There are projects of EAFIs that have not been put in place by the unknowns posed by MiFID II
Wednesday, 07 of December 2016
Source: AF El Asesor Financiero
"The entry into force of the directive MiFID II will occur in little more than a year and there are still many uncertainties to be resolved on how it will be adapted to Spanish legislation. Even so, in the framework of the conference 'EAFIs: Present and Future of financial advice', organized by Andbank, has analyzed how has been the evolution of these companies and what are their future prospects.
David Gassó, president of EAF and partner of Anchor Capital EAFI, pointed out that the figure of EAFI has not stopped growing since 2009, in terms of number of companies, contracts or assets advised, "although there have been recent casualties for Mergers, acquisitions and some projects that have not been consolidated. " However, Gassó believes that we are currently in a situation of impasse, since "there are projects that have not been put in place by the unknowns posed by MiFID II and are waiting to be clarified to make decisions."
Carlos García Ciriza, president of Aseafi and partner of C2 Asesores, believes that when EAFI was created, "it was thought more in companies type of society of values than in single-member societies and that means that, with around 200 EAFIs, We are close to the top; Of course we will not reach figures like the 3,000 in France. "
On the other hand, he believes that the tough demands of MiFID II will also be a source of new opportunities, "because the big bank will give up advisory services or at least focus on only a few clients from a certain level of investment" . On the negative side, it points out the limitations that are their companies: "We have complications with the orders, because the client wants us to solve everything".
Gassó, on the other hand, does not see the bank withdrawing from the world of advice, because, in his opinion, "the bank has put the batteries very fast; There are entities that have made an important leap in the preparation of their personnel and it will be difficult to confront the power of competitors; We will have to offer greater agility. "
Another important question that arises is how the differentiation will take shape between independent consultant and dependent advisor; Whether it will be necessary to choose an option or it will be possible to work combining the two formulas, although the most generalized perception points to a clear division between the two figures. In this sense, García Ciriza points out that "we must choose carefully, because independent advice is going to be complicated; Not only will the customer have to be made the best recommendation, but it will have to be justified by specifying which products have been analyzed, for example. "
As for the future, Gassó anticipates that "some EAFIs will be integrated in search of synergies and optimization of costs. Others will grow, expand services and end up giving the leap to manager or stock company, because customers will ask for more things. " García Ciriza predicts that there will be a good number of good professionals coming out of the bank: "private bankers who love their work and will start to create their own company in the face of the limitations that will impose the entities; The big banks will disguise marketing advice. "