Financial advisers within the networks are not daunted by the move to a ‘fee-based’ model
During the 2026 EFPA Meeting in Florence, the idea was raised in connection with the announcement of the training programmes
Is financial advice heading for a historic turning point? Will we see a gradual move away from the model based on network commissions and the start of a transition towards fee-based advice? Although the European Union has temporarily postponed the outright ban on retrocession commissions (inducements) to protect small savers and prevent a forced shift towards passive and managed products alone, the overall regulatory framework centred on the ‘Value for Money’ principle – whose Level 2 implementing rules, guided by ESMA, are due to come into full effect in 2029 – does indeed appear to be pushing in this direction.
Emanuele Carluccio, president of Efpa Europe, outlined this scenario during the Efpa Meeting 2026, highlighting how advisers belonging to networks have all the necessary skills to manage a transition of this kind.
To support the profession in the face of shrinking margins, the growing popularity of ETFs and the need for access to private markets, Carluccio noted that EFPA Italia is simultaneously launching the ‘Percorso Smart’, a predominantly online training programme structured around five specialist areas, designed to speed up the process of obtaining the European Finance qualification
ial Planner (Efp).
