Financial advisors reach 53,000

A total of 53,000 professionals manage the money of 5.2 million Italians, totaling over €900 billion. They are financial advisors , a category that has become crucial to the Italian savings industry , guiding millions of citizens through investments, pension planning, and asset protection. A dedicated professional register has long existed for these professionals, managed and overseen by an organization called the OCF ( Official Financial Advisors), chaired by former MP Mauro Marino (pictured). On June 26, in the Sala Regina of the Chamber of Deputies, Marino presented the OCF's annual report, reeling off a wealth of data on a still-growing sector. As of April of this year, the professional register (accessible after passing an exam) had over 53,000 members, 1.5% more than a year earlier. The majority are men (76.9%), but the share of women is also slowly growing, now representing approximately 23%, compared to 18% 10 years ago. The number of young people under 30 is also increasing, representing 5.1% of those registered, compared to 4% in 2023. There is therefore a trend of rejuvenation in the profession, which is also reflected in the entry data: in 2024, 42.7% of exam candidates were under 30. But what does a financial advisor do specifically? Unlike other roles in the banking world, financial advisors are self-employed. They are tied to a bank or investment firm by an agency contract and often work "off-site" in close contact with clients, visiting them at home or working digitally. Their role is to recommend personalized investment solutions, help plan their financial future, and build balanced portfolios based on objectives, risk appetite, and a predefined time horizon. In 2024, net inflows from networks of financial advisors qualified for off-site offerings reached €51.6 billion, a 17.9% increase over the previous year. Total assets under management reached €909.1 billion, a 15.8% increase year-over-year. Access to the profession, as previously mentioned, is governed by a rigorous assessment: in 2024, only 44% of participants passed the exam, equivalent to 2,648 newly qualified individuals. This trend is slightly higher than in 2023, but it remains a selective process, confirming the seriousness required of those aspiring to manage others' savings. Geographically, 60% of advisors operate in Northern Italy, while the remaining 40% are distributed across Central, Southern, and Island regions.

The OCF has long been intensifying its supervisory activity to protect savers and the industry's reputation. In 2024, 22 advisors were removed from the register, down from 35 the previous year. Suspensions (53 versus 34) and fines (36, compared to 24 in 2023) have increased. "The industry's delinquency rate remains low," noted OCF President Marino with satisfaction, and "we are also comforted by the consistently favorable attitude of judicial authorities toward decisions made." When the OCF sanctions a consultant, the judge almost always upholds the measures adopted by the body, without overturning them. In addition to professionals tied to banks and networks by an agency contract, Italy has long had hundreds of independent consultants, so-called autonomous consultants, who are paid directly by their clients through a fee. At the end of 2024, there were 741 independent financial advisors registered in the register.