A plea for the fiduciary industry

Switzerland thrives on its SMEs. The fact that a disproportionately high number of people here work in small businesses — significantly more than in Germany or the USA,* for instance — is no coincidence, but rather the expression of an economic order that favours entrepreneurial freedom.

The fiduciary is a key piece of this order. They serve as the interface between small businesses and the state. They relieve the burden on businesses so they can focus on their core activities.

In Switzerland, there are comparatively few rigid bookkeeping rules; instead of detailed regulations, general principles apply above all. This flexibility has great advantages. For example, every business can adapt its chart of accounts to its own activities, so that account assignment remains simple and the financial accounting is also useful for management purposes.

The absence of rigid rules reduces the administrative burden for businesses. However, it also limits the state's systematic means of control. It is a system of trust and random checks. What is right or wrong in any individual case is not always entirely clear.

The fiduciary ensures that the business owner operates within these principles. Conversely, the state also relies on the reputation and integrity of the fiduciary. This system has grown over decades and has proven its worth. Yet today the question arises of how it can hold its own under rapidly changing conditions.

Many professionals in the fiduciary industry are approaching retirement, yet there is a shortage of new talent. Digitalisation and AI applications require significant investment and create new dependencies on vendors. Vektor takes on these challenges and helps shape the future. Modestly, entry by entry — and always with people at the centre.