Bekim Laski in conversation with Sphere: “Our objective is to democratize access to investment services.”

In an interview with Sphere, smzh CIO Bekim Laski discusses systematic investing, holistic wealth advice, and the democratization of professional investment solutions.

How do you define systematic investing, as you call it, today?

In our context, systematic investing is not about quantitative or rule-based strategies, it is about a mindset shift from saving to investing. Many individuals earn well and save diligently, yet devote insufficient time and attention to putting their capital to work in a structured and persistent way.

Systematic investing, in this sense, means taking one’s financial destiny into one’s own hands and allowing capital to compound over time. At smzh, our objective is to democratize access to investment services by making professional investing not a privilege for the few, but a viable opportunity for everyone, regardless of wealth or income.

In your view, what is the true foundation of long-term financial success for private investors in today’s environment?

Long-term financial success rests on a few timeless principles. It starts with spending less than you earn, investing early, and allowing compounding to do its work. Successful investors focus on what they can really control: keeping costs low, diversifying broadly, and staying disciplined through cycles of fear and euphoria. Time in the market, not timing the market, remains a powerful driver of wealth creation.

Diversification may not be exciting, but it is essential. While concentrated positions can create great wealth, they more frequently destroy it. Yet strategy alone is not enough. True success lies in aligning investment decisions with individual objectives. Discipline, diversification, and patience are the constants that turn financial plans into lasting prosperity.

How do you see the balance between wealth management and wealth advisory evolving? Is strategic advice becoming more important than traditional portfolio management?

Traditional banking models have increasingly focused on wealthier segments, making comprehensive advice less accessible to a broader client base. At the same time, digital self-directed platforms have successfully expanded access to financial markets, yet often without providing personal advice and strategic guidance. This has created a structural gap between access and advice.

As portfolio management becomes increasingly commoditized through technology, strategic advice and understanding a client's full financial life is becoming the true differentiator. At smzh, we aim to bridge that gap through our "family office light" model, partnering with clients across their entire financial ecosystem at every stage of life while lowering entry thresholds.

When we speak about the full understanding of a client’s financial life, what should that concretely include for a CIO or portfolio manager today?

In my view, it should extend beyond the bankable assets in a client's portfolio. It is about seeing what might be called the "balance sheet of life," not only the investment account. This includes both bankable and non-bankable assets, such as real estate, private business interests, pension and structured compensation schemes, luxury assets, or any future obligations.

In addition, investors often have several portfolios with different strategies and custodians. This flexibility is valuable, but unstructured mental accounting should be avoided. Without an overarching framework, separate allocations can duplicate risks and distort a client’s overall risk capacity. At smzh, we operationalize this through a consolidated total-wealth view that sits at the core of every client relationship. We believe that only when you see the full picture can you give truly independent and relevant advice.

Do you believe holistic wealth advisory represents the future of wealth management in Switzerland?

Holistic wealth advisory is not a novel concept, it has long represented best practice in Swiss private banking. What is evolving is accessibility. Switzerland's longstanding strength in wealth management must extend beyond ultra-high-net-worth segments to serve a broader clientele effectively. Clients' growing demand for integrated solutions makes this imperative.

Holistic advisory is not a trend, it is the logical progression of fiduciary responsibility in an increasingly accessible wealth management landscape. Access to holistic financial advice should not be a privilege, it should be a standard component of responsible wealth management.

What are the key elements that EAMs should be rethinking today in their approach to portfolio management?

EAMs should fundamentally reassess how they define success. Traditional performance metrics remain relevant, but they do not fully capture whether client objectives have truly been achieved. Independence and open architecture are becoming essential, not merely as differentiators, but as prerequisites for offering genuine choice and independent advice.

The digital client journey is emerging as a key differentiator, as clients increasingly expect seamless onboarding, consolidated reporting, and full transparency across their wealth. Not every capability, however, needs to be built internally. The evolution of embedded finance enables a modular approach along the value chain, where components can be developed in-house or integrated through partnerships.

At smzh, we deliberately embrace this model. Modularity increases efficiency, enhances flexibility, and allows us to focus on core value creation rather than duplicated operations.

Where does strategic asset allocation stand today in a world of greater uncertainty and changing market regimes?

The Strategic Asset Allocation remains the backbone of long‑term investing. However, it is widely recognized that the traditional 60/40 equity–bond framework is being challenged, particularly in Switzerland, where real risk‑free rates remain structurally low or negative.

Government bonds no longer provide the same yield support or diversification benefits as in previous decades. Alternative sources of return, such as private markets, infrastructure, and real estate, are increasingly considered. Yet in Switzerland, private real estate already represents a substantial portion of many clients’ total wealth, calling for a more nuanced approach to portfolio construction.

At smzh, we review our strategic asset allocation annually. We deliberately avoid excessive tactical overlays during the year, while retaining the flexibility to capture compelling opportunities as they arise. Discipline and adaptability must coexist.

How can investors achieve more effective diversification at a time when many asset classes appear increasingly correlated?

Periods of market stress have repeatedly shown that correlations converge precisely when diversification is needed most, undermining portfolios that appeared well-constructed under normal circumstances. Achieving genuine diversification therefore requires looking beyond asset class labels.

Effective diversification should span geographies, factors, liquidity profiles, and structural risk premia, including exposure to alternatives such as commodities, private markets, or insurance-linked strategies like catastrophe bonds.

What is smzh Invest exactly and how do you differentiate yourself from competitors?

smzh Invest delivers independent, professional investment management accessible to everyone, regardless of wealth or income.

Our clients benefit from individually constructed, actively managed portfolios starting at CHF 100, built with the same discipline and standards applied to institutional mandates.

Our distinct strength lies in combining rigorous investment management with personal, independent advice. Through our family office light approach, we provide integrated guidance across the entire financial ecosystem, including investments, pension planning, insurance, mortgages, real estate, tax, and legal matters.

This ensures that every investment decision is aligned with the client’s broader financial objectives. The result is a coherent, transparent, and truly client-focused solution that makes institutional-quality wealth management accessible to all.