Banca Mediolanum set for a generational change: 1,500 young advisers over the next three years

The gradual closure of high-street bank branches is opening up new opportunities for financial advisers. “It is not the customers who go to the bank; it is us who reach out to them where they are, in line with the model created by our founder, Ennio Doris,” says Antonio Gusmini, Head of Human Resources at Banca Mediolanum, which yesterday brought its bankers together in Bergamo, amongst whom a new generation is emerging.

“At the moment, there are 258 young people on the Executive Master’s programme at our academy. In 2026 alone, we recruited 350, which by the end of the year will bring the total number of bankers under 30 to over a thousand. Our plan is to recruit nearly 500 young people a year for the next three years,” says Gusmini.

The generational renewal plan, through which Banca Mediolanum will bring 1,500 young people on board, aims to strengthen the network of bankers and stems in part from the fact that consolidation among traditional banks has led to the closure of thousands of physical branches (see *Il Sole 24 Ore* of 27 August) and ‘have thus created many gaps across the country where customers need strong points of contact’, continues Gusmini. The financial adviser is the figure who fills this gap, supporting the customer and advising them on the management of their assets. ‘Our bankers – we have around 6,000 across the country – have an average age of over 55. This is due, on the one hand, to the fact that it is very important for clients to deal with people who have a certain level of experience and seniority, and, on the other hand, to the fact that the relationship with clients is a long-term one’, explains Gusmini.

Over 25 per cent of Banca Mediolanum’s bankers are over 60, “Admittedly, the agency contract does allow staff to continue managing clients even at the age of 70, provided certain requirements are met, but for us it is very important to have fresh blood to facilitate the generational transition and bring new skills and ideas into the organisation,” says the manager. This is how the Mediolanum Next project came about, bringing on board over 783 under-30s, who have been developed through a training programme comprising a six-month executive master’s course at Mediolanum Corporate University and mentoring by senior bankers. “Through the master’s programme, the young people join a senior banker’s team, taking on the simpler aspects of client management whilst freeing up the senior banker’s time so they can focus on high-value-added activities – such as sourcing new clients or managing those involved in more sophisticated business,” explains Gusmini.

The scheme, which currently has an average female representation of 26 per cent, is designed in such a way as to increase retention rates exponentially. “Generally, only one in five financial advisers stays in the business; in our case, the retention rate for young people exceeds 90 per cent, thanks in part to our training and mentoring programme,” points out Gusmini.