MILANO (AIMnews.it) - The 'Young Talent Hub' has been launched: nine new graduates have already been included, of whom six are already consultants in the team. And the listing on the stock exchange served to give us further visibility and reputation ". Says Francesco Barbato, partner and commercial manager of Scm Sim. What are your strategies? We are aiming for a growth phase by maintaining and strengthening our profile of fee-only consulting companies, also aided by the Mifid II directive, which came into force in January. This year we expect growth to take place thanks to two guidelines. The internal one sees SCM starting the "Young Talent Hub", aimed at young graduates, mainly in economic and financial disciplines, through which we aim at inserting about twenty profiles, accompanying them in a training and coaching program, and an examination by a financial consultant. Last November, in fact, a careful selection was launched that led to the inclusion of nine future Wealth Managers, of whom six have already passed the examination of the OCF. In the market, instead, we are interested in figures of well-established professionals who want to share their advice in its broadest sense, without any conflict of interest; not only on financial assets, but widened to the various aspects of the economic life of a family (the planning of assets, that of financial flows, the future of the family and the management of consolidated assets, including real estate) and the company (generational transfer, Club Deals, protection of the entrepreneur, etc.). What are the numbers of your customers? We have just over 500 customers and under control of assets of around 1 billion. So, customers who on average have entrusted us with a couple of millions in terms of financial assets. The Assoreti average does not reach 200.000 euros per customer, proving that our model meets interest in a range of customers with higher assets and seeking independent advice from an adviser that helps them to meet their needs, even the most complex. What has been the evolution of the business so far? So far we have seen an increase in the average customer portfolio which has not followed an equal increase in the number of customers. In practice, after having tried our service, customers have become more and more confident towards us and over time have entrusted more and more money. Families often entrust their assets to more than one bank, seeking to diversify risk. Although it may seem effective, this division and fragmentation of money, however, is not the best solution, since it does not allow a single direction and in many cases a fiscal optimisation. For example, gains and losses, which in a single management would be productive, split between various institutions are not. And what advantages do you expect with Mifid II? In the coming months, customers of the various banking institutions and networks of consultants will receive statements for the first time with an explanation of the costs of the services available. Once the costs are clarified, the most astute will ask what services they might receive in exchange and then will start looking for more sophisticated services. In fact, so far, in many cases the service has been limited to the mere placement of products, funds, management and policies. The recent clarification of the Inland Revenue on the application of VAT to the consulting service leads, when provided independently, to help discern immediately those who make an independent consultancy service and by whom, through the advisory service. They perform, in fact, only a distribution of products. Therefore the two activities will be immediately identifiable. Do you plan to do aggressive recruiting campaigns to add banking and the mass market? No, because the great incentives that are promised to the banking community will eventually pay for future customers. Looking at larger networks, the balance sheets are profitable for the assets under management between 2-3 percentage points, which translates into a balance for customer returns, especially in a world with low returns when not negative. Instead, our fees are closer to 1 percent. So, the customer has less costs but above all more and more personalised services. Our network, on the other hand, lacks much of the managerial superstructures that still characterises the sector, we have less overhead costs and our consultant's can earn more, but not at the expense of the customer. In any case, it is a recruiting method that now belongs to the past. How do you plan to grow further in the "under control" mass market? We have just announced the strengthening of the team in Rome with the entry of a senior manager, Lorenzo Del Gallo, former commercial director of Banca Akros, proving that our reality can also be a goal for Privarte Bankers who are no longer able to manage within the banking industry and want to develop their value. And then, as I said, widen out to the young. You have just launched the ITA management line: how is it going? We are doing the roadshow of this new investment philosophy, with operations on companies listed on Star and AIM, and meetings between our customers and the entrepreneurs who drive the companies on which we have decided to invest. We therefore aim to broaden the range of services offered to our customers, bringing the logic of private equity on the listed market, with all the advantages of a regulated and liquid market. It's a wonderful opportunity to get back to the fundamentals and reiterate concepts like the difference between investing and speculating and to receive the fruits of good investments, it takes time and discipline. What is your experience of these 18 months on AIM? We are the first listed company, and AIM has given us a lot in terms of visibility, reputation and transparency towards customers and the market. We believe that we represent an interesting model. And Mifid II represents a great opportunity for an SIM like ours that operates with a transparent model (Fee Only), even before the regulator was forced to resort to legislation that contained principles and values, which for us is basic. And what did not work, given the trend of the stock? We have continued to make investments, both in terms of technology and systems for Mifid II, and to give structure to a company in all its functions. We continue to invest and are riding a wave of innovation, with some collaborators like SCM who are not just distributors of products but real consultants.