The distribution of funds is changing in Italy, highlighting the role and definition of independent advisers.
Industry players and regulators
Albo dei Promotori Finanziari (APF)
APF is the professional register of financial advisers in Italy.
Founded in 2007, it regulates the job of financial advisers in the country according to Testo Unico della Finanza (Unified Financial Text) and the law on asset management of 2005.
APF’s mandate is executed by three specific associations: ABI (Associazione Bancaria Italiana), ANASF (Associazione Nazionale dei Promotori Finanziari), ASSORETI (Associazione Nazionale delle Società di Collocamento di Prodotti Finanziari e Servizi di Investimento).
National Association of Fee Only Planners (NAFOP)
NAFOP is the national association representing financial advisers working independently , including professionals, firms and consultants.
NAFOP aims to regulate and protect the interests of those financial advisers who work exclusively on a fee-only basis.
Commissione Nazionale per la Societa’ e per la Borsa (CONSOB)
CONSOB is an independent administrative authority with statutory powers founded in 1974 to protect investors and guarantee market transparency and efficiency.
Its functions have been broadened recently to cover asset management. Together with the Bank of Italy, CONSOB has contributed to regulate SIMs when they were first introduced on the market in 2008.
Italy’s networks of promotori finanziari posted €1.7bn of net inflows in April, a 14% increase compared to the previous month, according to industry association Assoreti.
Allianz Bank leads the league with €311m inflows, followed by Azimut, which attracted €280m against €164m in March.
The performance was also positive for Banca Generali (€240m) and Banca Mediolanum (€220m). Net flows were negative for Banca Monte dei Paschi di Siena (€-35m) and for Hypo Alpe-Adria-Bank €13m) and Consultinvest (€-4.4m). At the end of April, more than 23,200 promotori finanziari worked across Italy, according to Assoreti.
Regulation and promotori finanziari
1991-1998 Italian law introduces the professional profile of promotore finanziario for the first time. They are the only actors in the industry able to promote and allocate to financial products and investment services available from providers other than where they work themselves (SIMs, SGRs and banks).
2008 Following Mifid, Società di Intermediazione Mobiliare (SIMs) are introduced in Italy with the scope of exclusively providing advisory services.
Ascosim is the representative body for SIMs.