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Italian bank to invest in advice

Despite the dire state of the Italian economy, the Banca Mediolanum is positive about the future of professional financial advice within banks, pledging to grow its advice offering.

The bank's chief executive Massimo Doris says he intends to hire an additional 100 advisers before the end of 2013, adding that the bank is hoping to attract leading practitioners.

In order to train former bankers to become more holistic advisers – demand for which Doris says is growing in Europe – the Banca Mediolanum has set up its own educational institution.

“It aims to train professionals to achieve excellence in customer relationship, financial advice and in the management of household assets,” Doris said.

However, he said that successful advisers in the current market climate will be those that can grow their assets under management.