Bellotti (Ubs Asset Management): “In consultancy we need to look at the American model”

In the last year the high yields of Italian government bonds have represented a major source of competition for the collection of managed savings. However, second Giulio Bellottihead wholesale Italy of Ubs Asset Managementthe return of competitive yields in the bond world is allowing financial advisors to bring even the most risk-averse investors closer together after fluctuating years, in which exogenous factors have often put portfolio performance at risk.

What are the strengths that financial advisors can leverage today?

“We observe professionals who are increasingly incentivized to increase their skills and their wealth of experience. In the last two/three decades, a period in which the sector has grown exponentially, they have experienced and witnessed market cycles and situations of all kinds, taking advantage of the behavioral finance teachings shared by international partners”.

How do you as a group support these professionals?

“We tend to create strategic and long-lasting partnerships, in which we aim to provide added value not only in terms of product. For example, in recent years, we have made platforms and technology available to our main clients, deriving from the world of wealth management, with the aim of supporting them in their consultancy activity. In terms of product, however, we are aiming to increase knowledge and use of passive instruments and access to private markets, both of which represent a constantly evolving world, increasingly relevant from a portfolio construction perspective.”

Are there any trends or models that could be taken as an example to make the profession more performing?

“We look at the world of American wealth management as a sort of benchmark. The organizational and business model is very similar to that of financial consultancy networks in Italy, with professionals who adopt an entrepreneurial approach. The most recent trend we are witnessing, after the success of ETFs, private markets and fee-based consultancy, is that of the growing demand for customisation, which translates into the growth of the SMA (Separately Managed Account) market. This is a product offered by the main American wealth managers which allows the portfolios offered by the leading asset managers to be personalized at the individual client level, creating the possibility of obtaining a unique product and an exclusive dialogue”.