Bluerating | February 2025
Of course, one swallow does not make a summer, but the fact that some financial advisors decide to leave a network to go to a so-called “traditional” bank no longer seems like a limited and isolated phenomenon, therefore it deserves to be analyzed and understood to grasp the dynamics in the evolution of an increasingly important industry for our country.
Let’s start by saying that 99% of networks are banks and that the distinction between “network” bank and “traditional” bank is increasingly narrow, especially for those so-called traditional banks which – fortunately for them – have less and less of traditional.
We add that the largest Italian bank – Intesa Sanpaolo – has – in Italy alone – two banks, three networks, a digital bank and another bank that combines a trading platform with remote assistance from a financial advisor, furthermore its private bank welcomes both employed private bankers and financial advisors into its staff.
The same bank was the first to adopt the so-called “mixed contract” with which the employer activates, for the same worker, two parallel employment relationships: a permanent employment contract and a self-employed contract as a financial consultant.
Confirming the osmosis and overlap between banks and networks within the same banking groups, there are other cases: that of BNL BNP Paribas Life Banker, the network of financial advisors that has entered the Private & Wealth division, Credem Euromobiliare Private Banking which welcomes both financial advisors and employees, Crédit Agricole has a large group of financial advisors in its banking division, Banco Desio has strengthened its network of financial advisors within the Wealth management.
Among the big banks, UniCredit – which currently does not have its own network of financial advisors, having sold Fineco in 2019 – recently welcomed a CF from one of the most important networks, confirming that financial advisors are welcome in the bank alongside employees.
Even the BPM Group, the third largest Italian banking group – now under UniCredit’s takeover bid – has always looked with interest at the world of financial consultancy. BPER – the fourth largest Italian banking group – has created its own network of financial advisors with strong ambitions: the new industrial plan provides for the doubling of financial consultants, who fall under the umbrella of wealth management.
Making the sector more dynamic than ever is the takeover bid by Monte dei Paschi – with the Widiba CF network – on Mediobanca, with the Mediobanca Premier CF network. And again, Azimut’s TNB project which aims to create the first fintech network in the sector by acquiring a banking license.
In short, banks and networks seem united by a single destiny, so it is interesting to understand what a bank can offer a financial advisor and what added value a consultant can bring to a bank.
There are certainly synergies between banks and networks in the business world, where both service models aim to gain a share in the management of profitable liquidity events, but also to support entrepreneurs in the growth of their businesses with corporate and investing banking services, as well as in wealth management with club deals and investments in private markets.
The added value that consultants can bring to banks is linked to a greater commercial push which however requires a support structure for their lean, fast and flexible activity. In short, the challenge is open on several fronts, in the coming months we will see some good ones and the post-risk financial consultancy industry will almost certainly change its face.
Nicola Ronchetti