[MUSIC] Hello, my name is Christoph Braun and I'm responsible for Investor Profiling and Development at UBS Wealth Management. Every client is unique and differences go beyond the level of wealth. Our clients also differ in age, phase of life, education and profession and most importantly, they have different objectives and ambitions with their investments. Providing tailor-made investment advice fit to our client's personal situation is at the core of our wealth management business. This requires a thorough understanding of each of our clients and that is what we aim to achieve with the investor profile. An effective investor profile approach, looks at the client from various angles. The first thing to consider, is the client's financial situation which helps us determine his risk ability. The underline logic here is very simple. A very wealthy client with relatively little planned expenses will consequently be able to take considerable investment risk. As he has enough funds aside to absorb potential losses, this client is said to have a high risk ability. Conversely, a client with limited wealth who has a large part of his assets reserved for financial commitments can only take little investment risk. In this case, the client has a low risk ability. We always recommend to our clients that they should not take more investment risk than they can bear, based on their financial situation. Our second focus are the investment objectives of the client. This helps us determine how much risk the clients actually willing to take? Consequently, it is paramount for us to understand what the client exactly wants to achieve with his investments. Typical examples are saving for retirement, provide for children's education, or just purchase real estate options. Usually not all goals have the same priority for the clients. Some he really needs to achieve and others would just be nice to have, this impacts the clients risk tolerance. For a very important goal, a client for instance, might not want to take considerable investment risk. Whereas for a less important one, he could decide to take more risk. Another key dimension of the clients' investment objective is the investment horizon. We need to understand how long a client is willing to commit to an investment. A client can typically take more investment risk if he has a longer time frame. It increases the likelihood that his investments will recover from potential losses. We always recommend that our clients have an investor profile that is also in line with risk their tolerance and their investment horizon. Once investor profile has been established, it is important to regularly review the details as the financial situation, or other key dimensions might change over time. A client might come up with new goals, and existing ones have been achieved as time has passed by. Keeping the investor profile up to date to regular process of viewing, and updating the information together with the client. Is the best way for us to provide the client with advice tailored to his individual situation, thank you. [MUSIC]