The inaugural conference of the 7th edition of ConsulenTia, the event conceived by Anasf, sponsored by Roma Capitale and the Lazio Region, which recorded 2600 unique visitors, took place today, Wednesday XNUMX February, at the Auditorium Parco della Musica in Rome.
During the conference, the survey carried out by McKinsey & Company in collaboration with Anasf was presented. The objective of the survey was to explore the consequences of the new regulations linked to the entry into force, on 3 January, of Mifid II on the players in the value chain in the investment process of Italian savers and which sees, among the main ones, the issue of the transparency of the costs of products and services and the discipline of product governance.
After the institutional greetings of Francesco Boccia, President of the XNUMXth Budget, Treasury and Planning Commission of the Chamber of Deputies, and an introduction by Anasf President Maurizio Bufi, McKinsey presented the results of the research.
An initial focus concerned the role of the financial advisor, who comes out valued; the consultancy model of the networks is confirmed to be more complete than that of some traditional banks. In the last five years, the networks have experienced growth in terms of inflows, also increasing their market shares: in 2017, 28% of the wealth of affluent savers was entrusted to the world of financial advisors (+ 5% points compared to 2012), 66% to retail banks (-7 points) and 6% to digital banks (+2 points).
With the new regulations of January 2018, the key concepts have become "transparency of costs" and "product governance". Over 10 asset managers with over 700 billion euros under management in Italy, over 800 affluent customers, 10 top managers of the networks participating in ConsulenTia18 and over 700 financial advisors with a portfolio under management of over 16 billion were interviewed on these topics EUR.
From the customer survey, it emerged that pricing, brand and advisor represent the most important factors in determining the choice of the reference bank for investment management and indeed, for network customers, the relevance of the brand and the consultant and minus that of costs. “The business card of the network is presented by the financial advisor. It is we who introduce ourselves to the saver and offer our professionalism. The value of the consultant's reference company is conveyed by the competence and communication skills that each of us has in the relationship with customers”, commented Anasf President Maurizio Bufi.
So what emerges from the interviews with the consultants? A request for greater assistance from the network in the ongoing change phase and a strategy that safeguards the remuneration of the category, avoiding the risk that a possible contraction in margins is discharged on only one of the links in the value chain. In fact, more than the majority of the sample does not yet feel fully addressed by their network, even if the companies claim to have already launched training initiatives for consultants, adapted the service models and product offerings, made available a system even more transparent reporting and more efficient technological tools. What emerges with conviction is that if the networks succeed in educating the customer on the quality of the service received, the growth of the sector will continue at a rapid pace. “The issue of financial education is reopened as the fulcrum for correct development of the sector. We will all have to commit ourselves to this. Since 2009, Anasf has also been doing its part in schools with the economic@mente project, but there is still a lot of work to be done on all age groups of Italian savers", commented President Bufi, who added: "let's not forget the Another major issue that concerns our profession: generational turnover. It is necessary for financial advisory networks to invest in new talent, replicating the medium-long term approach that is typical of the activity of financial advisors themselves. Today the profession has an average age of over 50 and according to Anasf the issue of generational turnover must be one of the priorities of the sector's strategies”.
“If we look at the strategic impact of fully implemented Mifid II, we note that in almost all the scenarios analysed, the networks will continue to record growth in terms of market shares, in line with or even higher than in the recent past. To make this prediction come true, however, the network industry must win a big bet: the one linked to the "education" of the end customer, especially in the affluent segment, on the quality of the service offered and the consequent strengthening of the brand perceived by the customer,” said Alberto Riboni, McKinsey Associate Partner.
Commenting on the results of the research were, in the round table that followed, moderated by Andrea Cabrini, Director of Class CNBC: Sergio Albarelli, Chief Executive Officer and General Manager of Azimut Holding; Marco Bernardi, Deputy General Manager Commercial Networks Banca Generali alternative and support channels; Gianluca Bosisio, General Manager of Banca Mediolanum; Fabio Cubelli, Co-General Manager in charge of Fideuram ISPB Business Coordination Area; Alessandro Foti, Chief Executive Officer and General Manager of FinecoBank; Federico Gerardini, Head of Private Advisory Unit Finance & Futuro Banca; Marco Marazia, Commercial Director and Widiba Products; Stefano Lenti, Head of the Financial Advisors and Wealth Bankers Area at IWBank Private Investments; Luca Romano, Deputy Head BNL BNP Paribas Group Life Banker; Mario Ruta, Commercial Director Allianz Bank Financial Advisors.
