Here you will find answers to frequently asked questions regarding our investment strategies, costs, taxes, and security. Should any questions remain unanswered, we are happy to assist you personally.
Who we are, what wealth management entails, and how to reach us.
What is Estably?
Estably is an independent asset management firm based in Vaduz, Liechtenstein. We invest your assets according to proven investment principles and a jointly defined strategy. In doing so, we combine the advantages of digital asset management with personal support and professional investment decisions. Estably is licensed by and supervised by the Financial Market Authority Liechtenstein (FMA).
What does wealth management do – and what doesn't it do?
In classic investment advice, you receive recommendations, the implementation of which you decide on yourself. Within the framework of asset management, we take these decisions for you. Together, we define your investment goals and your risk tolerance. Subsequently, we manage your portfolio independently within the agreed investment strategy.
How do you differ from a bank?
As an independent asset manager, we are not bound to any specific financial products. We receive neither commissions nor retrocessions from product providers. Our compensation is derived exclusively from the fees agreed upon with you.
Your assets are held in custody at one of our partner banks. Estably assumes responsibility for the investment decisions and personal support.
How do you differ from a robo-advisor?
While many robo-advisors rely on automated investment decisions and standardized ETF portfolios, our investment strategies are managed by an experienced investment team. We analyze companies and funds, evaluate their long-term perspectives, and make our investment decisions on this basis.
Custody account opening and access to your portfolio are digital. Should you have any questions, personal contacts are available to assist you.
Who makes the investment decisions?
Investment decisions are made by our investment team in Vaduz. In doing so, we orient ourselves toward clearly defined investment principles and the investment strategy selected by you.
How can I reach you?
You can reach us from Monday to Friday between 08:00 AM and 12:00 PM as well as from 01:00 PM to 05:00 PM by telephone at +423 220 29 70 or by email at [email protected].
Of course, we also welcome your visit to our office in Vaduz by prior arrangement.
Our investment strategies and how you can find the appropriate solution.
What investment solutions are available?
With Modern Value and Best of Funds, we offer two different approaches for long-term wealth accumulation.
Modern Value invests specifically in selected individual stocks and supplements these with bond funds depending on the variant. Best of Funds relies on broader diversification via actively managed funds as well as supplementary individual stocks.
With Asset Protect, you can additionally supplement your assets with precious metals and foreign currencies.
Furthermore, we offer specialized investment solutions, including the Shielding Strategy and Freedom Strategy developed together with Marc Friedrich, as well as the Miller Crypto Strategy with Markus Miller.
For larger assets, an individual asset management service is available to you with Estably Premium. We also offer suitable investment solutions for companies.
What does the number in the name mean, such as Modern Value 60?
The number designates the maximum equity component of your chosen investment strategy. In Modern Value 60, for example, up to 60% of your assets are invested in equities. The remaining portion is invested in bond funds.
20
40
60
80
100
Both Modern Value and Best of Funds are available in five variants: 20, 40, 60, 80, and 100. The higher the equity ratio, the greater the long-term return opportunities are in principle, but also the possible fluctuations in value.
How do I find the right configuration?
Which investment strategy is suitable for you depends on your personal goals, your investment horizon, your financial situation, and your risk tolerance.
In a personal conversation, we get to know your wishes and requirements. On this basis, we recommend a suitable strategy and variant to you. The final decision is, of course, made by you.
Alternatively, within the framework of registration, we suggest an investment strategy that corresponds to your needs.
Can I switch later?
Yes, you can also change your investment strategy or its variant after the custody account has been opened. If your personal goals or life circumstances change, we will adjust your asset management accordingly.
What is Asset Protect?
Asset Protect enables you to invest a portion of your assets specifically in physically backed precious metals. The focus is on physical gold, which is held in custody at the Liechtensteinische Landesbank.
The strategy is suitable as a standalone investment solution or as a supplement to Modern Value and Best of Funds. The minimum investment is €100,000. A performance-based fee is not charged.
What is the Shielding Strategy by Marc Friedrich about?
The Shielding Strategy developed together with Marc Friedrich combines selected companies with robust business models, precious metals, Bitcoin, and Swiss Francs. The goal is to position the assets to be resilient in the long term while simultaneously utilizing potential for value appreciation.
Your assets are held in a personal custody account at the Liechtensteinische Landesbank. The minimum investment is €100,000 or CHF.
The management fee is 0.99% annually for investments under €1 million or CHF, and 0.79% for investments of €1 million or more. Additionally, there are custody fees of 0.30% and a performance-based remuneration of 5% on value increases above the previous high-water mark.
Investment decisions are made and accounted for by Estably. The analyses and assessments of Marc Friedrich are incorporated into the investment process.
What is Estably Premium?
Estably Premium is our individual asset management for investors with assets of €1 million or more.
Unlike our standardized investment strategies, we can take your personal wishes and requirements into account here regarding the portfolio composition. Together, we develop an investment strategy that is aligned with your individual goals. More about Estably Premium
How much influence do I have over my portfolio?
You decide which investment strategy and which variant is suitable for you. We assume the selection of individual securities within the framework of the agreed asset management mandate.
If you wish to provide individual specifications for the composition of your portfolio, this is possible within the framework of Estably Premium.
What happens to dividends and interest?
Dividends and interest income are credited to your clearing account. Subsequently, we reinvest these into your portfolio as part of the next regular investment.
How do you proceed in turbulent markets?
Our investment decisions are oriented toward the long-term perspectives of the companies and not toward short-term market movements. We prefer to invest in companies whose business models we understand and whose market price, in our assessment, lies below their intrinsic value.
Even in turbulent market phases, we adhere to these principles and continuously review our investments.
With Asset Protect and the Shielding Strategy, we furthermore offer possibilities to supplement the portfolio with additional asset classes. However, complete protection against price losses is not possible.
Can I invest sustainably?
Nein, derzeit haben wir keine speziell auf Nachhaltigkeit ausgelegte Strategie im Angebot.
When will my money be invested?
As soon as your capital has been received in the account at your custodian bank, it is invested within the framework of our weekly investment cycle. Fees are only incurred once your assets have been invested.
Requirements, process, and minimum investment amounts.
What is the minimum investment amount?
The minimum investment depends on the chosen investment strategy:
Modern Value and Best of Funds
from €50,000
Asset Protect
from €100,000
Shielding Strategy
from €100,000
Freedom Strategy
from €100,000
Miller Crypto Strategy
from €100,000
Corporate Custody Account
from €250,000
Foundations
from €500,000
Estably Premium
from €1,000,000
Who can become a client?
Our asset management is generally open to both private individuals and companies. A prerequisite is, among other things, that no tax liability exists in the USA.
What do I need for opening an account?
For the digital opening of the custody account, you require a valid photo ID, a smartphone or a webcam for identification, as well as a stable internet connection.
Depending on your place of residence and the selected custodian bank, further documents may be required, for example, a registration certificate or your tax identification number.
How does the account opening process work?
The opening of the custody account is handled entirely digitally and comprises four steps:
How long does it take to open an account?
The digital application process takes only a small amount of time. The subsequent processing and opening of your account and custody account currently usually takes two to four weeks.
We will inform you about the current processing status via email.
Can I transfer an existing custody account?
A transfer of existing securities is generally possible. Since we invest your assets according to our investment strategies, existing positions might, however, have to be sold if necessary.
In many cases, it is therefore easier to transfer the desired investment amount directly to your new account. We would be pleased to discuss with you which procedure is appropriate.
Are joint, children's, and corporate custody accounts available?
Yes, in addition to individual custody accounts, we also offer joint custody accounts for two persons. Children's custody accounts are possible upon request.
For companies, our corporate custody account is available from a minimum investment of €250,000. A one-time setup fee of €1,490 applies for this.
All fees and costs at a glance.
What does wealth management cost?
The amount of the management fee is based on your investment sum and the chosen investment solution. For Modern Value, Best of Funds, and Asset Protect, as well as for call money and fixed-term deposits, the following annual management fees apply:
Modern Value, Best of Funds, Asset Protect
Call and Time Deposits
For the Shielding Strategy, the annual management fee is 0.99% for investments under €1 million or CHF, and 0.79% for investments of €1 million or more.
What is added to the management fee?
In addition to the management fee, custody fees of 0.30% annually apply. These include, among other things, account and custody account management, transaction costs, cross-border services, safekeeping and insurance, as well as the annual tax report for private clients.
How does the performance-based fee work?
In addition to the ongoing management fee, a performance-based compensation applies to certain investment strategies. This amounts to 10% for Modern Value and Best of Funds and 5% for the Shielding Strategy.
The calculation is performed according to the so-called high-water mark principle. A performance fee is only levied if your portfolio reaches a new relevant peak level.
After interim losses, your custody account must first exceed the previous peak level again before a performance-based fee applies once more.
No performance fee is levied for Asset Protect.
Do you receive commissions or retrocessions?
No. As an independent asset manager, we receive no commissions or retrocessions from product providers. Our compensation is derived exclusively from the fees agreed upon with you.
Where can I see which costs have been incurred?
You can continuously view your costs in your dashboard. Additionally, you will receive a detailed annual cost statement itemizing all costs incurred for your asset management in the past year.
Is there a notice period or termination fee?
You can terminate your asset management contract at any time without a notice period.
At Baader Bank, custody account closure is free of charge. At the Liechtensteinische Landesbank, a closure fee of CHF 100 applies.
The ongoing fees are levied on the basis of the agreed calculation basis. They only apply as soon as your assets have been invested.
All figures are per year based on the invested amount. Costs are only incurred once your assets are invested.
Tax treatment and documents for your tax return.
Where do I pay taxes on my income?
In principle, you pay tax on your capital gains in your country of tax residence. How the taxes are remitted depends, among other things, on your custodian bank.
Resident in Germany, custody account with Baader Bank
Baader Bank generally automatically remits the incurred capital gains tax, the solidarity surcharge, and, if applicable, the church tax. The tax loss offset also occurs directly via the bank.
Resident in Germany, custody account with Liechtensteinische Landesbank
In the case of a custody account in Liechtenstein, no automatic deduction of German capital gains tax generally occurs. Withholding and stamp taxes may nevertheless arise.
In the following year, you will receive an earnings statement that you can use for your German tax return. The tax declaration of your capital gains is your own responsibility.
Will I receive a tax certificate?
For clients with tax liability in Germany, the corresponding tax documents are provided annually. Which documents you receive depends on your custodian bank.
With a German custodian bank, you usually receive an annual tax certificate. With a foreign custodian bank, an earnings statement is made available.
For clients outside of Germany, we also prepare an earnings statement for the past calendar year.
How do I submit an exemption order?
An exemption order (Freistellungsauftrag) can only be set up with a German custodian bank.
If you maintain your custody account at Baader Bank, you can file an exemption order there. This ensures that capital gains up to the amount of the saver's tax-free allowance, currently €1,000 per person or €2,000 for joint assessment, remain exempt from automatic tax deduction.
At the Liechtensteinische Landesbank, no exemption order is possible. The saver's tax-free allowance is instead taken into account within the framework of your German tax return, provided it has not already been exhausted elsewhere.
Can I invest in a tax-advantaged way?
Yes, through a so-called insurance wrapper. Earnings are then not taxed continuously, but only upon payout, and under certain conditions, only by half. We offer this with Modern Value, see Tax-Optimized Investment, and with the Shielding Strategy as the Freedom Strategy. We would be happy to discuss personally whether an insurance wrapper is worthwhile in your situation.
The information on tax treatment serves as general orientation and does not replace individual tax advice.
How to manage your deposits and withdrawals.
How do I make a deposit?
The deposit is made directly to your personal account at the custodian bank.
At Baader Bank, the first deposit can be made via direct debit. At the Liechtensteinische Landesbank, you transfer the desired investment amount yourself.
Further deposits are possible at any time via bank transfer.
Can I make regular deposits?
Yes, you can also build up your assets through regular deposits. To do this, simply set up a standing order to your personal account at the custodian bank.
How do I access my money?
You can initiate a withdrawal from your custody account at any time. At Baader Bank, the withdrawal will be transferred to your designated reference account. An email is sufficient for this.
At Liechtensteinische Landesbank (LLB), the desired amount will be credited to your LLB account. From there, you can conveniently transfer the funds to your personal bank account via LLB Online Banking.
If securities need to be sold for the withdrawal, the capital is generally available to you within two to three banking business days after the sales order.
Are regular withdrawals possible?
Yes, you can agree on regular withdrawals from your custody account, for example, as a monthly withdrawal.
The specific processing depends on your custodian bank. We would be pleased to support you with the setup.
What is the reference account?
The reference account is a bank account designated by you that is held in your name.
Deposits and withdrawals are made exclusively via this account. This ensures that your assets are only transferred via previously defined payment paths.
Do I need to report a transfer to Liechtenstein?
Transfers between your own accounts domestically and abroad are generally not subject to reporting requirements solely because the money crosses a national border.
Depending on the country of residence and the type of transaction, however, special reporting obligations may exist. For the tax treatment of your assets, the regulations of your country of residence continue to apply.
Custody, deposit insurance, and protection of your assets.
Where are my assets held?
Your assets are not held at Estably, but at one of our independent partner banks.
Depending on the investment strategy and your personal requirements, custody is held at the Liechtensteinische Landesbank, Baader Bank, or within the framework of private pension provision at the St. Galler Kantonalbank.
The account and custody account are maintained in your name. Estably exclusively assumes the management of your assets within the framework of the agreed mandate.
How secure are my assets?
The securities in your custody account are generally held separately from the assets of the custodian bank. In the event of an insolvency of the bank, these can therefore usually be transferred to a custody account at another bank.
For balances in bank accounts, the respective statutory deposit insurance systems apply. These generally protect up to €100,000 or CHF 100,000 per client and bank.
Independently of this, securities and other asset classes continue to be subject to the respective market and price risks.
What happens if Estably becomes insolvent?
Your assets are held at your custodian bank independently of Estably. A possible insolvency of Estably therefore does not mean that your securities or account balances become part of our insolvency estate.
Estably holds an asset management mandate, but not the authority to use your capital for its own purposes.
Which custodian bank is right for me?
We work together with selected partner banks that offer different advantages.
Liechtensteinische Landesbank: Founded in 1861, this bank is our preferred partner bank. Its majority shareholder is the State of Liechtenstein. Moody's rates its creditworthiness at Aa1.
Baader Bank: The listed German securities bank is particularly suitable for investors residing in Germany who prefer an automatic remittance of German capital gains tax.
Which custodian bank is the appropriate choice for you depends on your investment strategy and your personal requirements. We would be pleased to advise you on this.
How secure is my data?
We attach great importance to the confidential and secure handling of your personal data. The transmission and storage of your information is encrypted.
The advantages of an internationally established financial center.
What speaks for Liechtenstein?
Liechtenstein is among the economically stable financial centers of Europe and offers investors a range of special advantages.
Is Liechtenstein a tax haven?
Liechtenstein is an internationally regulated financial center and participates in the automatic exchange of information on financial accounts.
As a member of the European Economic Area, the country fulfills extensive European regulatory standards.
A custody account in Liechtenstein offers you the possibility to hold your assets in custody outside of your country of residence as well. Your tax obligations remain unaffected by this: capital gains are generally to be declared in your country of tax residence.
Do I have to travel to Vaduz?
No, the entire opening of the custody account, including identification and signing of contracts, is handled digitally. Personal consultation meetings can also take place conveniently by telephone or video.
Of course, you are cordially invited to visit us in our office in Vaduz at any time.
Sources: S&P Global Ratings (May 2026), Office of Statistics Liechtenstein (Banks 2025), Deposit Guarantee and Investor Compensation Foundation.
How to keep an eye on your assets.
Where can I see the performance of my assets?
Your portfolio can be accessed at any time via the Estably Dashboard. There, the current performance can be tracked, your individual investments can be viewed, important documents can be retrieved, and further custody accounts can be added.
The dashboard is available both on the computer and on mobile devices.
What reports will I receive?
Through your dashboard, you can view daily information about your portfolio, such as its composition and performance.
Additionally, you will receive an annual cost statement and the necessary tax documents. Clients of the Modern Value strategy are also kept informed about the development of individual companies in the portfolio.
Should your portfolio lose more than 10% of its value within a quarter, you will be separately informed.
Furthermore, we publish market commentaries and analyses on the companies in our portfolios.
Then call us or write to us. You will speak directly with someone who can answer your question – not a waiting loop.
Direct
+423 220 29 70
Monday to Friday
8:00 AM–12:00 PM and 1:00 PM–5:00 PM
Vaduz, Liechtenstein
Estably Vermögensverwaltung AG
