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II. International Conference Trends and Future of Financial Advice in Europe

II. International Conference Trends and Future of Financial Advice in Europe How Companies offering Financial Advice operate in Europe: ITALY. Wednesday 9th October 2013. Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha.

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II. International Conference Trends and Future of Financial Advice in Europe

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  1. II. International Conference Trends and Future of Financial Advice in Europe How Companies offering Financial Advice operate in Europe: ITALY Wednesday 9th October 2013 Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha

  2. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY The Financial servicesdistributionsector in ITALY • After MiFID, increasing complexity • The regulation and the Institutional bodies/Authorities • supervising: • before MiFID Bankitalia Bankers • CONSOB Promotori • Isvap Insurance agents • after MiFID Bankitalia Bankers + Credit intermediaries • CONSOB Promotori + Fee only • Ivass Insurance agents Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  3. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY The Financial servicesdistributionsector in ITALY • Market dimensions: how much money, how many clients • How is the Wealth distributed: Total Assets, Assets under Management Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  4. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. The system • How the advisors work ? Increasing competition • Financial advice: one client, many advisors • Bank advisors, Private bankers, Promotori Finanziari, Fee only Advisors • The main distinction: responsibility, Products distribution, compensation Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  5. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY The Financial servicesdistributionsector in ITALY • Market dimensions: how many advisors Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  6. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. The mainfigures • Promotori finanziari: more than tied agents • Not independent, but Open Architecture • Not employees ,not fixed salary, entrepreneurs with customer “at risk” • Increasing market share • The leading network Companies: from Unicredit to Generali Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  7. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. The mainfigures • Bankers: a (not slight) revolution • Banks must follow the diet • The change is behind the corner • New advice, old advice ? Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  8. Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha

  9. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. The mainfigures • Fee only: a baby, just born • Waiting Godot: new rules never coming • Conflict of interest: a double-face question • A slow growth, but full of good promises Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  10. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. Conclusions • The trend: a crisis opening new opportunities for the financial advice • Clients with less money pay more attention • Promotori are the benchmark, but Banks are the key factor • More competition will require more education • and… Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  11. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Financial Advice in ITALY. Conclusions • …..EFPA Certification is the best answer • …..so much space to grow !! Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

  12. Trends and Futureof Financial Advice in Europe How Companies offering Financial Advice operate in ITALY Thankyou ! Anniversary conference of EFPA Czech Republic - Congress hall Hotel Olšanka, Praha- 9th October 2013

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