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My 5 years at Finax: How to bring personal contact into the digital world

Michal Vaculík | 6. October 2025 10:10

When Ďuri Hrbatý presented me with his vision of a new way to manage the wealth of high-net-worth clients, I was skeptical. Creating a private banking department based on an online environment while also offering personal care? Without “push-selling,” without product commissions, without unnecessary fees? It sounded idealistic. Read on to find out how it all worked out.

My 5 years at Finax: How to bring personal contact into the digital world | Finax.eu

The more we talked about the department, the more it made sense to me. Such approach could change the way people with higher net worth invest and how they perceive trust in their relationship with their advisor.

From the World of Big Numbers to Building the Foundations

Before Finax, I had more than a decade of experience in a leadership role in private banking. I worked in a system where I learned a great deal about clients, money, and the workings of the large financial world. I gained invaluable experience, had the opportunity to accept awards in New York City and London, and learned to work systematically and under pressure. But the most important lesson came later: true value is created where the conflict of interest disappears.

I gradually began to wonder: Can this be done differently? Can it be more simple, fair, more transparent?

This question became the beginning of a new chapter. I gave up the security of an established structure and decided to join a team whose core was Ďuri Hrbatý, Rado Kasík, Jano Jursa, and Janči Tonka. They fueled me with the needed energy to decide to join Finax and start building Finax Elite practically from scratch.

I was fascinated by the idea of creating something new. A service that combines the power of technology and data with a genuine interest in the client. Without increasing costs, without sales commissions, without unnecessary complexity. And although we were starting literally from a "green field," that was the biggest challenge and motivation.

Where We've Come in 5 Years

When we launched the Elite department in the second half of 2020, we had exactly 38 clients who had collectively invested about 7 million euros. That client count was the result of Finax's first two years in business. Today, five years later, Finax Elite manages more than 350 million euros for over 2,000 private clients. We've expanded our reach from Bratislava to other cities in Slovakia, Warsaw, and most recently to Croatia. In these cities, a team of 12 experts works daily to care for our clients' trust and financial assets.

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What’s behind this growth? Clients started doing the math and realized the huge impact fees and taxes have on their final investment returns. When they compared the costs of buying, selling, managing, or converting, along with the tax burden, the difference was obvious. Finax's managed portfolios are built exclusively on ETF funds, which are subject to tax exemption in some countries – unlike mutual funds.

What Makes Elite Different

Elite is a Finax department where personal wealth managers take care of clients whose assets have exceeded 100,000 euros. We’ve combined the digital world of wealth management with a human approach, which is far from the standard in the world of online brokers and robo-advisors.

From the start, we shaped Elite so that there’s no pressure on either advisors or clients. You know the situation when your advisor talks to you about a new product, describing all the benefits, but are the risks and costs left out? In my 15 years of practice, I’ve seen many such offers where the essence of the matter got lost in marketing.

Simply put, we want our clients to enjoy their sleep without any unnecessary stress. However, this is a challenging task. Real client experiences tell stories of being "pushed" into buying new investment products they knew almost nothing about but bought them anyway. They were exposed to difficult decisions linked to dramatic market situations. Maybe you recognize them: sharp stock drops, high inflation, rapid changes in central bank interest rates, upcoming elections, or my favorite from the last decade: stocks hitting their peaks again. The traditional advisor system typically puts enormous pressure on you to decide in these and similar situations.

Suddenly, making the best decision—whether to buy, sell, become more conservative, or more dynamic—becomes the most stressful task.

The way Finax manages portfolios is a relief for many, freeing them from the world of endless investment decisions. At Elite, clients can also rely on their wealth manager, whose job isn’t to sell products but to build a relationship based on trust and understanding. At the end of the day, it's always about a person who understands the client’s needs and helps them even in uncertain times.

Michal Vaculik Finax Elite

The Next Chapter

Over the last five years, I've confirmed that our greatest capital isn't numbers or charts – it’s people. The colleagues who supported each other and the clients who put their trust in us. Trust isn’t built overnight, but if you make the right decisions consistently and fairly, it grows stronger than any index.

I also learned that there is always a better way. It's easy to continue doing what has “always been done.” It’s more difficult, but even more important, to decide to do it more fairly, transparently, and sustainably. This is just the beginning. There are still many challenges and opportunities ahead, and I believe we will continue to grow not only in numbers but, most importantly, in terms of the value we bring to our clients.