Financial consultancy: net inflows of 4.7 billion in August

In the month of August, the financial consultancy networks achieved net collections of 4.7 billion euros, recording an annual growth of 28.7% and a physiological contraction on a cyclical basis, attributable to the usual summer seasonality (-19.6% m/m). The managed savings products, with 2.8 billion and a growth of 18.0% compared to the volumes recorded in the same month of the previous year, absorb almost 60% of the net resources entrusted to the financial consultancy of the network banks, while the net collection on administered financial instruments, equal to 2.1 billion euros, marks a growth of 55.5% y/y. The balance of movements on current accounts and deposits still shows the prevalence of outgoing flows, for 211 million euros.

For the first eight months of the year the budget rises to 45.7 billion euros, an increase of 20.6% compared to the volumes of the same period of 2025 (37.9 billion) and with a substantially fair distribution of resources between managed solutions (24.1 billion) and administered securities (21.2 billion).

The monthly net collection associated with the consultancy service with specific fee (fee only/fee on top) stands at 983 million euros; since the beginning of the year, net flows amount to 10.4 billion euros. At the end of the month, 5.633 million customers availed themselves of the advice of associated banks.

“Our members achieved the best result ever for the month of August, confirming their great ability to continuously direct savers' resources towards investments, with constant monitoring aimed at creating value over time, in a context in which the financial needs of families are becoming increasingly more complex” declares Marco Tofanelli, general secretary of the association.

Managed savings

The direct distribution of mutual investment fund units determines net collection volumes of 1.6 billion euros (-6.0% y/y). The prevalence of resources invested in open collective management under foreign law is confirmed, equal to 1.4 billion euros, while 156 million flow into open funds under Italian law. With reference to investment choices, collections are led by equity funds (599 million), followed by bonds (338 million) and flexible funds (186 million); positive balance also for the monetary ones (126 million) and the balanced ones (91 million).

Individual asset management recorded positive net flows of 316 million euros (+44.0% y/y), with the main contribution from GPFs (282 million). Net payments on insurance and social security products reach 896 million euros, almost doubled compared to August 2025 (+91.0% y/y); net resources continue to focus mainly on unit-linked policies, into which 658 million euros flow; followed by pension funds (99 million), multi-sector products (73 million) and individual pension plans (60 million).

In the month of August, therefore, the contribution of the consultancy networks to the system of open UCITS, through the direct and indirect distribution of units, was 2.6 billion euros, corresponding to 49.7% of the system figure (5.3 billion). Since the beginning of the year, the contribution of the Networks has thus reached 19.9 billion euros, representing 70.2% of the overall volumes of the entire industry (28.4 billion).