Frank Jons: chromatic explosions!
He could have ended up as a partner in an auditing firm, but a job interview convinced him to follow his true calling: painting. Interview.
Christoph Müller (Baumann & Partners): The Quest for a True Private Wealth Management Experience
Luxembourg’s wealth management market is growing, and with it the skill base to handle its challenges. Christoph Müller of Baumann & Partners talks us through the opportunities and challenges. Interview.
Why did you choose to join Baumann and Partners?
It was an ideal fit! I was drawn to Baumann & Partners’ unique dual focus: on one side, we offer savings plans in Germany and Austria, and on the other, we operate as a wealth management firm with a family office license in Luxembourg. This dual structure provides a significant advantage, enabling us to make substantial investments in technology, compliance, and in-house operational expertise thus enabling a solid platform for the future.
The owners of Baumann can now use this solid platform to take a strategic approach in exploring potential acquisitions or partnerships since costs increase and baby boomers retire in big numbers, so the entire market will consolidate, and therefore we plan to play a key role in this process of consolidation.
For growth you need a very good location which is in our case the Airport City; the new Airport hub Findel is undergoing a significant growth and development, in this dynamic environment we fit in very well with our ambitions.
“Governance is at the heart of all our conversations”
Christoph Müller, Managing Partner, Baumann & Partners.
How are your clients’ needs evolving?
Right now, in difficult economic times wealth preservation is the key. Our clients require expert guidance to effectively preserve their assets. This extends far beyond traditional investments; clients often seek guidance on matters such as inheritance planning or navigating the complexities of establishing a foundation. Governance is at the heart of all these conversations: We assist clients in defining the principles that will guide the protection, investment, and allocation of their capital. Unlike banks, we navigate these conversations without conflicts of interest, allowing us to fully support clients in implementing their plans by developing tailored solutions that best meet their unique needs.
Which risks and opportunities do you identify for Luxembourg and your firm?
Starting with risks, two main challenges come to mind. First is the increasing difficulty in finding the right talent. With baby boomers leaving the workforce, attracting highly educated professionals has become more challenging, largely due to the high cost of living here. Real estate prices are exceptionally high, yet the value proposition remains limited—a problematic mix that demands new solutions impactful policy intervention from the government.
The second risk pertains to regulation. While it is an advantage to operate within Europe’s very well-regulated market—a strength that underpins our excellent reputation—it’s important to remember that investors can easily opt to remain within their own countries or outside of the European Union. Therefore, a pragmatic regulatory approach within the European Union will be essential to maintaining our competitive edge.
Regarding opportunities, Luxembourg has a strong case for positioning itself more aggressively as a financial place. We offer multilingual capabilities, a vibrant cultural scene, robust business infrastructure and toolbox and a remarkable ecosystem of specialized providers. At Baumann & Partners, we are committed to becoming a strong force in Luxembourg’s wealth management sector. We’re actively seeking experienced colleagues or acquisition targets who bring both expertise and an entrepreneurial mindset to join our journey.