Advisor | January 2026
Among the financial advisory’s good intentions for 2026, one could include growth in the business segment, which in Italy comprises over 4 million microenterprises (fewer than 10 employees and a turnover of up to €2 million) and approximately 900,000 small businesses (up to 50 employees and a turnover of €10 million).
In total, 4.9 million businesses contribute 75% of national employment, making them the beating heart of the Italian economy. Leading small businesses are entrepreneurs (71%) and female entrepreneurs (29%) with an average age of 55, individually classifiable as upper-affluent or private clients.
They invest their savings prudently, with few stocks and many bonds and government securities, like the rest of their compatriots, but perhaps with an added justification having invested in their own company and therefore ultimately in private equity.
They typically use a traditional commercial bank for their business, while – in 57% of cases – for their personal investments they use another bank, often a network of financial advisors.
On the one hand, many banks are seeking to expand their expertise in managing the savings of Italian entrepreneurs; on the other, many financial advisor networks are seeking to assist and support their entrepreneur clients in managing their business activities, both ordinary and extraordinary (purchasing, selling, or transferring company shares).
Historically, networks have had an advantage in asset management, while banks have had an advantage in credit management. However, integrated models are increasingly emerging.
The historical separation of business managers from wealth managers, private bankers, or financial advisors limits the achievement of synergies between two contiguous and complementary worlds.
This limitation is especially true in Italy, where, more than in other countries, entrepreneurs are not always able, and perhaps even unwilling, to separate their personal assets from their corporate assets.
The role of business managers, dedicated to micro and small businesses, is becoming increasingly important. Their expertise in providing credit, and therefore money, could be integrated with that of those who request investment funds from their clients (premium managers, private bankers, and financial advisors).
While it’s true that asking for money and granting it are two things that require different personal skills and attitudes, it’s equally true that this can be remedied by creating teams of business and asset managers, establishing clear rules of engagement to avoid conflicts of interest.
In any case, regardless of collaboration between colleagues, the business manager should develop commercial skills, and the asset manager should enhance his or her capabilities to support entrepreneurs not only in the final phase—the so-called liquidity events—but throughout all phases of the business’s life.
The winners will be those businesses that excel by keeping the two areas separate, specializing in one of the two, as well as those who fully grasp the synergies between them.
As in the financial consulting business, the role of the professional is crucial in business management. Therefore, from this year onwards, it will be essential to analyze their perspective and discover the drivers of success and the winning businesses.
Nicola Ronchetti