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Italian Financial Advice Market

Datamonitor
October 29, 2009
SKU: DFMN2500533

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Italy

Introduction

The recession is causing investors to seek advice, and FS providers are focusing their attention on their advisory models.

Scope

Structure of the Italian advisory market including distribution data.
HNW investors' views of, and use of, financial advice based on Datamonitor's proprietary survey
Italian consumers' trust in banks and independent financial advisors based on results from Datamonitor's proprietary survey.
Regulatory environment for financial advice in Italy.

Highlights

The more traditional channels, such as banks and post offices, make up the most significant distribution of both mutual funds and life insurance/pension premiums. Banks account for 65% of the distribution of mutual funds in Italy and 68% of life insurance/pension premiums.

Consumers are beginning to see the peace of mind guaranteed by a financial advisor that has only the interests of his client in mind. Misaligned incentives provided through the kickback system lead to malcontent consumers holding unsuitable products.

Over 35% of wealth managers in Italy believe that talking to customers more is one of the best techniques of increasing client retention. Through increased interaction with clients, wealth managers can gain a better understanding of their specific clients' needs.

Reasons to Purchase

Understand the structure of the Italian financial advice market, and the broader financial services distribution channels.
Gain an insight into what customers are demanding from their financial advisors, both now and in the future.
Find out what impact regulation has had on the financial advice market landscape in Italy.

Overview
Catalyst: Summary
Executive Summary: Market Structure; Regulatory Developments; Customer Demands; Table of Contents; Table of figures; Table of tables; Market structure; The financial advisory distribution channel in Italy is fairly large in comparison to other EU countries and is comprised of mainly non-independent financial advisors; Bancassurers are the most important channel for provision of advice in the Italian market; The Italian financial advice market has a unique shape compared to the rest of Europe; A promotore finanziario is the Italian equivalent of an independent advisor; SIMs are legally separated bank stockbroking arms; SGRs are banking arm fund managers; Italy's financial intermediary market is fairly developed but in the main controlled by banks and their intermediaries; Italy has a medium sized financial intermediary market, including 60,000 financial advisors; Traditional distribution channels are dominant in both mutual fund distribution and the life insurance market; Multi-tied advisors account for three quarters of financial advisors in Italy; Regulatory developments; Consob is the main body regulating financial advisors in the Italian market; Consob attempts to level the playing field between structured products and mutual funds; The Bank of Italy also has a role to play in regulation of the financial markets; ANASF is a professional association representing Italian financial advisors; NAFOP is Italy's national association representing "fee-only" advisors; ABI, Assogestioni & Assoreti are organizations also working to further promote the awareness of their members' practices in the Italian financial market; The numerous associations and overlapping roles of regulators have created a confusing regulatory environment in Italy; The European Commission has introduced a number of regulatory reforms affecting the financial advice distribution channel in Italy in recent years; IMD allows cross borders advice; MiFID increases the suitability of advice; Servicing customers; Italian HNWs have a higher than average appetite for risk and a weaker understanding of current market conditions; Italian consumers need guidance so as to better understand the market and to better align their risk appetites; Tax advice, simple transparent investments and asset preservation top the list of consumer demands today; HNW demands for the future revolve around a range of investments; Tax advice remains a priority, joined by foreign currency investments and capital protected funds; The competition between funds and structured products remains complicated; Increased communication and a holistic financial planning service are essential for increasing wallet share and customer retention; Increased face to face contact and financial planning provision drive customer wallet share; Advice from the wealth managers: communication and a selection of products are the most effective means of retaining clients; Italy's retail customers are unconvinced by professional financial advice
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer

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