Jeroen Vetter and Jan Welkzjin, founders of the Dutch asset management firm Fundcoach, have launched a new venture which provides selection services to high net worth investors, according to Citywire.

The new firm, called CapitalGuards and based in Rotterdam, aims to provide a different service for dissatisfied customers of private banks and wealth managers, according to the publication.

It will reportedly select external money managers to deliver clients’ investment objectives, offering two customised portfolios – one with an emphasis on capital preservation and one with an emphasis on capital growth.

“With the rise of the internet the illusion has been created that everybody can manage their own money,” managing partner Vetter reportedly said.

“Scientific research shows that retail investors systematically lose money. Still all banks and brokers are happy to facilitate this. For them it is lucrative business. Managing money is a profession. Hobbies cost money,” he reportedly added.