In 2025, discussing wealth management means addressing strategic challenges. Advanced advisory services, the growing success of passive investment, regulatory pressure on transparency, and the marginality of traditional models are redefining the boundaries of private client service. It is in this context that the comparison with the American SMA model becomes central: a nimble, digital, already operational, and profitable model. Around these themes, Objectway organised the event "Separately managed accounts: The path to advanced management, advisory, and value?"
The presentations by Antonella Massari (AIPB) and Mauro Panebianco (PwC) explored the crucial question: can SMAs represent a concrete solution for the Italian market? We discussed this with Gianbattista Geroldi, CEO of Objectway Italy, a pan-European provider of solutions to improve the entire value chain and support the growth of wealth and asset management firms.
Asset management between consolidation and rethinking
"In recent years, Italian private banking has shown steady and significant growth, representing 34% of households' investable financial wealth and as much as 47% of total investments," observes Geroldi, citing Antonella Massari's analysis. While this figure demonstrates the sector's strengthening, it also highlights an internal tension: that between the growing level of advanced advisory services and the partial downsizing of traditional wealth management.
Massari, opening the meeting, offered a detailed overview of the Italian market, distinguishing three prevailing models: universal banks, advisory networks, and specialised banks. While the latter maintain a strong focus on managed accounts and private markets, networks—which represent 66% of the advisory workforce—prefer insurance products and funds. In this scenario, asset management is gaining ground (19%) in the offerings of specialised banks, but remains relatively marginal in universal banks (9% of the offering) and networks (13%).
A model under pressure: why GPs struggle
Despite being theoretically the most consistent instrument with the private banking approach—that is, the professional delegation of wealth management— GPs have not met the expected success. "Several factors have contributed to this slowdown, starting with the networks' shift toward higher-margin solutions and the competition, especially in recent years, from government bonds and liquidity," explains Geroldi.
No less important is the transformation of the client-adviser relationship. "Advanced consulting, which involves greater client involvement in investment decisions, today seems to appeal more to a significant portion of clients, particularly male and younger ones, than forms of total delegation."
Yet, as data from the AIPB Observatory shows, 62% of private clients have at least one wealth management account, and female clients, once acquired, are more likely to delegate. However, the trend toward standardisation (76% of private clients are multi-line) and a conservative asset mix (81% invested in bonds) often penalise their performance, especially in bull markets.
Across the Atlantic: the SMA success story
In 2025, discussing wealth management means addressing strategic challenges. Advanced advisory services, the growing success of passive investment, regulatory pressure on transparency, and the marginality of traditional models are redefining the boundaries of private client service. It is in this context that the comparison with the American SMA model becomes central: a nimble, digital, already operational, and profitable model. Around these themes, Objectway organised the event "Separately managed accounts: The path to advanced management, advisory, and value?"
The presentations by Antonella Massari (AIPB) and Mauro Panebianco (PwC) explored the crucial question: can SMAs represent a concrete solution for the Italian market? We discussed this with Gianbattista Geroldi, CEO of Objectway Italy, a pan-European provider of solutions to improve the entire value chain and support the growth of wealth and asset management firms.
Asset management between consolidation and rethinking
"In recent years, Italian private banking has shown steady and significant growth, representing 34% of households' investable financial wealth and as much as 47% of total investments," observes Geroldi, citing Antonella Massari's analysis. While this figure demonstrates the sector's strengthening, it also highlights an internal tension : that between the growing level of advanced advisory services and the partial downsizing of traditional wealth management.
Massari, opening the meeting, offered a detailed overview of the Italian market, distinguishing three prevailing models: universal banks, advisory networks, and specialised banks. While the latter maintain a strong focus on managed accounts and private markets, networks—which represent 66% of the advisory workforce—prefer insurance products and funds. In this scenario, asset management is gaining ground (19%) in the offerings of specialised banks, but remains relatively marginal in universal banks (9% of the offering) and networks (13%).
A model under pressure: why GPs struggle
Despite being theoretically the most consistent instrument with the private banking approach—that is, the professional delegation of wealth management— GPs have not met the expected success. "Several factors have contributed to this slowdown. Starting with the networks' shift toward higher-margin solutions and the competition , especially in recent years, from government bonds and liquidity," explains Geroldi.
No less important is the transformation of the client-adviser relationship. "Advanced consulting, which involves greater client involvement in investment decisions, today seems to appeal more to a significant portion of clients, particularly male and younger ones, than forms of total delegation."
Yet, as data from the AIPB Observatory shows, 62% of private clients have at least one wealth management account, and female clients, once acquired, are more likely to delegate. However, the trend toward standardisation (76% of private clients are multi-line) and a conservative asset mix (81% invested in bonds) often penalise their performance, especially in bull markets.
Across the Atlantic: The SMA success story
In the US, SMAs represent a rapidly expanding market, with double-digit growth rates, especially since the post-COVID period. According to PwC data presented at the event, today approximately 18% of the US wealth management market (worth over $15 trillion) is already represented by SMAs. Almost all US asset managers have invested heavily in dedicated technologies, and over 50% of AuM is concentrated among the top three players in the sector.
“The most interesting aspect is that the success of SMAs does not arise only from a tax advantage, currently not applicable in Europe, but from an evolution of the service model” – underlines Geroldi.
Technology, transparency, engagement: the evolution has already begun
According to PwC's analysis, separately managed accounts are not an alternative to advanced advisory services, but rather an enhancement. They are a tool that offers clients an engaging and personalised experience, thanks to the ability to invest in individual securities, selected based on individual preferences, financial goals, and risk appetite. This customisation is combined with strong diversification, a key element for effective wealth management, along with a high level of transparency: clients have complete visibility of portfolio composition, costs, and performance.
An additional feature is the integration of technology, which enables active and dynamic portfolio management , including the ability to trigger automatic rebalancing in response to market changes or client needs.
Europe, virgin territory (for a little while longer)
And in Europe? "Currently, no major player, either in Italy or among the continental giants, has developed an SMA offering comparable to the US. However, it is likely that change is imminent," says Geroldi.
On the one hand, regulations such as the Retail Investment Strategy (RIS) and the SIU (Savings and Investments Union) will push for greater transparency, making retrocessions and inducement-only distribution models less sustainable.
On the other hand, the rise of the fee-only approach will require models that value the service rather than the product. In this context, SMAs appear to be a suitable tool to support an advanced consulting relationship that is consistent with new market needs.
The evolution generated by SMAs requires a technological infrastructure capable of ensuring flexibility, scalability, and automation, essential elements for offering customised solutions and industrialisable processes, even beyond the HNWI segment. In this scenario, technology is not just an operational support but a true enabler of relationships and personalisation that paves the way for a new service paradigm.
"The most interesting aspect is that the success of SMAs is not only due to a tax advantage, currently not applicable in Europe, but to an evolution of the service model," Gianbattista Geroldi, CEO of Objectway Italia.
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