THE ROLE AND THE EVOLUTION OF THE ADVISOR AND OF THE FINANCIAL PLANNER IN EUROPE
We are happy to share with you Nicola Ronchetti survey presentation updated in memory of Aldo Varenna announced last week during the EFPA Italia event held in Torino June 6-7. Nicola speech topics range from the value of holistic consultancy, to the changes in the profession, to millennials approaching the consulting market, to robo-advisors, to the value of the certificate.
⚫ For many people, holistic consultancy is already a reality and is reflected in the ability of realising clients’ projects working in team with other professionals: NO to one advisor expert on everything, YES to the inclusion of distinct skills, to skills training and to their formalization and economic valorisation.
⚫ Holistic consultancy needs its own architecture: its foundations are financial planning, estate planning, financial consultancy, succession consultancy, tax consultancy, protection, welfare and illiquid asset management; the instruments to build your house exist, but need to be thoroughly known and handled carefully.
⚫ Managing the millennial generation represents the biggest opportunity for the world of financial consultancy; knowing how to communicate with the main segment on a global level could guarantee a future of financial advisory.
⚫ The inclusion of robo-advisors and digital technology will bring added value to consultancy, most of all in the field of adequacy assessment and risk analysis. Yet, they will never replace human expertise.
⚫ So, long life to finance consultancy, as long as it proves able to continuously innovate itself seizing the opportunities and the innovations offered by the digital revolution, keeping the boat steady but aware that while the route changes constantly, the destination does not.
Find attached (2) survey presentation by EFPA Chairman Prof. Emanuele Maria Carluccio based in the value of being an EFPA certificate holder also announced last week during the EFPA Italia.
⚫ Advisors consider the certificate very or (at least) fairly important to their job;
⚫ They believe to be – compared to uncertified colleagues – in a better position to do their job;
⚫ They consider accomplishing the training programme, passing the exam and meeting the requirements of continuing professional development demanded for retaining the certificate a significant contribution to the development of their knowledge and skills as financial advisors/planners;
⚫ They believe that obtaining the certificate has affected the work process with clients in a decisive or at least important way;
⚫ They are rather incapable of conveying to clients the meaning and importance of the certificate.