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Frequently Asked Questions

About Estably

Estably is a subsidiary of Früh & Partners Asset Management Ltd. in Liechtenstein and the first digital asset management company in the Principality of Liechtenstein. Früh & Partners Asset Management Ltd. is an owner-managed, independent asset management company from Liechtenstein. The service of asset management has been a tradition in Liechtenstein for over 100 years.

Asset managers, like banks, are subject to legal supervision and require a license to be allowed to offer their services at all. In Liechtenstein, asset managers are supervised and continuously monitored by the Liechtenstein Financial Market Authority (FMA), the counterpart of the German Federal Financial Supervisory Authority (BaFin). The bank plays the role of a liquidator. The funds are only held with the bank, without the bank being able to sell or use a consulting service for itself. Since the asset manager acts jointly for all clients vis-à-vis the bank, he has the corresponding negotiating power to significantly reduce fees. This in turn benefits all clients. Independent asset managers are not bound to product providers, insurance companies or banks. They are legally obliged to act solely in the interest of their clients. Hidden fees or commissions are comprehensively eliminated. An asset manager charges his clients a transparent management fee, which is usually based on the assets to be managed.

With Estably, Früh & Partner makes its value investing strategies available to clients with assets under EUR 500,000. Estably offers its clients a complete digital service and the convenience that comes with it. The conclusion of a contract and the opening of a securities account are completely digital via smartphone, tablet or PC. The big difference to the existing Robo-Advisors on the market: Estably relies on the experience and competence of the team instead of algorithms. Today’s algorithms and artificial intelligence applications are not yet fully developed and are therefore far inferior to the investment specialists.

Our investment strategy is based on a value-oriented investment approach with a focus on individual equities and individual bonds. The value-oriented investment approach is better known under “Value Investing” approach.  In cases where it is not possible to use individual securities in an economically viable manner, and where sufficient diversification in investment cannot be achieved, we resort to investment funds.

In selecting the recommended investments, we rely on the investment research of Früh & Partner Vermögensverwaltung AG.

The importance of choosing the right investment strategy and the right asset manager is due to the fact that most asset managers or fund managers are worse than their benchmarks.

Estably concentrates on its expertise in asset management and not on dazzling its clients and potential clients with technical gimmicks.

Capital markets are anything but efficient and there are fewer really good asset managers and fund managers than there are bad ones. Therefore following the herd and blindly imitating the market does not bring better results than a pure average result. That outstanding asset managers or fund managers all belong to the investment philosophy of value investing and are even significantly better than the market and their benchmarks in the long term has also been proven by studies. See also our Whitepaper!

To enable us to implement our investment strategy at very favourable conditions, we have set a minimum investment amount of EUR 35,000 for concluding an asset management mandate with Estably.

Due to the high fixed costs per client, it is unfortunately not possible to invest less than EUR 35,000.

  • Access to the successful investment strategy of an asset management boutique, which was previously only available to clients with a volume of EUR 500,000 or more
  • No index investments, but investments in real companies with the highest potential in our view (digital value investing)
  • Sustainable successful value investing strategy
  • Significantly reduced costs compared to traditional asset management
  • Comprehensible and digital interaction through the offered user interface

Yeah, that’s no problem. Basically, every person is free to invest his money wherever he wants – after all, it is his own money. In Germany, the assets we manage for you are held by Baader Bank.

Custody Account and Account

The account and securities account are with Baader Bank in Germany (www.baaderbank.de).

In the event of Estably’s insolvency, your assets are not affected, as we only have a power of attorney to buy and sell securities in your securities account. Your assets are booked to the account and custody account at Baader Bank.

In the event of Baader Bank’s insolvency, your assets are also well protected. The securities in your securities account are kept separately from the rest of the bank’s assets and are not affected in the event of the bank’s insolvency. You can simply have them transferred to another bank of your choice.

Baader Bank AG is affiliated with the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes deutscher Banken e.V.). (BdB) and the Entschädigungseinrichtung deutscher Banken GmbH (EdB). Your account is therefore protected by the statutory deposit protection scheme up to an amount of EUR 100,000 and beyond this by the Deposit Protection Fund up to an amount of currently 20% of the bank’s relevant liable equity.

Yes – you will receive your own login for your securities account and account from Baader Bank.

In principle, any natural person or legal entity can become a client of Estably, provided that no US tax liability exists.

It is currently not possible to open a corporate account online – please contact us at info@estably.com or +423 377 99 76 to open such an account.

You should have a good internet connection for the opening. You will also need your personal data, your tax identification number (unless you live in Germany), a certificate of registration and an account (at a bank located in the SEPA area).

No – only a cash amount can be transferred for investment.

The opening of your deposit and account usually takes between 3 and 5 days.

Your investment amount is invested on a weekly basis.

We need a reference account from you in order to process incoming and outgoing payments and to ensure the security of payment flows. All deposits and withdrawals are processed exclusively via your reference account and are therefore protected against access by third parties.

Yes, it’s possible. Simply set up a standing order at your bank in favour of your account at Baader Bank.

Security and privacy

As an asset manager, Estably is not authorised to accept funds from clients and to obtain ownership of its clients’ assets. Clients’ funds are booked with Baader Bank and held in safe custody by Baader Bank. Estably is only authorised to commission purchases and sales on the client’s securities account within the scope of a power of attorney. In addition, Estably is entitled to debit the fee agreed with the client in the asset management agreement from the client account.

Data protection is a matter of trust and your trust is important to us. When processing your personal data, we strictly observe the legal regulations. We use state-of-the-art IT infrastructure to ensure the security of your data. Your data is always stored in encrypted form.

In the event of Estably’s insolvency, your accounts and custody accounts will not be affected, as Estably as an asset manager only has a management mandate on your custody account with Baader Bank, where your money is held. Only this management mandate expires; you remain the owner of the securities in your custody account and the money in your settlement account at all times.

In the event of Baader Bank’s insolvency, your settlement account is protected by the EdB’s statutory deposit insurance up to a deposit amount of EUR 100,000. In addition, Baader Bank is a member of the Deposit Protection Fund of Private Banks BdB. The protection limit in this fund is 20% of the bank’s liable equity capital per customer. The securities in your securities account are off the bank’s balance sheet and are therefore not affected by insolvency. You can simply have them transferred to a securities account at another bank.

Investment strategies

We pursue a concentrated approach to investment. We only invest in companies of which we are truly convinced. For this reason, we do not buy an index, as this also allows us to buy shares of companies we do not like. To be successful in investing, you can’t swim with the masses, you have to break out of the crowd. Most asset managers and fund managers hide behind a market or an index and invest as broadly diversified as possible and close to the index. The background is the fear of the asset manager or fund manager of being worse than the market or the competition. The greatest risk is therefore to step out of line and be wrong.

At Estably we invest for our clients in the asset classes equities, bonds and liquidity.

Estably offers you the perfect blend of digital convenience and human investment expertise. Never before has a first-class investment been so uncomplicated, transparent and cost-effective!

Dividends and interest payments are credited to your clearing account. If an amount has accumulated in the account that is worth investing, we use the money to buy securities into your custody account.

You can switch between the 3 investment strategies offered. If you are interested in changing your strategy, please send us an e-mail to info@estably.com or call us at +423 377 99 72

The reference currency is the currency in which a securities account is maintained and settled. It makes sense to choose as reference currency the currency in which one thinks and lives. At Estably we have chosen the reference currency EUR. However, this does not mean that we invest everything only in EUR, but simply that all investments in all other (non EUR) currencies are also converted into EUR when the total value of your portfolio is shown.

Deposits and payouts

The initial investment amount will be collected by us by means of direct debit and credited to your account at Baader Bank. The direct debit procedure entitles Estably to collect the agreed investment amount from your account and credit it to your account at Baader Bank. You can make further deposits to your account at Baader Bank at any time by bank transfer. You will find the IBAN and BIC of your account in the Estably Online Portal under “Payments”.

Payments are made by bank transfer. Please send us or the Baader Bank a transfer order (also digitally possible). Transfers can only be made to your deposited reference account.

You may terminate the asset management agreement at any time without notice. Please send us a signed letter of termination for this purpose. You are also welcome to scan it and email it to us at info@estably.com. The securities will then be sold and the amount released will be transferred to your reference account.

Costs and taxes

The annual asset management fee is 1.2 % p. a. of the assets under management plus a performance-related fee of 10 % of the profits generated, based on the high water mark principle. The high water mark principle ensures that clients do not have to pay a performance-related fee for poor performance, but only when new highs are reached. The asset management fee includes all costs for the client’s asset management – including transaction costs and the costs of maintaining a securities account with Baader Bank. The federal stamp duty (turnover tax) is also included. This is 0.075% on the purchase or sale of domestic securities (Swiss or Liechtenstein securities) and 0.15% on the purchase or sale of foreign securities. Furthermore, no product costs are incurred when investing in individual shares or individual bonds.

No. Estably is an independent asset manager and receives no benefits from any company.

There is no cancellation fee, i.e. a cancellation is possible at any time without additional costs.

You will receive a cost statement from us once a year. This will show all the costs you have paid. You can also access the account statements of Baader Bank via your mailbox, which show the bookings.

Yes – you will receive an annual tax certificate from Baader Bank for the previous calendar year. This can be downloaded from your Baader Bank post office box.


You can access your portfolio at any time via the Estably website using your login details, giving you full transparency of its current composition and development.

Due to regulatory requirements, you will also receive the following reports in your Estably mailbox:

Quarterly Report: You will receive a quarterly report on the development of your portfolio in PDF format in your Estably mailbox. The report contains an overview of performance, benchmark, transactions made, distributions and other key figures relating to your portfolio.

Loss Threshold Report: We will inform you if the portfolio value has lost more than 10% in value since the last quarterly report.

Cost report: Once a year you will receive a cost report with all costs incurred.

Financial Centre Liechtenstein

As a safe haven in the heart of Europe, the Principality of Liechtenstein is predestined for asset management. The economic and political stability and the high degree of privacy make the location highly attractive for discerning investors.

Asset management has a very long tradition in Liechtenstein and has been carried out extremely professionally for many decades. The first bank in Liechtenstein was founded in 1861 – Liechtenstein itself will celebrate its 300th anniversary in 2019.

Liechtenstein is a constitutional hereditary monarchy on a democratic parliamentary basis. The small State owes its name to one of the oldest noble families in Europe, the House of Liechtenstein.

The Principality of Liechtenstein is the fourth smallest state in Europe and, with its 160 square kilometres, ranks sixth in the list of the smallest states in the world.

The State of Liechtenstein has a lean structure. Short administrative channels, transparent and calculable tax and legal framework conditions have distinguished the Liechtenstein financial centre for many years.

Liechtenstein has the lowest national quota of all European countries. The expenditures of the State amount to 24.2% of the gross domestic product.

Standard & Poors regularly awards the country a Triple-A (AAA) rating.

Liechtenstein is a member of the European Economic Area (EEA) and has a customs and currency union with Switzerland. The official currency is the Swiss franc.

Financial education

Shares are securities evidencing the participation in a company (stock corporation).

Bonds (also called debentures or debentures) are securities in which the issuer (= debtor) undertakes vis-à-vis the holder (= creditor, buyer) to pay interest on the capital received and to repay it in accordance with the agreed conditions (interest rate, issue price, maturity, denomination, repayment conditions, paying agents, guarantees, etc.).

The term “money market instruments” covers financial instruments that can be allocated to the money market on the basis of their maturity and their group of issuers and investors. Financial instruments are allocated to the money market if their term does not exceed 12 months.

A common fund is a legally separate asset mass, which is established by a contract with identical content between several investors to a management company and a depositary for the purpose of collective investment, management and custody for the account of the investors and in which the investors participate. The fund’s assets are managed by a management company for the joint account of the investors, unless expressly stated otherwise, in accordance with the investment strategy and the principle of risk diversification. In the case of an investment fund, the money of numerous investors is thus pooled and reinvested. The subcategories of investment funds are securities funds and non-securities funds.

Do you have questions that are not asked or answered in the FAQs? Please send them to info@estably.com

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