Form ADV: Part 3 (CRS)
Last updated: 1 July 2026
Item 1 - Introduction
We are Pictet North America Advisors SA (“PNAA”), an investment adviser registered with the SEC since 2007. It is important that you understand that brokerage and investment advisory services and fees differ from each other. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers and investing.
Item 2 - Relationship and Services
“What investment services and advice can you provide to me?”
A. We offer both discretionary and non-discretionary (advisory) investment services to individuals, trusts, estates, private funds, charitable organization and small corporations/business entities:
(i) Discretionary Advice
For discretionary services, we have several strategies on different types of assets, such as cash, fixed income, equities and precious metals. Our strategies are based on risk level, geographical or topical allocation. We exercise our discretionary authority by investing in securities according to client objectives and reasonable restrictions. As part of our standard service, we monitor your account at least monthly or more frequently as necessary and annually seek confirmation of your investment objectives.
(ii) Non-Discretionary Advice
For non-discretionary (advisory) services, we offer advice related but not limited to stocks and other equity securities, bonds and other debt securities, money market and other cash management instruments, derivatives, mutual funds, exchange traded funds and other investments securities regularly or upon client requests pursuant to our client agreements. Non-discretionary clients make their own decisions to buy or sell securities and place their own orders in securities. We do not offer continuous or regular monitoring of information of non-discretionary client accounts or of recommendations previously given.
Account Minimums and Other Requirements
We do not require a minimum account size. Generally, we believe that a minimum discretionary account size of approximately CHF5,000,000 allows for adequate diversification of account assets. We may manage accounts of different sizes at our discretion.
See our Form ADV Part 2A, Items 4 and 7 for more information about our services.
B. Conversation Starters
When you meet with a PNAA representative, you should ask the following questions:
“Given my financial situation, should I choose an investment advisory service? Why or why not?”
“How will you choose investments to recommend to me?”
“What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean?”
Item 3 - Fees, costs, conflicts, and standard of conduct
“What fees will you pay?”
We are compensated for our services with fees based on assets under management:
i. For discretionary investment services relating to:
a. Fixed Income mandates, the fee rate is 0.75% based on amounts up to CHF5 million value of a client’s account, declining to 0.65% over CHF5 million and up to CHF10 million, 0.60% over CHF10 million and up to CHF15 million, 0.55% over CHF15 million and up to CHF25 million, 0.50% over CHF25 million and up to CHF50 million, and negotiated over CHF50 million. Discretionary Fixed Income accounts pay a minimum quarterly fee of CHF4,000.
b. Other mandates, the fee rate is 0.95% based on amounts up to CHF5 million value of a client’s account, declining to 0.85% over CHF5 million and up to CHF10 million, 0.80% over CHF10 million and CHF up to CHF15 million, 0.75% over CHF15 million and up to CHF25 million, 0.70% over CHF25 million and up to CHF50 million and negotiated over CHF50 million. Such discretionary accounts pay a minimum quarterly fee of CHF5,000.
Cash in client accounts is included in the amount of assets on which we calculate our discretionary asset management fees since it is an integral part of our discretionary advice. Fee calculations are also based on and include client assets invested in collective investment vehicles (e.g. mutual funds and ETFs) with certain exceptions. See Conflicts of Interest section, below for further information.
ii. For the non-discretionary (advisory) investment services, the fee schedule starts at 0.40% for portfolios up to CHF5 million, declining to 0.35% over CHF5 million and up to CHF10 million, 0.30% over CHF10 million and up to CHF15 million, 0.275% over CHF15 million and up to CHF25 million, 0.25% over CHF25 million and up to CHF50 million and negotiated over CHF50 million. The fee schedule for non-discretionary asset management services is subject to a minimum quarterly fee of CHF2,000.
iii. For cash management dedicated accounts, the fee is a flat 0.22%.
Depending on the circumstances, we negotiate our fees. Fees are paid quarterly and based on the average of account asset values during the three months prior to the debit. As we charge an asset-based fee, the more assets there are in your account, the lower the base rate will be, we therefore have an incentive to encourage you to increase the assets in your account. We do not charge performance fees to clients. Other fees apply to discretionary accounts such as custodian fees, including when our affiliates, Banque Pictet & Cie SA (“BPSA”) and Bank Pictet & Cie Europe AG (“BPAG”), act as custodian, brokerage commission, transaction fees, stamp duties, taxes, exchange and other fees. As mutual fund and exchange traded fund investors, you also pay management and other fund-level expenses in addition to the advisory fee we charge. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. More specific information about fees and costs are included in our Form ADV, Part 2A brochure, Item 5.
Conversation Starter: “Help me understand how these fees andcosts might affect my investments. If I give you CHF10,000 to invest,how much
Standard of Conduct
“What are our legal obligations to our clients when acting as their investment adviser? How else does your firm make money and what conflicts of interest do you have?”
When we act as your investment adviser, we must act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means:
We advise on investment products managed by us or by our affiliates. When a portion of a client’s assets are invested in a product managed by us or an affiliate, PNAA excludes those assets from its basis for its advisory fee calculation.
Trading: We use some of our affiliates to place trades for clients’ discretionary investment services accounts. In such cases, we seek to obtain the best market price available at that time, but our affiliates will receive commissions or other transaction-based compensation in connection with placing trades for clients.
BPSA and BPAG act as custodians to accounts upon client selection, and BPSA acts as broker-dealer for our discretionary clients’ transactions, including principal transactions involving Forex and precious metals, as well as use of Pictet’s Eurex membership to place derivatives. If you select BPSA or BPAG for custody services, you will enter into a separate agreement with them. You can select other custodians unaffiliated with us.
Non-discretionary clients select brokers of their choice. They may engage one of Pictet Group’s entity, PictetOverseas Inc., for their brokerage needs. When they make this choice, each client enters into a separate brokerage agreement with Pictet Overseas Inc.
Conversation Starter: “How might your conflicts of interest affect me, and how will you address them?”
PNAA has various arrangements with BPSA, BPAG and other affiliates (collectively, the “Pictet Group”), including for support services and you may also enter directly into separate non-investment advisory related arrangements with some other entities of the Pictet Group as noted above. We are not party to these arrangements and do not receive compensation in relation to those arrangements, but we have a general indirect incentive, being part of the Pictet Group, to refer business to our affiliated entities. For more information on these relationships and services offered, as well as conflicts, see also our Form ADV, Part 2A Brochure, Items 10, 11,12, 14 and 15.
C. “How do your financial professionals make money?
The compensation of our employees is composed of a monthly salary according to knowledge, experience and level of seniority, plus a bonus based on the objectives assigned on a yearly basis and commitment to compliance with regulations. These objectives typically relate to adding new clients and/or new money managed by PNAA, but they are not linked to transactions or performance. These objectives create a conflict of interest because they incentivize employees to advise clients to open new accounts and increase their assets under management with us. Additionally, a Pictet Group bonus may be allocated based on Pictet Group Financial results, and is paid to, and divided among, Pictet Group’s employees based on seniority and level of involvement in the business. This bonus fluctuates without regard to account transactions or performances.
Item 4 - Discplinary history
“Do you or your financial professionals have legal or disciplinary history?”
No, we do not. We encourage our Clients to visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals. We also advise you to ask any of our financial professionals and start a conversation about the financial professional’s disciplinary history.
Conversation Starter: “As a financial professional, do you have any disciplinary history? For what type of conduct?”
Item 5 - Additional information
If you have any questions or would like to obtain a copy of this relationship summary, please contact us at +41 22 307 9000 or by email at info@pictetadvisors.com. We are open for business from Monday to Friday from 9:00am to 5:00pm (CET). Additional information about PNAA is also available on the SEC’s website at www.adviserinfo.sec.gov. We recommend that you ask a financial professional about the contacts and complaints.
Conversation Starter: “Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?”