Bluerating | Gennaio 2024

The year that has just ended was an unforgettable year for financial advisors with the third best net inflows ever and 153,000 new clients.

In fact, the networks continued their journey by continuing to collect the savings of Italians, managed savings suffered, but less than in the past (-1.7% on net collection compared to -25% recorded in 2008).

So, what future awaits the world of financial consultancy?

It is interesting to see how financial advisors see in the next five years: 1) the future of their profession; 2) the future of their client; 3) their personal future.

As proof of the fact that 2023 was a particularly challenging year, these three indicators recorded a decline compared to 2022, but optimism remains high.

In particular, 72% of financial advisors see the future of the consulting profession as more positive (53%) or much more positive (19%) in the next 5 years.

81% of financial advisors see their client’s future in the next five years as more positive (60%) or much more positive (21%).

Finally, 77% of financial advisors see their professional future in the next five years as more positive (57%) or much more positive (20%).

Data is certainly more encouraging than for those who work in banks where the three indicators express much lower values: 38% optimistic about the future of the banking profession, 67% optimistic about the future of their bank and 55% optimistic about their own future.

Beyond the natural differences, there is no doubt that both the profession of financial advisor and that of bank manager are radically changing.

On the one hand, an empathetic, personalized and listening relationship with the customer is increasingly required and necessary, be it a mass market, affluent or private customer. On the other hand, the need to make processes increasingly efficient drives a strong standardization and industrialization of processes both in banks and in networks.

Perhaps precisely for these reasons, both financial advisors and bank managers are more optimistic about the future of their network or bank than that of their profession and ultimately of themselves.

There is a widespread perception that the changes underway will accelerate further in 2024 and that all professionals will have to rethink their way of working.

There are at least three challenges that financial consultancy professionals will have to face: 1) increase proactivity with clients on all fronts (savings management, protection and credit); 2) implement teamwork; 3) optimize costs for customers also thanks to new technologies.

These are challenges common to many sectors that are approaching maturity, where growth opportunities remain, but only for those who know how to identify them and seize them, knowing how to adapt to changes and not undergo them.

The figure of the free hitter is destined to disappear, we will increasingly work in interdisciplinary teams where generational differences will allow us to dialogue with the individual client but also with his children and grandchildren.

The objective is ambitious, to intercept the huge transfers of wealth estimated by AIPB at 180 billion euros by 2028, 300 billion by 2033, which will allow the threshold of 1,000 billion for financial advisors to be exceeded.

Nicola Ronchetti