MF Milano Finanza | Aprile 2024
Twenty years ago, if we had asked financial advisors how important the value of the brand of the network bank in which they operate was for their work, we probably would not have obtained such a broad consensus.
However, times have changed and the role that financial consultancy has taken on, both in terms of volumes and service offered, also has greater responsibility in terms of image and values transmitted.
According to the research “The value of the brand of Financial Advisory Networks” conducted by Assoreti together with FINER, 71% of financial advisors currently consider the brand of their network bank as an essential “business card” for their daily work.
Out of a sample of 1,000 financial advisors from the main consultancy networks interviewed, it emerged that over 69% recognize the importance of the brand also in the creation of new customers, while 60% link it to the relationship of trust with existing customers. In fact, the brand has also become a fundamental element for strengthening credibility and solidity for professionals in the sector.
For over half of the financial advisors interviewed, the image of the network in which they operate is one of the most effective levers for attracting new professionals (59%) and young talents (55%). This highlights a significant change in the approach to work, where the image of the Network is seen as a representation of the team as a whole, rather than an individual attribute.
In fact, around 70% of consultants consider the credibility and ability of the Network’s management as one of the fundamental properties. But it is not only management that plays a crucial role: the offer of financial and asset consultancy (66%) and the solidity of the bank (61%) for which they operate are also relevant factors.
In evaluating the main characteristics of the Networks, consultants attribute particular importance to “human capital” (29%) and, in particular, to the industry’s investment in continuous training (31%). Attention to employees (41%) and customers (49%) is a further indicator of the crucial role that reputation and human resources management play in attracting and retaining talent.
Corporate image (27%) and aspects related to reputation (57%) follow closely, while the quality of products and services (29%) closes the “podium” of the top qualities recognized by financial consultancy networks.
“It is essential to recognize that today the brand not only acts as a ‘business card’ for consultants, but has become a key element in building trusted relationships with clients and attracting talent to the sector. This underlines the importance for Networks to invest in the management and communication of their brand as well as in offering high quality services, to remain competitive and attractive on the market. The reputation and solidity of the Network are now considered not only indicators of financial stability, but also of reliability and professionalism, crucial factors for building teams of future professionals” commented Marco Tofanelli, Assoreti General Secretary.
“Just as financial strength is crucial to survival in the finance industry, effective brand communication is equally crucial. The brand reflects business ethics, risk management and the ability to provide reliable services to customers. For professionals in the sector, it is clear that a solid reputation of the Network not only offers a more stable and secure working environment, but also more promising career opportunities” commented Nicola Ronchetti, CEO of FINER.