The networks of financial advisors have more than tripled their market share over the past decade. A trend highlighted by the analysis conducted by Prometeia which takes into consideration the division of the financial assets of Italians between traditional banks, post offices and networks of financial advisors. According to the Bolognese consulting firm, in fact, the assets entrusted by families to network consultancy went from 200 billion euros at the end of 2011 to over 700 billion at the end of 2021. Translated into percentage terms, this growth has led to the networks of financial advisors to increase its share of the market served from 9.3% to 17.5% in the period. In short, a real exploit that, according to the projections of Prometeia itself, seems destined to last at least until 2026 when the total masses of the industry should reach 800 billion euros, equal to 19% of the market share.
Networks of consultants stronger than regulatory constraints
The growth capacity of the financial advisory networks in the last decade has also been able to resist the possible brakes imposed by the changes in legislation and economic conditions. As highlighted by the research “Network banks / Beyond Mifid II and pandemic“Conducted by Excellence Consulting, in fact, the financial consultants sector recorded positive results especially in the five-year period between 2016 and 2021, or the years characterized by two major disruptive changes: the entry into force of Mifid II and the pandemic from COVID-19. In this period of time, the six main Italian financial advisory companies (Banca Generali, Fideuram-ISPB, Banca Mediolanum, Fineco, Allianz Bank and Azimut) have confirmed the growth process and their managed assets have gone from 432.4 to 700 , 3 billion euros.
In addition to the numbers, an element of particular interest is represented by the factors that have guided this process. If we exclude the incorporation of IW Bank into Fideuram-ISPB, in fact, the growth of the sector came in a substantially organic way thanks to the capacity for innovation and service models able to respond better than the market to the renewed needs of customers.
Banca Generali grows more than all
The organic growth of the networks has inevitably led to a sharp increase in the portfolios of individual financial advisors. According to the usual surveys of the sector association – Assoreti – the per capita portfolio managed by individual financial advisors in Italy grew by 160% in the period 2011-2021. In particular, the average portfolios went from 10 million euros at the end of 2011 to 26 million euros at the end of 2021. However, the organic growth of the sector benefited from the exploit of the best player in the sector: Banca Generali. The private bankers and wealth advisors of the Bank led byCEO Gian Maria Mossa in fact, they outperformed over the decade, posting unparalleled growth. The consultants of the Leone network managed to increase their average portfolios, passing them from 14.9 million per capita at the end of 2011 to 39.2 million at the end of 2021.