The new frontiers of financial consultancy

The advanced average age of professionals. The opportunities, but also the risks associated withevolution of technology. The difficulty of assuming strong beliefs on the subject of asset allocation in the face of an uncertain macroeconomic scenario and price lists that have risen a lot in the last year. These were some of the topics explored in depth during the last day of Counselingthe annual event organized by Anasf.

The frontier of the real economy

“Among the emerging frontiers for financial consultants is the complex network of Italian SMEs, for which it is possible to act as qualified and alternative interlocutors to the traditional banking channel, leveraging traditional skills, to which are added corporate and technological ones”, points out Paolo Martini, CEO and general manager of Azimut. “This leads to the evolution of the financial consultant into corporate fintech consultant. To do this we are focusing heavily on the training of our financial advisors; on the promotion of teams, in which different skills can be pooled and high-value consultancy provided”, furthermore. To then highlight the crucial role of recruiting young consultants, “whose familiarity with technology combined with the desire to grow, learn and experiment with new things is also a key factor in giving new impetus to more senior colleagues”.

A bridge between savings and investment

“I have always been convinced that the profession of financial advisor had a social value due to its ability to impact the lives of others. In recent times, with the latest data in hand, I believe that the profession has become essential.” As Stefano Volpato, commercial director of Banca Mediolanum, on the sidelines of a conference in which new demographic trends emerged (in particular the aging of the population) and the new demands for global advice from savers. “Needs which, together with fragilities, will affect the dignity of people’s lives if not managed in time,” he adds Volpato. “We Italians are very good at doing the most difficult thing, that is, giving up consumption in favor of saving, but we occupy the last positions in terms of efficiency,” he recalls. “Even today, the liquidity held in deposits is one third of financial wealth, a manifestation of a lack of financial culture”.

A profession to be carried out in a team

To the extent that the demand for consultancy becomes more complex, professionals are called upon to renew their approach. For Fabio Cubelli, co-general manager of Fideuram Intesa Sanpaolo Private Banking, there is now no alternative to teamwork. “In our group, more than 2 thousand private bankers already work with this method, a number which is approximately 46% of the professionals who belong to the Fideuram, Sanpaolo Invest and IW Private Investments networks”. Who recalls that this path also allows for the inclusion of junior consultants, “through dedicated courses, which allow them to be placed alongside more experienced private bankers to learn all the technicalities of this profession in the field”.

Investing in difficult times

All these uncertainties inevitably impact on investment choiceswhich in any case cannot ignore a fact: in recent years we have faced challenges that were unimaginable until the day before, yet the financial markets have always reached new highs.

“For companies that are too reliant on favorable economic conditions and a zero interest rate policy, the next 12-24 months will be difficult. Earnings growth is essential for long-term stock appreciation,” he warns Federico Pons, country head in Italia di Janus Henderson Investors. “Against this backdrop, we recommend investors focus on high-quality, multi-year secular growth companies, particularly those driven by digital innovation, artificial intelligence and strong R&D.”

On the bond front, for Pons it is necessary “take greater duration risk”. In any case, his recommendation is to maintain a flexible approach, “which allows the manager to adapt the mix of shares and bonds in the portfolio to current conditions”.