Wealth Management Italy

November 6, 2003

Abstract

Milan, Italy November 6, 2003

Wealth Management in Italy

Despite unfavorable world market conditions, the wealth management market in Italy is growing quickly. The € 3 trillion in wealth and vigorous investor needs make the Italian market attractive not only for local development, but also to foreign institutions. In a new report, Celent examines the Italian situation through a case study of wealth management at a major regional bank.

In early 2001, one of Italy’s major regional bank decided to re-engineer its entire multi-channel strategy and the branch office, focusing initially on wealth management strategies to retain and acquire new customers in the private banking segment. The bank wanted to transform the far-flung branch network into a sales-effective, client-centric front line. The bank searched for components and solutions to offer high-touch services to the most demanding segment of its retail clientele. For the first time, advisors and private bankers were able to access a single client view to get a holistic picture of customer's profile, aggregated assets, and liabilities positions.

This report examines the current wealth management market in Italy, taking a closer look at the latest trends and business models. This research also presents a case study of a wealth management technology implementation of one the largest Italian regional banks— and how it is employing Finantix’s wealth management technology to reengineer its branch office and build a multi-channel advisor-centric institution.

"In the past two years, the Italian banking market has undergone a transformation, with an emphasis on consolidation and internal reorganization," says Isabella Fonseca, author of the report. "Banks have realized the importance of centralizing operations and allocating resources in order to better understand their client base and compete with foreign institutions planning to target the Italian clientele with boutique-level services. We should expect on-going activity in the Italian wealth management arena over the next year."

This 29-page report contains 5 figures and 4 tables.

A is available online.

of Celent Communications' Retail Banking and Retail Securities & Investments research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

        

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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

Milan, Italy November 6, 2003

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 4
MARKET OVERVIEW 5
BUSINESS MODELS 11
MARKET OFFERINGS AND PARTICIPANTS 13
  Components of a Wealth Management Solution 13
  Market Participants 14
FINANTIX 16
CASE STUDY: A MAJOR ITALIAN REGIONAL BANK 20
  Background 20
  The Search Process 21
  Implementation 23
  Customer Segmentation 25
  Work in Progress 25
LOOKING AHEAD 27
OBJECTIVITY & METHODOLOGY 28

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