The VI Investment Advisors Forum, FinSovet, took place in Kazan, where representatives from the Central Bank and market participants gathered to discuss key trends and challenges in the investment advisory industry.
Future trends highlighted by participants included the development of a subscription-based model for investment advisors and the creation of an advisor marketplace. The Central Bank is also considering expanding the range of products that investment advisors can recommend, including insurance and banking solutions.
Veronika Zhukova, CEO of Wealth IQ, shared her insights:
“For the independent advisory market to flourish, we need to strengthen brokerage infrastructure, enhance client transparency, and simplify the process of switching between brokers and sharing portfolio information with advisors. International practice shows that working with an independent advisor can reduce capital management costs by 7.5%. Currently, switching brokers is cumbersome due to significant costs and other market infrastructure hurdles."
Industry experts also stressed the importance of broadening the range of tools financial advisors can use. They proposed bringing financial bloggers under regulatory oversight and ensuring they conduct training through Central Bank-approved programs. Additionally, there was a suggestion for the Central Bank to allow investment advisors to recommend products traditionally available only to qualified investors for non-qualified clients as well.
Future trends highlighted by participants included the development of a subscription-based model for investment advisors and the creation of an advisor marketplace. The Central Bank is also considering expanding the range of products that investment advisors can recommend, including insurance and banking solutions.
Veronika Zhukova, CEO of Wealth IQ, shared her insights:
“For the independent advisory market to flourish, we need to strengthen brokerage infrastructure, enhance client transparency, and simplify the process of switching between brokers and sharing portfolio information with advisors. International practice shows that working with an independent advisor can reduce capital management costs by 7.5%. Currently, switching brokers is cumbersome due to significant costs and other market infrastructure hurdles."
Industry experts also stressed the importance of broadening the range of tools financial advisors can use. They proposed bringing financial bloggers under regulatory oversight and ensuring they conduct training through Central Bank-approved programs. Additionally, there was a suggestion for the Central Bank to allow investment advisors to recommend products traditionally available only to qualified investors for non-qualified clients as well.