New publication for independent financial advisers in Spain
The Spanish economists association (CGCEE) has launched EAFInforma, a new publication to cover developments in the independent financial advisory industry.
The first issue of the publication was launched in November with editorial support from Banco Inversis, Fidelity, Aviva Gestión and UBS.
During a ceremony marking the publication’s launch, Carlos Orduña, president of Economistas Asesores Financieros, said it would aim to promote financial advisory companies, known by their acronym as EAFIs, and to educate investors about their role.
He said 29% of Spanish investors were dissatisfied with their advisors according to a recent survey by PwC. The transposition of European Union legislation on financial advisers will increase pressure on advisory companies and services to act in the best interests of their clients and increase market transparency, he said.
There are 80 EAFIs registered with the CNMV market regulator. They account for only a small proportion of the advisory business in the country which is dominated by large financial institutions, though their influence has grown in the past year.
Independent advisers were authorised two years ago but have taken off in 2011, according to ASEAFI, their association.
Alvaro Chocano, appointed to promote the association, says more than 200 companies have applied to the CNMV, to be registered as independent advisers, but the process takes time as the regulator scrutinises each applicant closely.
Investor interest in independent advice has grown partly as a result of the financial crisis, but it has also been boosted by demand for more diversified financial products requiring a wider source of information.