Italy’s networks of advisers a model to export, Assoreti chairman suggests

The Italian asset management market relies on one of the most successful network of finacial advisers, according to Marco Tofanelli, chairman at Assoreti, Italy’s association of financial advisers.

In 2012, advisory networks in the country were able to post positive inflows and growth of assets under management, despite a steady reduction in the number of advisors employed by the banks’ networks since 2008.

Overall, Italy currently has about 22,000 advisers, down from about 35,000 at its peak.

The best performers in the market in 2012 have been Fineco, Banca Generali, Azimut and Banca Fideuram.

According to Tofanelli, the success of these networks is tightly related to the independence of the offering from the controlling banks: UniCredit in the case of Fineco, Generali for Banca Generali, and Intesa SanPaolo for Banca Fideuram.

Here are the numbers. In 2012, Italy’s networks posted €11.9bn inflows, a 11.6% increase compared to the previous year.

Clients favoures asset management products, with a good performance of insurance and pension products.

Foreign domiciled funds were among the best-sellers, with €8.3bn inflows.

Looking ahead, Tofanelli keeps a positive view on 2013. According to Assoreti’s chairman, financial advisers are set to strenghten their role in advicing and guiding retails clients towards the best products, while maintaining strong independence in the selection of funds offered.

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