I attended the afternoon session of the 1st National Forum on Financial Advice, which was held on 23 March 2011, at the prestigious Palazzo delle Stelline in Milan.
At the opening there was the seminar "Financial advice and financial education: two sides of same coin "with supervisor Dr. Sergio Sorgi, Vice President of Projects and author of the book below for further advice on financial:
He began by making clear the lack of trust of citizens (Italians of the worst) financial markets and then in the operators.
He then presented the Italian demographic trends that show that in Italy the numerically inferior part of the population pays benefits to the greatest (Pensions, health etc.).
So if today, continued Rise, Welfare is taken up by State, Third Sector, Market and Family (Grandparents and parents), The new requirement is the creation of a "corporate welfare" in order to create new networks of protection, in addition to today, and, Partial replacement in the future, of the four actors mentioned above.
Here come into play financial education and financial advice.
The same Green Paper of the European Commission, for example on pensions, tells us: "If the choices and responsibilities belong to the individuals and they must be able to understand the information so you can make informed choices, especially because of taking into account the increasing complexity of pensions (…) Member States could consider the possibility of creating a reliable service to advise on pensions to help consumers in their choices ".
Then he continued, bringing back the thought of Ms. Lauren E. Willis, international expert on financial education:
Financial education does not coincide with the financial literacy because it enhances the knowledge of investors but does not increase their skills.
The good financial advice, is acting on the needs of the cyclic life of every individual and the choice of consultant, like a doctor, to trust.
But the advice of a quality, then the consultant is going from right to transmit information to make available to the investor (names are "wasted", it is defined: Consumer, User, Customer, etc.) tools to support business decisions, Financial, d’indebitamento, retirement planning, Security, through the entire life (every age brings with it special needs and special needs).
Subsequently, and before the final report of the President of Ascosim – the Association of Consulting Sim – Dr Zeno d'Acquarone, held a round table attended by representatives of institutions (Italian Stock Exchange, Assoprevidenza and Epfa) Consumer (Adiconsum) of the industry (Ishares, Soul).
The topics were: the impact of MiFID in the relationship between intermediaries and investors, financial advice for a fee and the supplementary pension, as the focus of the advice directed to the needs of social security.
We therefore hope, in future, see also the next launch of the register of consultants, to be faced with consultants who are independent and with an appropriate degree of professional qualification.
Alex Gaetani
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