Joint portfolio at finpension: information and instructions
With finpension Invest, you can now manage a portfolio as a pair. In this article, we explain what a joint portfolio is, who it is suitable for, and provide a step-by-step guide on how to open one.
Table of contents
What is a joint portfolio?
With a joint portfolio at finpension, two individuals can invest money together. Both individuals are registered with us as holders of the joint portfolio.
Who is eligible to open a joint portfolio with finpension?
Any two individuals may open a joint portfolio if they both meet the standard requirements of finpension Invest.
To open a joint portfolio, the following requirements must be met:
- the individuals must reside in Switzerland,
- be over 18 years old,
- be fully taxable only in Switzerland,
- and must not be a US person.
A joint portfolio can only be opened by two individuals. Three or more individuals cannot open a joint portfolio.
How does the joint portfolio work at finpension?
Once the joint portfolio has been confirmed, both parties have the ability to:
- Contribute to the portfolio
- Make changes to the strategy
- Switch the rebalancing feature on and off
- Disburse funds or close the joint portfolio
These actions can be performed independently by either party without requiring prior confirmation from the other.
For more detailed information, please refer to the conditions for the joint portfolio.
How can I close the joint portfolio?
Both individuals can arrange for the full payout of the joint portfolio. This payout can only be made to an account that has previously been used for payments to an invest portfolio. Additionally, it is possible to transfer the entire amount to another personal invest portfolio or a pillar 3a account.
To close the joint portfolio, please follow these steps:
- Click on the three dots located in the top right corner of your shared portfolio.
- Select “Enter payment”.
- Click on “One-off payout” and choose the account for payout.
- You can choose to close the portfolio or keep it open for additional deposits.
What are the advantages and risks of a joint custody account?
A joint custody account offers a key advantage: if one of the account holders passes away, the surviving person retains access to the funds. This can help ease financial strain during a difficult transition.
Another benefit is the ability to save together toward a shared investment goal, which can strengthen a sense of partnership and financial unity.
However, a joint custody account requires a high level of mutual trust. Both individuals have full access to the assets at all times, meaning either person can withdraw funds without the other’s consent. This makes it especially important, particularly for unmarried couples, to define clear guidelines for how the account will be managed jointly.
How do I report the joint portfolio on my taxes?
For joint portfolios, each person receives an electronic tax statement in the documents area. After uploading it to their tax return, each individual can declare their share. We also provide a separate electronic tax statement for all standard portfolios.
Who might benefit from a joint portfolio?
A joint portfolio is particularly advantageous for married couples and those in registered partnerships. It allows contributions to a joint portfolio from a shared account while also ensuring that each partner’s liquidity is preserved.
What steps do we need to take to open a joint portfolio?
A joint portfolio can be established in two simple steps. We will guide you through the process.
Step 1: Registration and Setup
Each person must individually register and open the “Invest Wealth” product in the finpension app. This will automatically create a personal portfolio for each individual with exclusive access.
Both individuals must complete the ID check, which usually takes up to 12 hours.
Important: Do not proceed to the next step until both individuals’ ID and address checks have been completed.
Step 2: Transforming into a joint portfolio
After completing the ID and address checks, one individual can invite another to co-manage a portfolio. The process varies depending on whether you have a joint or an and/or account. You may withdraw the invitation at any time.
Procedure for a Joint Bank Account (and/or Account):
To convert a portfolio in the app or web app, follow these steps:
- Open the portfolio you wish to convert.
- Click on the three-dot menu and select “Joint Portfolio.”
- Click on “Start conversion” and enter the mobile phone number and date of birth of the second person you want to invite.
- The invited person will see the invitation directly in the “Invest Wealth” dashboard, where they can accept or decline it.
- Make an initial deposit from your joint bank account into the joint portfolio. This action completes the identification process for both you and the second person.
If there is no joint bank account:
Steps 1 to 3 remain the same as previously described. However, there is a difference in the fourth step: to convert the portfolio into a joint portfolio, both individuals must deposit at least CHF 1 into their personal portfolios. Only after this requirement is met is the identification process considered fully complete.