Consulting in RIS’s time

Wealth advisory is undergoing a profound transformation, primarily driven by the evolution of European regulations. From MiFID II to the new Retail Investment Strategy (RIS), these changes continue to redefine the role of financial advisors. This regulatory evolution is not just a mere update but a significant acceleration towards a consulting model focused on transparency and service quality for clients.

RIS, following the path set by MiFID II, is introducing substantial changes in financial advisory. The focus is shifting from mere formal compliance to a substantive assessment of the quality of financial services, with particular attention to “value for money” and fee transparency. This new regulatory framework requires advisors to evolve from financial product sellers to true wealth managers, capable of offering holistic and personalized advice.

How the Market is Adapting

The industry is responding to these challenges on multiple fronts:

• Specialization and Team Collaboration – Advisors are embracing a service model based on multidisciplinary team collaboration. This approach allows for more comprehensive advice, covering all aspects of wealth planning, from investment management to estate planning. Additionally, teamwork is encouraged by the need to manage the generational transition among financial advisors.
• Intense Recruitment of New Advisors – The demand for financial advice is expected to grow in the coming years. According to recent estimates, the market may need around 7,000 new advisors. Competition will become increasingly fierce among banks and insurers to retain their advisors and train new ones.
• Pricing Evolution – The market is moving towards more transparent compensation models. Assogestioni has begun distinguishing between “fee-only” and “fee-on-top” advisory services, signaling a significant shift towards greater cost clarity for clients.
• Technological Investments – Wealth managers have nearly doubled their investments in technology, increasing spending from €3.4 billion to €5.4 billion in 2023. This has enabled the automation of many operational aspects, freeing up time for client relationships and in-depth analysis of their needs.

The Technological Response: The Wealthype Case

In this context, Wealthype has developed a software solution that natively meets the needs of the new regulations and financial advisors. The software is designed to support all key aspects of modern financial advisory:

This technological evolution does not replace the advisor but rather supports them in delivering greater value, allowing them to focus on the more strategic and relational aspects of consulting.

Wealth advisory is thus evolving towards a more professional, transparent, and technologically advanced model, where service quality and client interests take center stage. In this transformation, technology plays a crucial role in enabling advisors to meet regulatory requirements while providing an increasingly personalized and efficient service.

The challenge for the future will be to continue balancing technological innovation with the irreplaceable value of human relationships, keeping client trust and satisfaction at the core.

Are you interested to try this product? Write to us at info@wealthype.it to discover how to integrate artificial intelligence into your financial advisory process.