
	Editorial - December 2023

	Josep Soler-Albertí, Executive director EFPA Spain, Board member FECIF and EFPA Europe The continuous and mostly unnoticed European impoverishment Anyone who has had the opportunity to recently travel around the United States will have easily noticed a widespread increase in prices, particularly perceived by those whose reference currency is the Euro. Is it just the logical effect of the continued revaluation of the Dollar over the Euro, from 0.70 Euros to one Dollar at the most virulent outbreak of the 2008 crisis, to the current 0.95? The exchange rate alone does not fully explain the current price disparity between Europe and the United States, and it is necessary to analyse the overall behaviour of the two major economies since the crisis and, in particular, in recent pandemic and post-pandemic years. In fact, it is not just the verification of the gap in relative prices but the general and more relevant perception that economic activity and living standards have shifted enormously in favour of Americans. GDP figures do not deceive and if they do (anticipating the perennial mistrust of a territory's main economic activity indicator) they are equally imprecise on one side or the other of the Atlantic. The truth is that in 2008 the GDPs of the Eurozone and the United States were equivalent at current prices and at around 14.5 trillion Dollars each. Currently, the GDP of the Eurozone is around 15 trillion (18 trillion if we add the United Kingdom) while the GDP of the United States is today almost 27 trillion. In summary, two-thirds of the gap generated is caused by the revaluation of the Dollar (in any case equally significant) and the other third entirely due to the much more dynamic behaviour of the American economy. As an example of what it has represented in the value of the economy (in this case of the largest listed public companies), in the same period of fifteen years (2008-2023), and therefore for the wealth of those that in the United States or from Europe have invested in one or another continent, it is interesting to note that the American stock market represented by the S&P 500 index has gone from 970 points to 4,400, an increase of 350%, while the Euro Stoxx 50 of European shares has gone from 2,600 to the current 4,200 points, a much smaller gain of only 60%. Have we, as financial advisors, and in our recommendations to customers during these 15 years, have been sufficiently aware of this permanent dominance of the American economy in relation to the secular tendency of Europe towards relative irrelevance? I do not think so, and that, unfortunately, has often highly affected their wealth accumulation. What has been the reason for this immense superiority of the behaviour of the American economic over the European one, and especially since the crisis? The reasons are multiple, some more permanent, and structural, and others more recent and conjunctural, such as the most powerful fiscal incentives introduced in the US. Straddling between both types we find energy, in which the autonomy and availability of the Americans contrasts with our European foreign dependence, which has greatly worsened in the last two years. Cheaper energy is itself a huge competitive advantage. Secondly, and increasingly accentuated, the American technological dominance over Europe has been very relevant to the gap we are describing. American tech giants have dominated the economic landscape for the last few years and are coming out with a big advantage in the race for artificial intelligence that we have just started. As a footnote, 25 years ago Europe produced 40% of the world's semiconductors. Now it does not even reach 10%. The industrial and technological dominance of the US is generated by many structural reasons. We will mention those that we think are most important: financing, ageing, knowledge, and the market. Business financing is a major handicap for the European economy. The differences in dynamism, alternatives, predisposition to risk and the existence of powerful private channels are overwhelming in favour of the American corporate network and it determines a large share of the European deficit in productivity and competitiveness. CMU and RIS are just now trying to limit it in the EU. European ageing has generated and will continue to generate an inefficient labour, and consequently consumer, market. In recent decades, the incorporation of women into the labour market and the support that Eastern Europe’s rise has meant, as labour contribution to the West, have curbed the perverse effects of the terrible European demographics. These favourable winds are now over, and the situation will get worse while American society remains younger and therefore more productive. If American universities were already dominant after the Second World War, this favourable gap in knowledge (especially in applied knowledge) has grown since the crisis, probably also due to the European inability to regenerate or import the university population. Finally, the market issue. Europe, despite the progress of the single market, remains fragmented and, in many sectors (perhaps banking is the clearest example), it is impossible to compete with the United States which, despite States’ differences, enjoys a larger and more homogeneous market, with the capacity to create internationally dominant companies, especially in sectors where research is vital. Of course, we could always have the old reference to European quality of life as an alibi. It is not clear that, if it really exists, we can maintain it, given this impoverishing trend. Josep Soler-Albertí, Executive director EFPA Spain, Board member FECIF and EFPA Europe


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Editorial - November 2023

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Editorial - October 2023

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	Editorial - August 2019 David Charlet FECIF & ANACOFI Chairman *A new EU or same old, same old?* Will this summer see a new Europe or the return to the “good old continent"? What are the challenges for our profession and our clients? It will not have been easy but finally, Ursula von der Leyen was... >> CONTINUE READING

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	Editorial - February 2019 Vania Franceschelli Member of Fecif Board of Directors & Foreign Affairs, Anasf ESG – growing in importance for everyone! From a recent survey carried out by a famous global investment company, 46% of investors want to focus more on sustainability criteria for their portfolio choice and as a result 93% of fund managers cannot fail to take this into account in monitoring the company in which... >> CONTINUE READING

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	Editorial - June 2017 David Charlet FECIF & ANACOFI Chairman Europe as financial advisers see it A long time ago, the European Union used to be a place for the production of coal and steel. Nowadays, it seems to be a global Union far more engaged than the US with our jobs and other matters. Consider: in the US no would find “passports” for... >> CONTINUE READING

	Editorial - April 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Are you really ready for the future?* “The other day Ray was having a conversation with his 13 year old son and they ended up on a topic / issue that they needed more info on – his response was to “Google” it, his son chose to “YouTube” it. He realised at that point that they had different ways of looking for information, learning answers, and engaging with... >> CONTINUE READING

	Editorial - February 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Transparency not commission is the real key for 2017 and beyond* A number of industry commentators keep stating that it’s now all about the end of commission on a global basis – but is it, really? We all know of the switch to fees in the UK, and also a small number of other locations around the world, but certain other jurisdictions have also been quoted as moving in that direction, only for regulators in... >> CONTINUE READING

	Editorial - December 2016 Paul Resnik Cofounder & Director of Finametrica *Robo 3.0* *Robo advisors are, beyond any doubt, hugely disruptive to the financial advice market. But not in the way that many people expect.* Many commentators and analysts are still focused on trying to pick the ‘Uber moment’, when robos wipe out the old world by... >> CONTINUE READING

	Editorial - October 2016 Schroders Investment Management *Over confident investors and the help they need* Investors thinking they know more than they do about investing could cause problems when it comes to their future financial planning. Investors could be missing out on billions of Euros in investment returns by over estimating their own ability to understand... >> CONTINUE READING

	Editorial - August 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Robo-advice financially unviable* The above was the main content of an article in a financial industry publication last month. This was based on a recent study, which found that UK robo-advisers are structured in such a way that they will lose money and “most will go bust before acquiring the sizeable assets under management needed to survive”. Food for thought, not least for regulators – many of whom seem... >> CONTINUE READING

	Editorial - June 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Do consumers and advisers finally have the same goals?* Over the last year or two it has struck me that the increasing complexity of regulation is not only being seen in a negative light by the financial advisory and intermediary market – there are also growing concerns being expressed by consumers and, in particular, consumer groups, that this is having a negative impact on the public at large. >> CONTINUE READING

	Editorial - April 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Interesting implications for the rest of Europe and beyond?* Last month saw the publication of the results for the UK’s Financial Advice and Market Review (FAMR). Whilst this might not have had much in the way of impact elsewhere across Europe, it perhaps should have done... >> CONTINUE READING

	Editorial - February 2016 Jiří Šindelář Member of FECIF board of directors *The Brussels’ Circle of Overregulation* Even though the European Union was given a series of warnings regarding its effort to regulate anything and everything, it did not slow down. Despite proclamations about “changing the course” and “smart regulation”, from November to December... >> CONTINUE READING

	Editorial - December 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Robo-advice: fact and fiction* I have lost count of the amount of articles about so-called robo-advice. It certainly is the “flavour of the month” and, if we believe all that we hear, will soon become the most important element in the delivery of financial services. I have some strong views on this…. >> CONTINUE READING

	Editorial - October 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Where now for commissions?* European regulators eventually “stood back from the brink” and within the agreed text of both MiFID 2 and the IDD (Insurance Distribution Directive) fell short of a complete commission ban – a ban that many thought might well happen as little as 12 months ago!... >> CONTINUE READING

	Editorial - August 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The importance of effective representation* The compromise text for the Insurance Distribution Directive (IDD) was recently finalised and it was very pleasing to see that the vast majority of the proposals put forward by FECIF in the recent consultation period have been heeded. >> CONTINUE READING

	Editorial - June 2015 Garry Heath Director General Libertatem Garry Heath announced the launch of Libertatem last month, a new trade association set up to represent all types of financial advisers based in the UK. His thoughts and plans are outlined below – they have great relevance to the rest of Europe. Over the last decade the industry has lost sight ... >> CONTINUE READING

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	Editorial - February 2015 Garry Heath Journalist, The Heath Report assured *IFAs: Support trade associations or jeopordise independence* The last month has been one of travel. Firstly a symposium to address in Toronto and then it was Brussels and the FECIF conference... >> CONTINUE READING

	Editorial - September 2014 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Our immediate goals* I was very pleased to be elected as the new Secretary General of FECIF at our last Board meeting, it is very much an honour to represent a body that supports and promotes the adviser... >> CONTINUE READING


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	Editorial - June 2023 Jiří Šindelář Former FECIF deputy chairman Chairman of the Czech Association of Financial Advisers and Intermediaries (ČASF) *For the people!* The recently published European Commission statement on the Retail Investment Strategy (RIS) sparked relief among many financial professionals. The huge social engineering project of a ban on investment commissions was... >> CONTINUE READING

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	Editorial - February 2023 Paul Stanfield FECIF Secretary General *Perhaps we get what we deserve?* Back in 2015, a newly-launched UK trade association raised concerns of serious importance that were – and have been - extremely important in other countries too. I wrote about those at that time and many are still issues today; some are even greater problems now, or likely to become... >> CONTINUE READING

	Editorial - December 2022 Vania Franceschelli Deputy Chairwoman *Overview of the amendments proposed on MiFID and MiFIR* At the end of 2021, the European Commission presented a Regulation proposal (2021/0385) to amend the MIFIR Regulation (600/2014 EU) aiming at improving the transparency of market data, the elimination of obstacles to the emergence of a consolidated... >> CONTINUE READING

	Editorial - October 20221 Louis Williams Head of Psychology & Behavioural Insights at Dynamic Planner Attitude to financial risk across Europe *Attitude to financial risk across Europe* As we begin to witness a shift in saving intentions and behaviours by households across Europe, it is somewhat surprising that a lack of research exists comparing attitudes to risk. Arguably, understanding... >> CONTINUE READING

	Editorial - August 2022 Johannes Muschik FECIF Board Member *Less insurance, more security* The Member States of the European Union require insurance intermediaries to have professional liability insurance of at least EUR 1,250,000 for each individual claim and EUR 1,850,000 for all claims in a year. This is what the EU Insurance Distribution Directive (IDD) requires. The aim of the... >> CONTINUE READING

	Editorial - June 2022 Paul Stanfield FECIF Secretary General *The next 10 years* I recently came across an article that I wrote in December 2015 and immediately wondered whether what I had written had come to pass, in any way, shape or form. Without wanting to sound immodest, my predictions appear to have been fairly accurate and in a shorter timescale – but... >> CONTINUE READING

	Editorial - April 2022 Fernando Zunzunegui Member of the Advisory Committee *Knowledge gives us autonomy* This statement, that could easily be agreed by anyone, is even more true when we are talking about professionals in any field. Professionals are defined precisely for their technical capacity and their independence of criteria, and these skills depend on their knowledge... >> CONTINUE READING

	Editorial - February 2022 Vania Franceschelli Deputy Chairwoman *The need to regulate the robo adviser industry by focusing on investor protection* Robo advisers are attracting growing interest in the financial arena, but at the same time there is a lack of awareness and knowledge on how to approach this world. As the use of these services could rise in... >> CONTINUE READING

	Editorial - December 2021 Simon Colboc FEPI Secretary General *A shift for long-term savings in Europe?* A recent study by CMI Strategies has revealed interesting trends about long-term savings in France and in Europe. There is a growing discrepancy in Europe between the need to increase long-term savings (not least for retirement) and... >> CONTINUE READING

	Editorial - October 2021 Vania Franceschelli Deputy Chairwoman *What do people think about a digital Euro?* What are the opinions of European citizens on a digital Euro? The picture offered by the European Central Bank public consultation sheds some light. The Eurosystem, which comprises the European Central Bank and ... >> CONTINUE READING

	Editorial - August 2021 Josep Soler-Albertí Executive director, EFPA Spain *Banks and investments, not yet safe from the Covid-19 crisis* It is time to make a first count of the economic harm of the pandemic crisis, although not all damage has occurred yet. Firstly, we have all those companies that, disconnected from the artificial respirators, will definitely set sail... >> CONTINUE READING

	Editorial - June 2021 Paul Stanfield FECIF Secretary General *Treating clients fairly?* This is a term that the UK regulator, the FCA, has used extensively – particularly with regards to the advisory sector – and has been, albeit slightly differently phrased, at the core of all relevant EU regulations in recent years. And rightly so – putting the client at the centre of the whole process and... >> CONTINUE READING

	Editorial - April 2021 Josep Soler-Albertí Executive director, EFPA Spain *Challenges for financial advice in the post-Covid recovery* Although still with insufficient strength, we are probably at the beginning of the economic recovery. After more than a year accompanying clients in a journey of unprecedented health and economic crisis, we are heading for a change... >> CONTINUE READING

	Editorial - February 2021 Vania Franceschelli Deputy Chairwoman *The ELTIF: concrete help to support the EU capital markets union* ELTIFs (European Long-Term Investment Funds) are closed-end mutual funds that provide repayment of capital at maturity. They were introduced by EU Regulation 2015/760 to incentivise long-term investment in... >> CONTINUE READING

	Editorial - December 2020 Paul Stanfield FECIF Secretary General *Trust, Technology, Sustainability & Intergenerational Wealth: The Future of Financial Advice?* These were four of the key aspects highlighted during the inaugural FEIFA Autumn Conference Series, which took place throughout November... >> CONTINUE READING

	Editorial - October 2020 Paul Stanfield FECIF Secretary General *Only a quarter of advisers always consider ESG investments* This was one of the significant findings of the recent, unique, ESG survey conducted by FECIF. Whilst it was found that over 90% of financial advisory professionals considered ESG investments some of the time, just 23% did... >> CONTINUE READING

	Editorial - August 2020 Paul Stanfield FECIF Secretary General *FECIF: leading the way in ESG advice* I am very pleased to announce that we are presently conducting unique research in the area of ESG (Environmental, Social and Governance) and Financial Education. As the Federation (www.fecif.eu) is a pan-European trade associatio... >> CONTINUE READING

	Editorial - June 2020 Simon Colboc FEPI Secretary General *Advice in the time of Coronavirus* Our entire continent is only now coming to grips with the first impact of the COVID-19 epidemic in terms of lives and health but also human interaction and economics. In a way, we are shell-shocked, and it is difficult to start thinking beyond the immediate future. However... >> CONTINUE READING

	Editorial - April 2020 Simon Colboc FEPI Secretary General *How Europeans are REALLY preparing for retirement* Europeans are taking retirement planning into their own hands European policymakers and practitioners are undertaking fundamental reforms of existing pension structures, adapting non-pension assets that are used for support in retirement and creating... >> CONTINUE READING

	Editorial - February 2020 Vania Franceschelli Deputy Chairwoman *A Code of Conduct for Professionals* Financial advisers play a key role in helping citizens meet their goals and make informed investment decisions, with particular regard to the value of financial planning and the enhancement of financial education. Recognising this important role, and the need for... >> CONTINUE READING

	Editorial - December 2019 Martin Klein Managing Director at Votum & Member of FECIF Board of Directors Gold-plating continues to undermine the single European market Is Germany on its way to becoming a planned economy by introducing a commission ceiling in the insurance industry? German governments like to see themselves in the position of... >> CONTINUE READING

	Editorial - September 2019 Vania Franceschelli FECIF Secretary General & Foreign Affairs, ANASF The future rests on education Financial literacy and education are key elements of the path to economic growth and social inclusion in the European Union. At the same time, it is important to remember the 2030 Agenda for Sustainable Development, adopted on 25 September 2015 by... >> CONTINUE READING

	Editorial - July 2019 Daniel GLASNER CEDR Accredited Mediator, Honorary Member of GSCGI and an Independent Financial Advisor at ACTION FINANCE SA *Dispute resolution – the Swiss way* In Switzerland, mediation will become mandatory in disputes relating to asset management and financial advice as set by the new Financial Acts FinIA and FinSA that will come into effect on January 1st 2020. What’s new? Switzerland often successfully acts as Mediator in settlements of international conflicts. However... >> CONTINUE READING

	Editorial - May 2019 Vania Franceschelli FECIF Secretary General & Foreign Affairs, Anasf MiFID II costs disclosure. Nothing is flawless, not even regulation On March 28, ESMA, the European Securities and Markets Authority, updated its Questions and Answers (Q&A) document on the implementation of investor protection under MiFID II. The periodic update of the Q&As can be appreciated from different points of view... >> CONTINUE READING

	Editorial - March 2019 Simon Colboc FECIF Advisory Committee member *A PEPP saga update: pep or dud?* FECIF readers are now familiar with the European project to create a cross-border market for individual pension savings, the Pan-European Personal Pensions (PEPP) initiative. Since this initiative first surfaced about three years ago... >> CONTINUE READING

	Editorial - January 2019 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *2019 – the year of the robo?* Happy New Year! And what a year it may well turn out to be. Despite the deluge of Regulations and Directives in 2018, I believe that it will be the next 12 months when we will see and feel the true effects of these. In addition, will 2019 see the true rise of so-called robo advice?... >> CONTINUE READING

	Editorial - November 2018 Jiří Šindelář Deputy Chairman FECIF *Are the regulators finally showing common sense?* During FECIF´s prestigious conference last week in Brussels, I started seriously thinking that after all, European regulators might be gaining some common sense in their thinking. Quite a heretical thought for a classical liberal, is it not? But when I heard MEP Mr. Markus Ferber talking about the PRIIPs KID being wrong... >> CONTINUE READING

	Editorial - September 2018 Daphne Foulkes, Board Member of FECIF, Chairperson of FEPI, and Partner at The Spectrum IFA Group *Next step for the PEPP saga* To date, many organisations have submitted detailed responses to the European Commission’s (EC) draft PEPP Regulation, which was published on 29th June 2017. There is strong consensus for the merit of the PEPP, both by the Trilogue participants (European Commission... >> CONTINUE READING

	Editorial - July 2018 David Charlet FECIF & ANACOFI Chairman *What sort of summer for intermediaries and Europe?* And now comes the time for holidays for most citizens in Europe, but also time for everyone in their offices to have a couple of quieter weeks, dedicating their work to more fundamental tasks like reviewing their processes or closing late files that... >> CONTINUE READING

	Editorial - May 2018 Simon Colboc Member of Fecif Advisory Committee The PEPP saga: what does it mean for advisors? Anyone interested in the future of pensions should welcome the European initiative on the Pan European Personal Pension products (PEPP). Retirement provision is a major issue facing all European countries, hit by a combination of increasing... >> CONTINUE READING

	Editorial - March 2018 Jiří Šindelář Deputy Chairman FECIF *How much do we pay for over-regulation?* Over-regulation of financial services in the European Union is a well-recognised fact, even among the bureaucracy in Brussels. The key feature of all those MiFIDs, IDDs or GDPRs, however, is not its devastating effect on the (small and medium-sized) businesses themselves, but its detrimental cost to the customer... >> CONTINUE READING

	Editorial - January 2018 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The moment I realised the value of (human) advice* This was (almost) the title of an article I recently read – and which reminded me of the fact that many advisers don’t always realise just how much positive impact they have on people’s lives. Or where that impact is most beneficially experienced by the client... >> CONTINUE READING

	Editorial - November 2017 Vania Franceschelli FECIF Board Member and Regional Manager of the ANASF financial education programme *The social value of financial education* If I consider my personal experience as a financial advisor and, more generally, the provision of investment services to citizens, I can envisage two concepts for the future of our professional activity: investor protection and financial education. On the one hand, investor... >> CONTINUE READING

	Editorial - September 2017 Daniel Guéguen Head of Strategy and Lobbying at PACT European Affairs A journey through the EU Institutions Every year before the start of the summer break, I treat myself to a journey through the EU Institutions. I say ‘treat’ because it is a real pleasure for me to speak freely and in full confidence with elected politicians, senior civil servants, head lobbyists and representatives from... >> CONTINUE READING

	Editorial - July 2017 Vania Franceschelli FECIF Board Member & ANASF Executive Committee Member *Product governance requirements will lead to greater quality of advice* Product governance requirements represent one of the most outstanding innovations of MiFID II, aiming at ensuring that firms which manufacture and distribute financial instruments act in the clients’ best interests during all the stages... >> CONTINUE READING

	Editorial - May 2017 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *The value of advice – and the cost of being unadvised* There have been numerous studies over the years that have shown the value of good quality financial advice – not least, the fact that clients that receive it are, in general, significantly better off in retirement and much more financially protected during their life journey towards that point... >> CONTINUE READING

	Editorial - March 2017 Vania Franceschelli FECIF Board Member & ANASF Executive Committee Member *We need new market propositions not unnecessary bans* The final date for the transposition of MiFID II in each Member State – January 3rd 2018 – is fast approaching. Is it possible to see some initial insights into the industry, in order to foresee the impact of the Directive on business models? In particular... >> CONTINUE READING

	Editorial - January 2017 Daniel Guéguen Head of Strategy and Lobbying at PACT European Affairs 2017: action, action, action ”My right flank is destroyed, my left flank is in retreat, everything is fine – attack!” Those were the words of General Foch in the darkest moments of World War One. We are there once again. Sink or act – that is the choice we have. >> CONTINUE READING

	Editorial - November 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Playing your Trump card* Well, for those of us surprised by the Brexit vote - and there were plenty in the City of London that is for sure – the US election creates a whole new perspective with regards to astonishment, and on a much wider spectrum. I don’t know what it says about Hillary Clinton and her campaign – well, on reflection, I probably do – but the fact that Trump won, allied to the UK’s EU... >> CONTINUE READING

	Editorial - September 2016 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General “The reports of my death have been greatly exaggerated” This famous quote was a statement made by Mark Twain on hearing that he had been mistakenly announced dead. Although it is apparently a slight misquote, the meaning remains very much in line with what the great writer intended. It also came to my mind the other day when I was once again thinking about so-called “robo-advice” and... >> CONTINUE READING

	Editorial - July 2016 John Westwood FEIFA Board Member and Blacktower Group Managing Director *Brexit: a disaster or something far less worrying?* The British electorate has given its verdict on the UK’s membership of the European Union in no uncertain terms but, in spite of some emotional appeals to the contrary, this is not a disaster. It is worth remembering that on the 20th February 2016, when David Cameron announced that the EU referendum would... >> CONTINUE READING

	Editorial - May 2016 Rebecca Murphy Director of Sales & Marketing at Praemium Re-engaging the investor *Re-engaging the investor* It’s rough sailing right now for investors and savers alike! Volatile markets and low interest rates are the norm, and investors are bombarded with information about products and services without understanding how any of it relates to them... >> CONTINUE READING

	Editorial - March 2016 David Denton Member of FECIF board of directors *You can run, but you can’t hide* The Organization of Economic Cooperation and Development’s (OECD) Common Reporting Standards (CRS) - also known as Automatic Exchange of Information - is gathering pace post FATCA. For decades, developed economies have wrestled with the notion that wealth overseas, whilst not illegal... >> CONTINUE READING

	Editorial - January 2016 Hans-Jürgen Bretzke CEO of FinanzAdmin GmbH *Some of the myths surrounding fintech companies* “I would go so far as to say that any broker armed with an average customer base and network is better placed than a fintech company on the strength of his or her client contacts alone.” In this guest contribution, Hans-Jürgen Bretzke, a member of ... >> CONTINUE READING

	Editorial - November 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Pension provision - is this the real “gap”?* The “advice gap” has received considerable coverage in the personal finance pages and trade press for some time now, across the UK in particular but it is also a growing concern across Europe and beyond. I wonder, however, if the focus should really be on the “pension’s gap”... >> CONTINUE READING

	Editorial - September 2015 Vania Franceschelli Member of the Board of FECIF / Member of the Executive Committee of ANASF (Head of Foreign Affairs) In July FECIF sent its contribution to the ESMA Consultation Paper on the Draft guidelines for the assessment of staff knowledge and competence under MiFID II. This Consultation Paper is of outmost importance for all financial advisors in Europe, as it provides the basis for the definition of the qualification and... >> CONTINUE READING

	Editorial - July 2015 Paul Stanfield Chief Executive at FEIFA / FECIF Secretary General *Making regulation more effective and accountable* The month of May saw the launch of a new trade association in the UK, as highlighted in last month’s editorial. It seems to me that its aims and concerns are highly important elsewhere in the EU. >> CONTINUE READING

	Editorial - May 2015 Johannes Muschik Chairman of FECIF, Chairman of AFPA New Chairman takes office Back to my desk after our Annual General Meeting where I have been elected as Chairman for the period 2015/2016. The AGM was also an opportunity to exchange views on a number of hot topics concerning our industry... >> CONTINUE READING

	Editorial - March 2015 Jiří Šindelář Chairman of USF CR / Member of the board of FECIF *Squaring the circle, or back to roots? A view of European regulatory turmoil from the former “Eastern Bloc”* When the Velvet revolution overthrew the Czech communist government in 1989, a crucial part of the change was the transition to liberal... >> CONTINUE READING

	Editorial - December 2014 Graham Reid Managing Director at Classic Financial Solutions CVBA *The true worth of an adviser* A few years ago one of our clients suffered a nervous breakdown. After early retirement he had continued working as a consultant from a small office at home, from where he also managed the family finances, something in which ... >> CONTINUE READING

	Editorial - July 2014 David CHARLET ANACOFI For my first editorial as President of FECIF, I would like to thank every member of the Board, the General Assembly and the Staff. I would also express a special thought for Daniel Nicolaes, one of the best representatives of our profession in Europe, who disappeared a few months ago. >> CONTINUE READING