending suitable financial instruments and securities services and / or
for concluding contracts for other services provided by the bank.

Risk tolerance Risk tolerance is used to measure the degree of risk that a client is willing to
accept due to his or her personal preference and is an integral part of the risk
profile that is determined for each client. The risk profile is used as a basis
for recommending suitable financial instruments and securities services and / or
for concluding contracts for other services provided by the bank.

Securities acquisition cost report Statement of the acquisition cost of securities, needed for disclosure to
tax authorities in the case of custody account transfers, especially for clients
­domiciled in Germany.

SEPA payment A single standard for payment transactions or money transfers in Europe
(Single Euro Payments Area).

Stock exchange fee A fee charged by a stock exchange for the securities transaction processing
it provides. In Switzerland, for example, the SIX Swiss Exchange charges a fee
for all exchange and off-exchange transactions.

Total assets Includes all assets (e.g., securities positions, physical positions held in a custody
account, money market investments and account balances). The absolute
­value of individual holdings are added together and cannot be offset against
each other for example with short positions, forward contracts). Fees
­calculated on the basis of total assets are debited to the individual invest-
ment solutions proportionally.

Vontobel Wealth Vontobel Wealth is the digital offer for Wealth Management services delivered
by smartphone, tablet or browser (computer or laptop). For more information,
see vontobel.com/digitalservices.

Legal Notice
This publication does not constitute an offer and is for informational purposes only. The provision of the services described in this publication
is based on the contract concluded with the person receiving the services. The content, scope and prices of the services and products may
differ from country to country and are subject to change at any time without notice. Some services and products are not offered worldwide,
and not by all companies of Vontobel, and may also be subject to legal restrictions in certain countries.
Bank Vontobel AG
Gotthardstrasse 43
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EN 09 / 2019

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