Il Sole 24 Ore | August 2025
In your research, you discuss three service models for advisory services (see the article alongside). What’s the crux of the matter? The future will be the result of the combination of digital and professionalism. Years ago, a boom in “direct” insurance was predicted; today, it accounts for less than 10%. In Italy, Zurich closed Zurich Direct but opened Zurich Bank with over 1,000 CFs operating in synergy with over 550 agents. Digital channels must be integrated into a broader ecosystem, as AXA will do with the acquisition of Prima Assicurazioni. Longevity brings four generations to the wealth advisory table, from twenty-somethings to eighty-somethings. Multichannel communication is necessary to communicate with everyone, but when faced with life choices, the presence of a professional is essential.
How does this influence operators’ choices? Service models are at the heart of competition. Luigi Lovaglio emphasized that MPS’s results are the result of its network of professionals. Intesa Sanpaolo has Banca dei Territori, with branches and managers, and Fideuram Intesa Sanpaolo Private Banking, with three networks of advisors and one of employed private bankers. Mediobanca is strong in private banking and financial advisory and aims to strengthen its position with the takeover bid for Banca Generali. In Italy, 58% of UniCredit’s profits derive from its retail division’s branch operations.
Does this mean that one model is destined to prevail over the others? Models coexist, but to ensure customer satisfaction and the bank’s profitability, professionals must act as pivots. The major commercial banks cover almost all service models. The credit management networks, including the historic Allianz and Mediolanum, and the younger ING, base their success on the centrality of the credit management system, supported by cutting-edge digital platforms.
What’s happening with fintech: will it disrupt the landscape? The question is whether fintech is standalone or integrated with a network of professionals. Azimut’s TNB project presents itself as a fintech with over 1,000 CFs. The multichannel model with CFs is the winning one, as demonstrated by Fineco’s success. Twenty-year-olds today, attracted by digital platforms (Revolut, Moneyfarm, Tinaba, Satispay), will seek the support of a professional as they grow.
Do you believe this also has implications for the banking game of risiko? The banking consolidation process and the current game of risiko are aimed at conquering more customer segments by diversifying channels, bringing product factories in-house in both asset management and insurance, thus optimizing and internalizing commission returns. UniCredit had also focused on Banco BPM to strengthen its position in the wealthy Northwest; some say it will try again soon with another Italian bank. Giuseppe Castagna, recently released from nine months of the passivity rule, has discussed a possible merger of his Banco BPM with the French company Crédit Agricole, the main shareholders of Piazza Meda, with which it shares a stake in consumer credit with AGOS. MPS is aiming to integrate Widiba (a financial institution network with a leading digital platform) with Mediobanca Premier (one of the most active financial institutions and advisors in the market), and to strengthen the professionalism of its private and investment bankers in Piazzetta Cuccia with its own network dedicated to the retail and corporate segments, a key focus of the Siena-based bank, perhaps with the addition of its insurance business (Generali). A strong merger process is also underway on the asset management side; some speculate that if the Generali Investments-Natixis merger falls through, Amundi could join forces with the asset management company controlled by Groupe BPCE, much to the delight of our French cousins.
What are the challenges for the next 5-10 years? The evolution of service models will be driven by: 1) digital innovation by major global (Revolut, BBVA) and national players (Fideuram Direct, Isybank, Buddy, Moneyfarm, Tinaba, Satispay); 2) massive investments in Artificial Intelligence by major banking groups (Intesa Sanpaolo, UniCredit, BPER, Banco BPM, Credem, Banco Posta, BNP Paribas, Deutsche Bank, Crédit Agricole, ING); 3) development of financial advisory, with the hiring of at least 15,000 new professionals. The new remuneration model for financial advisory, based on the payment of a fee to the professional (so-called fee-only), is also gaining ground in Italy compared to the model based on rebates and inducements, i.e., commission-based returns linked to the sale of a product. Seventy-three percent of private bankers and financial advisors with private and HNWI clients believe that fee-based consulting will ensure greater profitability because it allows them to maximize their work (66%), guarantees maximum transparency (59%), and avoids conflicts of interest (49%). 72% of private and HNWI clients are also willing to pay a fee in exchange for optimized commissions on individual products.
Interview with Nicola Ronchetti by Antonio Criscione