Study

Managed savings, revolution in Italy: specialized players surpass 47%, commercial banks and insurance networks decline

In the last five years, from 2019 to 2024, investable financial wealth in Italy – net of real estate and non-manageable assets – has increased from approximately €3,100 billion to nearly €3,700 billion, with an average annual growth rate of +3.4% (source: Excellence Consulting analysis based on data from the Bank of Italy). Not only has investable wealth increased, but the management model has also changed: increasingly oriented toward advisory, personalization, and digital. In 2024, specialized players – financial advisor networks, private banks and private divisions of large banks, and family offices – control 47.7% of the market, surpassing traditional channels such as commercial banks, insurance agents, and the postal channel. This is the finding of a study by Excellence Consulting.

In detail, the transformation is led by the financial advisor networks. Players such as Fideuram, Mediolanum, Fineco, Banca Generali, Allianz Bank, and Azimut have increased their market share from 15.9% to 20.6% between 2019 and 2024, with a 4.7 percentage point increase. Assets related to private clients alone managed by advisor networks have risen from approximately €286 billion to nearly €400 billion. The Private segment has also seen significant expansion. Major institutions – such as ISP Private Banking, UniCredit Private Banking, Banca Aletti, Banca Cesare Ponti, Credem Euromobiliare Private Banking, Crédit Agricole Private Banking, BNL Private Banking – have increased their share from 19.1% to 22.8% (+3.7 points). On the family office front, independent organizations dedicated to managing large family estates, the growth is equally noteworthy. Operators such as Tosetti Value, Global Wealth Management, Nextam Partners, Spafid, and Unione Fiduciaria SOA have raised their market share from 2.5% to 4.3% (+1.8 points).

In parallel, the weight of generalist operators has declined. Commercial banks – Intesa Sanpaolo, UniCredit, Banco BPM, BPER Banca, MPS, Crédit Agricole Italia – together with insurance agents and the postal channel, have gone from 62.4% in 2019 to 52.1% in 2024, a decrease of 10.3 percentage points. At the same time, digital players are also entering the market. Fintech companies and digital investment management platforms, such as Moneyfarm, Fideuram Direct, Euclidea, Tinaba, and Gimme5, have not yet managed to gain significant market share in Italy, still holding less than 1%, although growing. We will soon see whether major international digital players like Revolut or foreign banks such as BBVA with their digital platforms will manage to grow in our market.

“Wealth Management in Italy,” says Maurizio Primanni, CEO of the Excellence Group, “has for some years rewarded specialized models, also pushing large banks to create dedicated divisions and reducing the weight of traditional commercial banks. In recent years, advisor networks have significantly increased their market share thanks to models based on wealth advisory, capable of responding to clients’ needs. Banks or private banking divisions have equipped themselves to manage the complex needs of high-profile clients, while family offices successfully offer High Net Worth individuals an integrated approach to the management, protection, and succession of their assets. In the medium term, these trends risk penalizing small and medium-sized commercial banks that fail to develop competitive models in managing the financial wealth of their clients.”

“The managed savings sector,” explains Primanni, “is entering a phase of consolidation toward increasingly specialized and digital models. Clients with substantial wealth will continue to seek more personalized solutions and high-tech services. New generations, on the other hand, will increasingly turn to digital platforms, transparent and focused on optimal customer experience. In this scenario, the competitive advantage will belong to those able to integrate holistic advisory models with specialist expertise and highly personalized digital platforms. The future of Wealth Management will be increasingly tailored, segmented, and data-driven.”

Whistleblowing

L’Istituto del “Whistleblowing” è riconosciuto come strumento fondamentale nell’emersione di illeciti; per il suo efficace operare è pero cruciale assicurare una protezione adeguata ed equilibrata ai segnalanti. In tale ottica, al fine di garantire che i soggetti segnalanti siano meglio protetto da ritorsioni e conseguenze negative, e incoraggiare l’utilizzo dello strumento, in Italia è stato approvato il D.Lgs. n.24 del 10 marzo 2023 a recepimento della Direttiva (UE) 2019/1937 riguardante la protezione delle persone che segnalano violazioni.

Il decreto persegue l’obiettivo di rafforzare la tutela giuridica delle persone che segnalano violazioni di disposizioni normative nazionali o europee, che ledono gli interessi e/o l’integrità dell’ente pubblico o privato di appartenenza, e di cui siano venute a conoscenza nello svolgimento dell’attività lavorativa.

Segnalazione

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