Investire | April 2026
The relationship between asset management companies (AMCs) and distributors—primarily traditional banks and financial advisor networks—is the cornerstone of the distribution of investment products. It is a complex, constantly evolving strategic partnership, characterized by mutual dependence and a constant search for a balance between value creation and distribution costs.
In particular, the role of financial advisor networks is central: with average annual growth
of 8.4%, they now represent a quarter of Italian households’ financial assets, generate 90% of mutual fund investments, and serve savers of all types.
Furthermore, approximately 92% of the funds collected by financial advisor networks are invested in investments, while the liquidity in portfolios remains at 13.5%, a third of that held with other intermediaries.
Historically, the Italian market was dominated by “internal” placement. However, over the past two decades, the push by financial advisor networks has imposed the open architecture model. Acting as selection hubs, the networks offer products not only from the group’s own captive asset management company, but also from various third-party management companies, both Italian and foreign. This approach has forced asset management companies to improve the quality of their offerings and performance to maintain competitiveness on distributors’ shelves.
Traditional banks often favor products from their own banking group (captive) for reasons of capital efficiency and margin control, although there are signs of an opening to third-party asset management companies (AMCs), especially for the most highly capitalized client segments.
Advisory networks are focusing on a wide range of third-party products to offer diversification and advanced advice. The relationship with these networks is particularly dynamic: financial advisors authorized to offer off-site services require products capable of generating value in complex market environments and are crucial for net inflows.
MIFID II has revolutionized the AMC-distributor relationship. The requirement for cost transparency has made the placement fees that AMCs pay to distributors more visible. This has spurred two trends. The first is the growth of fee-only advisory services, which are less dependent on commission retrocessions. The second is the focus on product quality: the distributor is required to justify costs to the client, favoring AMCs that offer solid performance or innovative investment solutions.
The relationship is increasingly shifting from simple distribution to the co-creation of value. Asset management companies (AMCs) no longer simply provide funds, but also offer advanced technological tools, portfolio analysis, and ongoing training to financial advisors. AI technology and predictive analytics are becoming essential to optimize advisory services and improve relationships with end clients.
The relationship between asset management companies and distributors in Italy remains solid but is becoming more selective. The AMCs that will thrive will not only be those with the best performance, but also those capable of supporting their distribution network with technology, training, and transparent solutions, aligning their interests with those of the end investor. The ability to adapt to an increasingly “advisory-based” and less “product-centric” distribution model will be the true differentiating factor.
Nicola Ronchetti