Wall Street Italy | March 2024
Never before has the fundamental and social value of financial consultancy emerged above all for the growth of our country.
In one year, the share of managed savings has increased (today at 59% + 3%) compared to the liquidity in Italians’ current accounts (today at 41% – 3%).
The increase in the share of managed assets in the Italian portfolio is due to the market effect (performance effect of +2.4% according to ASSOGESTIONI) and the subscription of tens of billions of BTPs.
The reduction in liquidity in current accounts has a sad reason: in 12 months, inflation and the increase in rates on loans and mortgages have burned 152 billion of Italian families’ savings (source Centro Studi Unimpresa).
The good news is that thanks to BTPs, the percentage of Italians who financially invest their savings has grown by +2% in the last 12 months.
Managed savings suffered (-50 billion given Assogestioni), but also thanks to BTPs at least the money came out of the liquidity trap of interest-free current accounts.
36% of financial advisors and 49% of bank managers who took an active part in their proposition also contributed to the success of the BTPs.
The success of BTPs takes us back a few decades but has the merit of having awakened Italians to the issue of correct management of their savings.
The figure of the dedicated financial advisor proves to be central to this mission: the satisfaction of their customers is higher than that of non-dedicated bank managers (76% vs. 48%).
The market share of networks has grown in numbers over the last ten years: with a +165% of their customers’ assets compared to a +14% of the market.
The credit goes to trained professionals who know how to listen to their customers but also to an industry that leaves ample room for growth to the best and most enterprising, as demonstrated by three data points among many.
The first: only 17% of customers are able to talk about their life plans with the bank, and these are projects – maintaining their standard of living, supporting their children and parents – which can only be achieved with careful management of the own savings.
The second: 77% of Italians with an average balance of two hundred thousand euros in their current account have not heard from their bank manager for 12 months.
Third: 75% of Italians would be interested in having a single point of contact to manage their savings, insurance coverage and access to credit (mortgages, loans and business financing).
The room for growth is enormous, but only for those who know how to make listening, proactivity and monitoring the three pillars that support Italian families and businesses – protection, savings management and credit – their mantra.
Nicola Ronchetti