Independent financial advisers attend a conference

A young, predominantly male environment with a strong emphasis on collaboration. This is how independent financial advisers present themselves at the FeeOnly Summit 2026, scheduled to take place from 30 September to 1 October in Verona. The OCF’s section for independent financial advisers is characterised by an average age of around 44 in 2025 (provisional figures for 2026, however, show an increase to 45) and members under the age of 40 accounted for over 41 per cent of the total membership. This attraction to the fee-only self-employed profession amongst the younger generation is explained by Cesare Armellini, founder and CEO of Consultique Scf and president of Nafop, who emphasises that: ‘This is a different line of work and, even today, still quite new, which can therefore offer positive prospects as well as providing greater freedom of expression for the adviser compared with other categories within the OCF.’

The figures from the latest OCF Annual Report for 2025 highlight steady and structured growth across the entire sector. As at 8 September 2026, the number of independent financial advisers (CFAs) registered on the Register had risen to 913. At the same time, the number of legal entities registered in the financial advisory firms (SCFs) section increased from 89 to 110.

From an organisational perspective, it is evident that the profession is gradually moving away from a purely individual approach. In fact, of the 851 self-employed professionals surveyed at the end of 2025, as many as 467 were working within a professional firm, whilst 370 were working on their own and seven were operating under a mixed model. Geographically, there is a clear concentration in northern Italia (67.7 per cent), whilst the proportion of women remains low, accounting for around 7.6 per cent of the total number of members (65 women as at 31 December 2025), significantly less than the 24 per cent of women recorded among consultants authorised to provide off-premises services.

Providing independent advisory services, unconnected to large banking networks, requires professionals to navigate an ever-changing landscape of regulatory, tax and financial complexities. Even individual advisers or small practices must ensure they provide comprehensive advice on clients’ assets. ‘In this context, the role of independent research organisations becomes a key driver of growth, enabling even young professionals and small firms to compete at the highest standards without compromising their independence,’ explains Armellini. The central importance of this support helps to provide an answer to clients who might wonder how a sole practitioner or a small firm comprising two or three people can deal with all these complex issues, which are, moreover, subject to constant change. ‘When we talk about consultancy,’ he continues, ‘we are referring to wealth planning, pension and insurance matters. Then there are corporate and inheritance issues – so many areas where a consultant needs to have, shall we say, an authoritative, independent source that can support them.’

This is also because, as Mauro Maria Marino, president of the OCF, explains: ‘Advisory services do not simply involve choosing a single financial instrument, but encompass complex technical work ranging from supplementary pensions to the protection of human capital, right through to tax and estate planning. These are areas that require a high degree of specialisation and cannot be improvised; they are essential to ensuring that the family’s assets are protected even many years down the line’.