1、simon-Max BiesenbachAnn-Christine Brunen Jakob Dipoli WieserAlfons GudmundssonRetail investment study 2024Business models at a tipping point ContentsIntroduction 3Executive summary 4Total market development 6Recent developments among incumbents 7Recent developments among online brokers 18Recent deve

2、lopments among neobrokers 23Three key takeaways and call to action for the respective providers 29Literature 31Authors 333Retail investment study 2024:Business models at a tipping pointby Max Biesenbach,Ann-Christine Brunen,Jakob Dipoli Wieser and Alfons Gudmundsson1IntroductionThe retail investment

3、 boom observed during the pandemic has leveled off slightly in recent times,and so has trading activity.Not all investment providers on the market have benefited equally.Online providers were able to record rapid user growth figures,particularly attracting young customers,whereas incumbents have ben

4、efited signifi-cantly less from the growth trend.The former shine through simple customer-facing pricing,convincing digital user experience and strong investment guidance.Incumbents,however,regularly stick to historically grown,complicated price models,lack a digital proposition,and struggle to prov

5、ide recurring perceived advisory value.However,changes in customer behavior and regulation,as well as new market entries,put pressure on the current revenue models of both online providers and incumbents.The new EU retail investor strategy foresees an inducement ban on non-advised transactions that

6、will consequently ban inducements and kickbacks to a large extent,with a revision clause that allows for a complete inducement ban three years after the introduction of the new regulation.Meanwhile,a parallel regulatory offensive foresees the ban of payment for order flows and ensures that this prac

7、tice must be phased out by mid-2026.If they are implemented as intended,these regulatory changes will have far-reaching effects for financial service providers and investors.This paper discusses and classifies the recent market developments,trends,and regulatory changes in the European retail invest

8、ment market.It presents perspectives on the strategic options players in the retail investments market have to counteract recent market trends or even benefit from them,by providing inspiration for a future-proof revenue model.Our analyses and elaborations are based on market data,external studies,S

9、imon-Kuchers own investor studies and project experience,as well as selected best practices in the market.We deal with the implications for incumbents,online brokers and neobrokers each in dedicated sections.1.We are grateful to Thomas Barnes for contributing to this study.4Executive summaryNot all

10、investment providers on the market benefited equally from the growth trend during the pandemicDuring the pandemic,market participation of retail investors has significantly increased across Europe.Not all investment providers on the market benefited equally from that growth(cf.Whitebox(2021).Online

11、providers have shaped the offer landscape during the past years and were able to record rapid user growth figures whereas incumbents have benefited significantly less from the growth trend.In Germany,for instance,of the new investment accounts opened between July 2020 and June 2021,only 23 percent w

12、ere with incumbents according to a study by Whitebox in 2021.Incumbents future revenues are at risk.Neobrokers are particularly attracting the strategically important growth segment of young customers,while incumbents have seen their retail investor clients age;68 percent of Trade Republics users ar

13、e younger than 35,compared to 11 percent for a representative large German bank.With simple price models,intuitive UX and a massive feature load-up,online providers enable their customers to efficiently serve themselves.First,they rely on significantly simplified customer-facing pricing by reducing

14、it to a few price points(in the case of online brokers)or up to zero(visible)fees(in the case of neobrokers).Incumbents,however,often stick to historically grown,complicated price models with various price points one of the top 5 reasons for individuals not to invest with their main bank.Customers w

15、ant simple,predictable fee models.More than 70 percent prefer an all-in model over a transaction-based/pay-as-you-go model as constantly observed in research across several countries.Additionally,incumbents high minimum fees per transaction often make small investment amounts economically unattracti

16、ve from an investors point of view which is of particular relevance to the naturally less affluent young investor base.Second,neobrokers especially shine through intuitive digital UX with simple and smooth customer journeys from onboarding to trade execution,requir-ing only very few clicks in the ap

17、p.Conversely,it is often not even possible to open a securities account with incumbents in an end-to-end digitalized process.Third and notably,digital attackers have loaded-up their service portfolio for instance by offering fractional trading,access to crypto and by moving towards incumbents former

18、 USP investment advice.Strong investment guidance(not MiFID II advice!)is widely used by online providers and is already sufficient to cover the support needs of a large number of investors.In addition,several online players provide digital(MiFID II)investment advice whilst some complement their dig

19、ital offering with human advice like the robo advisor Betterment.Conversely,incumbents persisting on a human-led advisory model struggle to scale up their services to constantly provide their clients with ongoing perceived value from advice.5In the meantime,the trading activity of users,on which onl

20、ine providers revenues depend even more heavily than incumbents revenues,has levelled off.In an average stock market year like 2019,50 to 60 percent of client accounts do not generate any transactions.Additionally,new market entries further intensify competition for all types of investment service p

21、roviders.An example is BISON,the crypto trading app by Boerse Stuttgart,now also offering its customers to trade stocks and ETFs next to cryptocurrencies.The EU inducement ban on non-advised transactions will have drastic consequences for financial service providers and consumers Now the entire indu

22、stry is affected by a regulatory change.On May 24,2023,the European Commission published the retail investment strategy.Under the stipulation to address potential conflicts of interest in the distribution of investment products,the package foresees banning inducements for execution-only or unadvised

23、 sales(i.e.,without a personal recommendation)in the EU.Currently,incumbents and online brokers generate 30 to 50 percent of their revenues from investment services via inducements.Online brokers inducement revenues are completely at risk,due to the unadvised nature of the business.With incumbents,u

24、p to 70%of fund transactions are unadvised.Both online brokers and incumbents are heavily impacted by the retail investment strategy and need to revise their revenue models.Furthermore,a revision clause allows for a complete inducement ban(i.e.,also for advised transactions)three years after the int

25、roduction of the new regulation.Additionally,the EU member states and the European Parliament agreed on an EU-wide ban on payment for order flows2(PFOFs)on June 29,such that this practice must be phased out by 30 June 2026.The pending approval of the PFOF ban is only seen as a formality and has cons

26、iderable effect on online providers current revenue models,particularly those of neobrokers.In a nutshell,the regulatory changes,if implemented as planned,will have drastic consequences for the entire industry and force investment providers to revise their monetization strategies.2.Payment for order

27、 flows refers to the remuneration paid by a market maker to the broker when the broker routes its clients trade to the market maker to be carried out.6Total market developmentThe growth in retail investment accounts observed during the pandemic has leveled off slightlyDuring the pandemic,a noticeabl

28、e increase in the participation in capital markets of retail investors was observed across EU member states including Germany,the Netherlands,Belgium,France,Italy,Sweden,and Denmark(cf.Better Finance(2021),Euroclear(2022),Kantar TNS(2021),Nordnet(2023).In Germany for instance,there were moderate ann

29、ual growth rates of 1 to 3 percent in the number of investment accounts among private households between 2017 and 2019.This growth was significantly accelerated during the pandemic due to the sharp increase in demand for investment services,such that annual growth rates reached 7 and 11 percent in 2

30、020 and 2021 respectively(cf.Figure 1).In December 2022,the German central bank reported 29.7 million investment accounts among private households.The absolute number of investors in shares,funds,and/or ETFs was at an all-time high of 12.9 million,as reported by Deutsches Aktieninstitut,which corres

31、ponds to a securities saturation of the population3 of 18 percent.The total number of households in the Netherlands who invest on a private basis increased by 12 percent in 2021(cf.Kantar TNS(2021).In Denmark,the number of private investors increased by around 6 percent in the same year(cf.Nordnet(2

32、023).In Sweden,a growth rate of over 17 percent in private investors holding shares was recorded in 2021(cf.Euroclear(2022).4 However,the growth in retail investment accounts observed during the pandemic has leveled off slightly in the meantime.The growth rate remaining at approximately 7 percent in

33、 Germany in 2022,for instance,was mainly due to the strong increase during the first quarter of 2022.3.Reported by Deutsches Aktieninstitut for the total population aged 14 and older.4.Please note that figures were only reported until November 1,2021.723.3(22.6(22.4(22.2(22.5(1%)22.9(2%)23.5(3%)25.2

34、(7%)27.9(11%)29.7(7%)8.9(-6%)8.4(-6%)9.0(7%)9.0(0%)10.1(12%)10.3(2%)9.7(-6%)12.4(28%)12.1(-2%)12.9(7%)2013-122014-122015-122016-122017-122018-122019-122020-122021-122022-12Investment accountsInvestorsNumber of investment accounts among private households and number of retail investors holding stocks

35、,funds,and/or ETFs in millions in Germany for all institutions subject to reporting requirements(12 month growth in%reported in brackets)Source:Securities statistics 20132022 from the German central bank(Deutsche Bundesbank)for private households and all institutions subject to reporting requirement

36、s;Deutsches Aktieninstitut(2022)Figure 1 Recent developments among incumbentsTraditional investment providers have benefited less from the pandemic-era boom than online providersAccording to a study by the digital asset manager Whitebox in June 2021,incumbents5 served around 65 percent of investment

37、 accounts in Germany,while online providers served the remainder.In this paper,we define incumbents as branch banks with a retail 5.In the study by Whitebox,all credit institutions whose business model is predominantly digital are referred to as digital providers.These include neobanks,direct banks,

38、and robo advisors.Please note that robo advisors are not explicitly included in the remainder of our analysis for this paper.The study by Whitebox refers to banks and savings banks in the classic sense,i.e.institutions that at least partially also have a branch business,as incumbents.Figures exclusi

39、vely consider private investors,institutional investors were not taken into account(cf.https:/www.whitebox.eu/finanzwissen/magazin/studie-digitale-geldanlage).8investment offering that provide their customers with personal investment advice.At least so far,incumbents have two key advantages over dig

40、ital players:first,incumbents can offer customers human personal financial advice.Second,at least in contrast to neobrokers,many potential investment customers already have current accounts with incumbents and should be easier to attract for an investment account than non-customers.A recent Simon-Ku

41、cher study of DACH6 banks non-invested retail customers with interest in investments shows that 41 percent(rank 1)trust the recommendation of their personal bank advisor when looking for an investment provider.It also shows that 32 percent(rank 3)would open their investment account where they have t

42、heir current account.However,it seems that incumbents are failing to realize this potential.Their investment account penetration7 is definitely expandable:Simon-Kucher project experience shows a 17 percent penetration rate on average for retail banks in the DACH region,with the lowest performing ban

43、ks showing penetration rates of 6 percent and the best perform-ing ones up to 32 percent.Although only indicative for the question under consideration,a VuMa survey in Germany from 2021 shows a similar picture as less than 15 percent of customers of German savings banks(Sparkassen)hold stocks or inv

44、estment funds.In contrast,at the online provider ING,this figure is over 30 percent in each case.The share of savings account holders among savings bank customers is almost 60 percent,while at ING it is around 35 percent(cf.Figure 2).These figures may overestimate the securities penetration for the

45、respective bank type as the customers surveyed do not necessarily hold the specified investments at the respective institution.Nevertheless,the figures still provide a useful indication that many incumbents have not yet exploited a large part of the business potential available to them in investment

46、s and find it particularly difficult to cross-sell investment accounts to their current account customers.6.i.e.Germany,Austria,and Switzerland7.We define investment account penetration as the share of current account customers with an investment account.925%21%52%23%18%46%37%31%35%13%14%58%14%14%53

47、%0%10%20%30%40%50%60%70%StocksInvestment fundsSavings accountDeutsche BankCommerzbankINGSavings banks(Sparkassen)Total populationShare of customers with respective monetary investment product(household holdings)relative to all customers with monetary investments in Germany in 2021,in%,(not exhaustiv

48、e)Source:VuMA(2021)Figure 2 In line with these observations,incumbents have benefited significantly less from the pandemic growth in new investment accounts in recent years than online providers.Of the new investment accounts opened in Germany between July 2020 and June 2021,only 23 percent were wit

49、h incumbents according to the study by Whitebox in 2021.Strikingly,while the overall German market grew by 11 percent and 7 percent during the COVID-19 pandemic in 2021 and 2022 respectively,the German central bank reported only 1 percent and 2 percent growth in private households investment account

50、s for savings banks in the same time period(Sparkassen),(cf.Figure 3).102.172.05(1.94(1.87(1.78(1.79(0%)1.73(1.75(1%)1.77(1%)1.81(2%)2013-122014-122015-122016-122017-122018-122019-122020-122021-122022-12Number of investment accounts among private households in Germany for savings banks(Sparkassen)in

51、 million(12 month growth in%reported in brackets)Source:Securities statistics 20132022 of German central bank(Deutsche Bundesbank)among private households and all institutions subject to reporting requirementsFigure 3 Incumbents are seeing their retail investor clients ageOnline providers are gainin

52、g ground in the strategically important growth segment of young customers,particularly young professionals,while incumbents are losing market share.Neobrokers in Europe are particularly associated with this younger cohort;Scalable Capital,a broker which operates in Germany,Austria,the Netherlands,Fr

53、ance,Italy and Spain,reports approximately 60 percent of its customers to be under 35 years(Scalable Capital(2022).Nordnet,an online investment provider for Sweden,Norway,Denmark,and Finland,reports 53 percent of its customer base to be aged 35 or below.The share of under-35s among Trade Republic8 c

54、ustomers surveyed in the DIW Econ study is 68 percent(cf.Figure 4.1).This is particularly impressive considering that in 2022 the share of investors under 40 in Germany amounted to only 32 percent(cf.Figure 4.2).While the share of customers under 35 typically is 30 to 40 percent with online brokers,

55、it only amounts to around 10 percent of the incumbents customer base.The latter have traditionally focused on the more wealthy,older customer segment and put less effort into their younger,less wealthy customers.Incumbents need to quickly shift their mindset from a short-term revenue view to a custo

56、mer lifetime view and focus more efforts on their younger customers.Otherwise,they risk online providers passing them by in the medium and long term.8.a German neobroker that operates in 17 countries.1168%31%1%30%54%16%11%50%39%0%20%40%60%80%=65Trade Republic(as representative for neobrokers)German

57、online brokerLarge German bankInvestors by age and type of service provider in GermanySource:Figures for Trade Republic in 2021 retrieved from Kritikos,A.et al.(2022).DIW Econ;Figures for a German online broker and a large German bank based on Simon-Kucher project experience,based on data from 2022

58、and 2020 respectively.Figure 4.1 3%14%15%16%24%28%0%5%10%15%20%25%30%14-1920-2930-3940-4950-5960+Equity investors(stocks,funds,ETFs)in Germany in 2022,by ageSource:Deutsches Aktieninstitut(2023)Figure 4.2Although the results are not exhaustive,the developments listed can be attributed to the followi

59、ng reasons:1.Investors want simple fee models,but incumbents persist with outdated fee structuresIncumbents often persist with outdated,complex fee structures for their investment services that have grown historically.Most securities customers of incumbents cannot accurately determine the total fees

60、 for their securities account.According to a Simon-Kucher retail investor study in the DACH region from 2022,only around 25 percent of respondents state that they can quantify the sum of their custody and 12transaction fees with certainty,compared to 49 percent among customers of online providers.9

61、Personal bank advisors often find it difficult to understand the fees,let alone explain them to the client.This is due to pages of prices that differentiate according to custody types and asset classes,among other things,and include countless ancillary price points that frequently have little revenu

62、e impact for the bank.This also applies to institutions outside of the DACH region.Such complex price models are poorly suited for self-directed online investors.Instead,securities customers want simple fee structures.A complex fee model with too many components is among the top five reasons why ret

63、ail investors do not open an investment account with their main bank.Part of online providers success might be driven by the fact that they have simplified their customer-facing fees by reducing their components to the bare minimum.Taking it to the extreme,Scalable Capital reduced its price model to

64、 a single price component a monthly subscription fee for maximum simplicity in the decision-making process.This gives online providers a major advantage in converting investment newcomers.In 2021,58 percent of Trade Republics surveyed clients had less than two years of investment experience(cf.Kriti

65、kos et al.(2022).DIW Econ).If incumbents want to promote their online channel more,their products and pricing must be as simple and easy to understand as possible.Since incumbents will have problems waiving recurring fees due to their cost structure,one solution to reduce fee complexity may be an al

66、l-in model with a recurring ad valorem fee on the securities value.A Simon-Kucher retail investor study in the DACH region from 2022 shows that 81 percent of the retail investors surveyed would generally prefer a model in which all or at least a fixed number of transactions are included in a recurri

67、ng service fee over a transaction-based model.We find similar results in a Simon-Kucher study in Sweden in 2020,where 73 percent of respondents clearly prefer an all-in model to a transaction-based model.Such a model ensures maximum fee predictability for investors but is hardly offered in the marke

68、t.It is important to note that when introducing a new price model,a careful assessment of the cannibalization risk for existing business as well as the attractiveness of the offer for the new business must be ensured via thorough internal usage data analysis,customer research,and competitive benchma

69、rking.2.Incumbents often trail online providers with their digital offersAnother essential success factor of online providers is certainly that online providers have optimized the digital user experience through greater ease of use and a low num-ber of clicks needed to trade,while incumbents often t

70、rail them in the quality of their digital offering.According to a Simon-Kucher survey of investors in Germany from 2023,ease of use(UI,UX,registration,etc.)is in fourth place among the decisive criteria when choosing an investment provider right after security,service and reliability,and fees.9.I.e.

71、,respondents reported a 1 or 2 on a 5-point Likert scale.13Incumbents are exploring their options for improving the digital proposition either by acquiring third-party solutions or building new digital front-ends in-house.Saxo Bank,a Danish trading platform,unveiled a collaborative partnership with

72、14 local banks on launching a new,user-friendly digital investment platform available to the customers of the participating institutions(cf.Saxo Bank(2023).The good news for incumbents is that investment advice continues to be valued by many investors.Around 65 percent of respondents in Simon-Kucher

73、 studies across Europe are interested in some form of investment advice in person,over the phone,via video call,via chat,or all of the above.However,there is a major shortcoming in todays investment advice proposition of incumbents currently,financial advice tends to be sales driven,i.e.focused on g

74、etting deposits invested into mutual funds.After the initial investment,little to no advice is provided on monitoring and optimization of the existing investments.This is particularly true for less wealthy clients where the cost associated with in-person investment advice is higher than the expected

75、 return for the institution.While service providers regularly charge for custody and eventually also advisory services on a recurring basis,they usually do not account for customers perceiving added value through the advisory service on a recurring basis.As of now,incumbents tend to focus on a human

76、-led advisory model,which is hardly scalable.Incumbents need to find a way to scale their advisory services and provide recurring perceived value from advice to their clients especially against the back-ground that digital attackers make investment guidance available to all customers at any time.Eve

77、n if it does not fall under MiFID II advice,it should already cover the support needs of numerous investors.However,institutions that succeed in continuously advis-ing the existing investments could create a real USP.Digitalizing the advisory journey can ensure that investment advice is scalable in

78、the retail segment.There are portfolio monitoring and optimization software solutions such as InvestSuite,UBS Partner,or Blackrock Aladdin that support banks in monitoring their customer portfolios and providing suggestions for optimization.The client and the personal investment advisor is informed

79、via a push notification when action is needed,along with suitable reallocation recommendations that the client can implement with a few clicks.These solutions ensure ongoing interaction with customers and allow to scale investment advice.When digitalizing the investment advice,it is important that c

80、lients have the chance to switch to a personal advisor at any time,as a Simon-Kucher DACH region study from 2022 indicates:65 percent of the securities customers of banks surveyed state that it is important to them10 to be able to speak to an investment advisor(in the branch,over the phone,or via vi

81、deo call)when they have questions.Robo advisors such as Betterment have recognized this need and entered into hybrid advice by integrating human invest-ment advice into their existing digital offering.In doing so,a stronger differentiation of 10.I.e.,respondents reported a 1 or 2 on a 5-point Likert

82、 scale.14the offer is required to capture the different levels of willingness to pay among custom-ers.Self-directed investors make up a significant part of the market according to the Simon-Kucher studies from 2022.Around 25 percent have no interest in investment advice at all.To serve this investor

83、 group,incumbents may consider a dedicated online-only offering for their offer and pricing landscape.3.High transaction fees make trading unattractive for clientsWith neobrokers,70 to 80 percent of stock trades are fractional trades.Due to the neobrokers fractional trading functionality,there is a

84、strong trend towards investing small amounts.The incumbents are missing out on this trend,firstly because they usually do not offer this functionality and secondly because the minimum transaction fees are too high.Experience shows that incumbents derive about 35 to 45 percent of their total revenues

85、 from transaction fees.High(minimum)fees for transactions dissuade customers from making trades and reacting to changes in the stock market by rebalancing their portfo-lios.They are especially detrimental to small transaction volumes.Given that young investors have,on average,less to invest in finan

86、cial assets,high minimum transaction fees particularly affect the attractive growth segments of young clients and young professionals.The retail investors surveyed in a Simon-Kucher DACH region study from 2022 name high minimum transaction fees as the second-biggest reason for customers deciding aga

87、inst their main bank as an investment provider.This problem could be solved if incumbents charged a significantly lower,revenue-neutral base fee for transactions instead of a minimum fee which would be appreciated by users(cf.Figure 5).Moreover,it would significantly improve price perception,as the

88、trading-from-fee is an important criterion for the provider ranking on many compari-son portals.The ad valorem fee,however,seems to be of less interest to investors according to Simon-Kucher research.1520%74%6%Base+Var+Min+MaxBase+Var+MaxFlat FeePreference for the respective transaction fee structur

89、e(all fee options calculated in a revenue-neutral way)Source:Simon-Kucher study from 2019 with retail investors of a German online broker as well as external customers of branch and online banks,N=1,860Figure 5 A regulatory change concerning inducements poses new challenges for banksA substantial pa

90、rt of todays revenues of incumbents depends on inducements.The institutions generate up to 50 percent of their investments revenues from inducements from product issuers,with no noticeable difference between regionally or nationally active providers.Figure 6 shows the revenue distributions from inve

91、stments for a typical institution.Against this background,the Retail Investor Strategy(RIS)published by the EU Commission on May 24,2023,will hit institutions hard.RIS stipulates an inducement ban for investment products if no advice is given.Advice is defined as the provision of a personal recommen

92、dation by the financial service provider to the retail investor in which the financial service provider makes a personal assessment of the retail investors needs as well as a personal assessment of the investment products that meet those needs.This means that if the retail investor makes an investme

93、nt via the banks website or app or the transaction is executed by the bank advisor without the client having received a personal recommendation,the collection of inducements will no longer be permissible.It is important to note that,based on Simon-Kucher experience,up to 70 percent of fund11 transac

94、tion volume in advised portfolios is non-advised and will therefore fall under the inducement ban.Whats more,the revision clause allows for a complete inducement ban regardless of transactions being advised or unadvised three years after the introduction of the new 11.Which make up the majority of i

95、nvestment business for incumbents.16regulation.European financial institutions serving retail investors will therefore need to revise their monetization strategies,as history shows that it is advisable for institutions to prepare for a regulatory change.In the UK and the Netherlands,inducements have

96、 already been banned for multiple years.While UK banks were hardly prepared when the retail distribution review(RDR)hit in 2012 and therefore failed to build a profitable business model for retail investors,Dutch banks have been more successful in compen-sating for the loss of inducements because of

97、 the introduction of customer-facing advice fees.Essentially,there are three alternative revenue models for incumbents to deal with the ban of inducements for non-advised assets.Firstly,they can accept the revenue dip in their non-advised business.That does not look like an attractive option,since,o

98、n top of the revenue loss from the unadvised business,high admin and technical effort arises from tracking advised vs.unadvised assets in clients portfolios,combined with the pending risk of further revenue loss if inducements are fully banned in the future.Secondly,institutions can increase prices

99、in the non-advised business to compensate for the loss of inducement revenues.In addition to the shortcomings of the first option,this alternative has the flaws that higher prices for non-advised business compared to advised business would be counter-intuitive and a migration of the existing custome

100、r base would be necessary.The third option would be to shift the revenue model to a fully inducement-free revenue model.This option would require a migration of the entire customer base but is the most advisable solution as it is hard to envision that inducements will remain much longer in the futur

101、e.100%45%35%20%Total revenuesInducementsTransaction revenuesRevenues from custodyand service feesTypical revenue distribution from investment business among incumbentsSource:Simon-Kucher project databaseFigure 6 17However,those institutions who consider reviewing their revenue model should ideally n

102、ot aim to compensate the current recurring revenue stream from inducements through higher transaction fees.In a market environment where transaction fees are trending toward zero due to zero-cost brokers at least until now ,increasing transaction fees seems like a difficult exercise for incumbents.A

103、dditionally,trading activity is generally concentrated among a few customers,which means that the burden of an increase in transaction fees would be absorbed by a few customers at great individual cost instead of being distributed across a larger customer base.Moreover,strong exposure to transaction

104、 revenues makes institutions dependent on market activity and unattractive for new investors.Therefore,institutions should strive to compensate for the loss of inducements with a stable income stream by increasing recurring service fees.It is important to note that,even if the bank manages to remain

105、 revenue neutral,customers will have to pay more because of the VAT impact of the higher direct recurring fees,as inducements can be collected free of VAT by the bank.Until today,a substantial share of clients are not aware that their investment products are inducement-loaded.In a Simon-Kucher retai

106、l investor survey in the DACH region from 2022,54 percent of respondents did not know what inducements were.Furthermore,85 percent of respondents did not consider them a decisive criterion when choosing an investment provider.Whilst the awareness of inducements among retail customers will certainly

107、increase significantly in the course of the inducement debate,an absolute cost increase from recurring fees will appear higher to clients than it is.Accordingly,it is important that institutions moving away from inducements do not apply a flat price increase and rethink their current investment and

108、pricing offer instead.If institutions tackle their investment pricing appropriately,they can create an offer that takes customer prefer-ences into account such as an all-in model.18Recent developments among online brokersTrading activity increased during the pandemic and is now decreasing againOnlin

109、e providers were able to record rapid user growth figures during the pandemic boom.ING,for instance,reports net growth figures of investment accounts of 20 per-cent and 19 percent in Germany in 2020 and 2021 respectively.In 2022,ING was able to achieve net growth of 11 percent to 2.29 million invest

110、ment accounts.Nordnet,providing investment services in Sweden,Norway,Denmark,and Finland,reports customer growth of 34 percent in 2020 and 31 percent in 2021.For this study,we define online brokers as investment providers who operate online and limit themselves to execution-only investment business.

111、They do not offer investment advice or a branch network.The revenue model of online brokers depends even more heavily on transaction revenues than the revenue model of incumbents.The market saw a strong increase in trading activity during the pandemic,as outlined for the German market in Figure 7.As

112、 another example,in Belgium,in the period between February 24 and April 30 2020,up to five times more BEL 20 shares were traded than in the period before the crisis,and even infrequent investors bought more shares(cf.FSMA(2023).But this increase in activity is now ebbing away again.In 2021,the onlin

113、e broker flatexDEGIRO,for instance,reported an increase in transactions of 15 percent for its core markets in the Netherlands,Germany,and Austria compared to the previous year(in its growth markets France,Spain,Portugal,Italy,Switzerland,the UK,and Ireland it was an increase of 34 percent).In 2022,f

114、latexDEGIRO reports a 20 percent decline in transactions in its core markets(37 percent decline in its growth markets).Similar to the customer base of incumbents,the bulk of online broker investors show little activity,and most revenue is generated from a small share of highly active customers.Simon

115、-Kucher project experience shows that in an average stock market year like 2019,60 to 70 percent of client accounts at an online broker do not generate any transactions.19100%204%339%257%298%0%50%100%150%200%250%300%350%Number of transactions in stocks and ETFs,ETCs,ETNs on Xetra,indexed to 2001Sour

116、ce:Deutsche Brse(2023)Figure 7 Neobrokers exert pressure on transaction feesMoreover,transaction fees are trending toward zero.Previously,online brokers exerted price pressure on incumbents by offering custody free of charge and lower transaction fees.Now,European neobrokers are increasing the price

117、 pressure through zero-fee or low-cost transactions,like Trade Republic,Scalable(with its Prime offer)and eToro.The market is extremely transparent regarding the transaction fees visible to the customer.Online brokers have several options to secure their revenues.On the one hand,they can strive to c

118、onserve existing customer activity,or alternatively,they can attempt to acti-vate inactive customers.This can be achieved,for example,through loyalty programs,as other industries like hotels,airlines,etc.have done.A Simon-Kucher study in 2022 of the customers of a German online broker shows that 72

119、percent12 consider a loyalty pro-gram for active investors to be suitable for increasing perceived customer appreciation(Figure 8).While trading-related benefits like free trades are the most appealing rewards according to another cross-country survey from 2022 among self-directed investors,investor

120、 events are the least popular benefits.12.I.e.,respondents reported very well suited or well suited.204%7%17%43%29%0%20%40%60%80%100%Very well suitedWell suitedNeutralRather not suitedNot suited at allShare of brokerage clients with respective attitude toward potential of loyalty programs for active

121、 clients in brokerage to increase customer appreciationSource:Simon-Kucher study from 2022 with retail investors of a German online broker,N=963Figure 8 Online brokers are now following suit with loyalty programs.Consorsbank,one of Germanys largest online brokers,has introduced a loyalty program tha

122、t links the investors status level to transaction activity.Increasing transaction activity can have a positive impact on both the brokers revenues and costs,as brokers not only earn fees with each additional transaction but the processing costs for transactions are also often contractually fixed as

123、a scale model.Other investment providers have also introduced loyalty programs.Bitpanda,for instance,which operates in more than 40 countries,has a feature-based loyalty program.Depending on the achieved level,customers may receive enhanced support via live chat,callback services,or may even get ear

124、ly access to new products and features and be assigned a dedicated success manager who will provide regular reviews.Similarly,eToros loyalty program provides a variety of benefits including access to personalized assistance,support via WhatsApp,access to financial publications,and interest on balanc

125、e.Alternatively,providers can consider introducing an inactivity fee(though this misses out on all the benefits that a loyalty scheme provides,e.g.enhanced user engagement).For example,Comdirect charges an inactivity fee of 1.95 euros per month after three years unless the customer executes two trad

126、es or one securities savings plan per quarter,or has a current account with Comdirect.A recurring fee component would reduce the providers dependence on market activity.This could be realized via a subscription model,for example.Subscription models have rarely been offered in the German broker marke

127、t to date.One exception is Scalable Capital,which,for a monthly subscription fee of 2.99 euros,makes transactions via gettex free of charge for order volumes of 250 euros or higher.21Investors are showing a strong interest in such a predictable fee model,as observed in several Simon-Kucher studies a

128、cross different countries.In a Simon-Kucher study of German investors from 2023,32 percent of respondents said they would be likely to subscribe13(cf.Figure 9).A fixed fee has stronger approval than a volume-based fee,as another study shows(cf.Figure 10).We can also see that the bundling of features

129、 can trigger the willingness to pay a subscription fee.For example,in a Simon-Kucher survey in Poland and the UK from 2022 the majority(64 percent and 75 percent respectively)of the self-directed investors that were surveyed were in favor of accessing valuable features and services via a subscriptio

130、n fee.68%32%0%20%40%60%80%100%Likely or highlylikelyNeutral tohighly unlikely76%24%AbsoluteRelativeReported probability of concluding a subscription model with the brokerSource:Left:Simon-Kucher study from 2023 with German investors,N=2,575,Right:Simon-Kucher study from 2019 with retail investors of

131、 a German online broker as well as external customers of branch and online banks,N=1,860 Preference for structuring the subscription feeFigure 9 Figure 10 Providers rarely differentiate their offeringThe online broker market fundamentally lacks a variety of offers per provider as is common practice

132、in other B2C sectors.The one-dimensional broker offer is not oriented toward the needs of the various investor groups buy&hold customers,active traders,pure savings plan investors,etc.A European Simon-Kucher retail investor survey from 2022 shows that it is important for investors to be able to choo

133、se between different offers and switch easily.With a differentiated offer design,it is important not to create barriers to upselling.A positive example is Interactive Investor from the UK.For a higher subscription fee,investors can buy into the higher-quality Investor and Super Investor 13.I.e.,resp

134、ondents reported a 1 or 2 on a 5-point Likert scale.22offers from Investor Essentials,which provide one or two free trades per month.The considerable growth of the broker Scalable,14 where investors can choose between three offers,indicates that customers are open to differentiation in the online br

135、oker market.Inducement ban will adversely affect online providers revenuesCurrently,direct banks generate between 30 and 50 percent of their investment reve-nues via fund inducements and other kickbacks also affected by the EU Retail Investor Strategy(RIS)(cf.Figure 11).These revenues are largely co

136、mprised of compensations paid by the product issuers to the online brokers(distributors)for selling their funds,ETFs,and structured products to the customers.The compensation can be issued either as an annually recurring payment for as long as clients hold the products in their portfo-lios,or as a o

137、ne-off payment per transaction.Since the RISs planned inducement ban on the non-advised sale of investment products will by definition affect the entire retail securities business of direct banks,the new regulation provides another reason for online brokers to reconsider their fee model.The revenue

138、dip should as previously outlined ideally be compensated by a recurring revenue component.100%35%65%Total revenuesInducementsTransaction revenuesTypical revenue distribution from investment business among online brokersSource:Simon-Kucher project databaseFigure 11 14.AuM increased by 50 percent to 1

139、5 billion euros within less than a year.11 of the 15 billion euros are attributable to the neobroker,the rest to the robo advisor(cf.https:/ developments among neobrokersMassive increase observed in savings plan transactionsNeobrokers have massively benefited from user growth throughout the pandemic

140、.The European Securities and Markets Authority(ESMA)reports 11 million users of neobro-kers15 in the EU27 for 2021.Neobrokers like Scalable Capital have grown massively in their main markets and are now expanding their activities to additional countries such as Italy to further strengthen their pres

141、ence(cf.La Stampa(2022),Scalable Capital(2022,April 4).For this study,we define neobrokers as investment providers who operate online,limit themselves to execution-only or unadvised investment business,and provide their services at low or zero visible fees with a limited assortment of investment pro

142、ducts and stock exchanges compared to online brokers.Along with(usually)zero visible fees,a convincing UX and simple customer journeys,as well as the offer of(fee free)ETF savings plans,may have been additional success factors for neobrokers the latter was a success factor at least in Germany.Saving

143、s plans generally are extremely suitable as an entry-level product in investments.In line with this,Simon-Kuchers project experience shows that 50 to 60 percent of the new securities accounts opened with branch banks in the DACH region in 2021 were opened with a savings plan.Scalable Capital reports

144、 in its customer study that one in two customers invests via savings plans with an average of more than three savings plans per user(cf.Scalable Capital(2022).Likewise,“Aktiesparekonto”in Denmark enjoys great popularity.An estimated 300,000 retail investors already have the“Aktiesparekonto”,which fa

145、lls under special tax regimes and was introduced in 2018.In Germany,clients of online providers predominantly use ETF savings plans.Scalable Capital reports that 91 percent of the savings plan volume of its broker clients is invested in ETFs,and that the ETF share of the clients assets is around 70

146、percent(Scalable Capital(2022).In line with this,the number of ETF savings plans in Germany almost tripled from 2019 to 2022(growth of 185%)according to extraETFs December 2022 market report(cf.Figure 12).However,ETF savings plans seem to be a particular-ity of the German market according to BlackRo

147、ck,Germany accounts for more than 90 percent of all ETF savings plans in the EU so far(cf.Tiwari et al.(2022).According to BlackRock,the ETF savings plan trend has the potential to spread to other EU countries in the upcoming years,and it forecasts that the number of ETF savings plans will increase

148、by 5 times by 2026,with 20 million retail investors.15.Excluding crypto and robo advisors,cf.ESMA(2023).However,it is not transparent which providers ESMA classifies as neobrokers.The categorization may differ from the classification adopted in this paper.240.160.250.380.620.891.322.033.323.76012342

149、01420152016201720182019202020212022-12Number of ETF savings plans in Germany in millionsSource:Jordan(2023).extraETF ResearchFigure 12 Comparable to the figures reported by Scalable,Simon-Kuchers project experience shows that the ETF share of the total savings plan volume for customers of a German o

150、nline broker is 82 percent,while funds only account for a share of 12 percent.In contrast,branch banks primarily distribute actively managed funds their own or those of a partner for which the customer pays high transaction fees(upfront fees of up to 5 percent)and high annual management fees(up to 1

151、.5 percent).Young investors are particularly aware of this and invest primarily in ETFs as the evaluation by Scalable Capital of its customer base indicates;the share of ETFs in total invested assets decreases with age,from 74 percent among 18 to 26-year-olds to 60 percent among investors aged 65 an

152、d older(Scalable Capital(2022),also cf.Figure 13.1 and 13.2).Moreover,ETF savings plans are popular among female investors,who are still a minority in the investor base and represent an important target customer segment for growth for investment providers.Scalables analysis shows that female investo

153、rs had an ETF share of 48 percent in their portfolio in 2022,male investors only around 37 percent.The group of young female investors between 26 to 35 had the highest proportion of ETFs in their portfolios with 55 percent.250%20%40%60%80%100%Large bankSavings bankNeobrokerETFsRest0%20%40%60%80%100%

154、Large bankSavings bankNeobrokerETFsRestAuM breakdown for investors aged 18 to 26,per investment providerSource:Simon-Kucher project experience for large banks and savings banks,Scalable(2022)for neobrokersAuM breakdown for investors aged 65+,per investment providerFigure 13.1Figure 13.2Incumbents ne

155、ed to develop a strategy on how to deal with this change in asset type preferences.First,incumbents revenues heavily depend on the sales force repeatedly approaching the same customers willing to buy actively managed funds.However,Simon-Kucher clients frequently report that high fund issue fees of u

156、p to 5 percent for equity funds already regularly lead to discussions with the customer and are difficult to enforce.Second,incumbents need to make it more attractive for customers to start investing;this can be done via savings plans.Currently,investment entry is much more attractive with online pr

157、oviders than with branch banks as it is a no-regret move from the custom-ers point of view.With online providers,there are currently no recurring custody and service fees for the customer and online providers currently offer a large assortment of promoted,fee free ETF savings plans(cf.Figure 14).Som

158、e incumbents,in contrast,do not even have dedicated pricing for savings plans.Incumbents need to consider whether they want to miss out on revenues from a certain target group.Conversely,given the EU RIS,online players must evaluate whether they can still offer savings plans free of charge in the fu

159、ture.262.4842.4211795861341.420413871508384761306919777694Trade RepublicScalableSmartbrokerF ZerojustTradeflatexConsorsbankDKBComdirectINGs Brokerfee freechargedNeobrokersHybridOnline brokersComparison of the number of ETF savings plans offered in GermanySource:BrokerVergleich(2023)Figure 14 Competi

160、tion from inside and outside the investment market is increasingAlthough in recent years neobrokers have grown extremely successfully,competition within the entire retail investment industry is intensifying,as new players are entering the market.In 2023,BISON,the crypto trading app by Boerse Stuttga

161、rt,entered the stock trading business offering its customers the ability to trade stocks and ETFs next to crypto currencies.We see players joining from outside the investment market,blurring the line between investing,saving,and spending.Providers from the payments sector are taking advan-tage of th

162、e fact that automated and regular investing generate great benefit for the customer.As an example from Germany,UnitPlus automatically invests its customers current account deposits in a broadly diversified ETF portfolio without restricting the investors consumption.Fractional shares are sold for the

163、 customer at the time of payment.Such automation can make it easier to start investing.Traditional banks and direct banks have an advantage in this regard as they typically already have a hold of current account customers.27With more players coming into the market now,zero cost is no longer enough a

164、s a differentiating feature.Neobrokers need a strategy regarding how they can differentiate themselves with their offer.(Neo)brokers are loading up their feature spectrum(Neo)brokers are already massively loading up their features.Through fractional invest-ing,providers like Trade Republic allow for

165、 small transaction volumes,engaging less affluent investors and broadening the investment universe for retail investors in general.Fractional investing completely changes the customer decision making process.Instead of the share price limiting the assets customers can choose,customers themselves det

166、ermine the amount they want to invest based on their financial means or on the amount they are willing to invest into a specific company,independent of the price of a full share of the company.Being able to buy a fraction of a share once again simplifies the customer journey.Still,Trade Republic cli

167、ents own the underlying share when pur-chasing fractional shares and receive dividends accordingly.Some players are partnering to better serve their customers.For instance,the neobank Revolut has partnered with the investment-as-a-service provider Upvest that provides the required infrastructure to

168、offer Revoluts European clients fractional ETF and European stock trading across Europe.In doing so,Revolut combines investing,saving,and spending in one app.But clients are also looking beyond the traditional asset classes to riskier products such as cryptos.12 percent of the German population aged

169、 between 18 and 64 hold crypto-currencies(cf.Statista(2023).Some neobrokers have recognized this trend.Trade Republic,JustTrade,and F Zero offer investors direct access to cryptocurren-cies in addition to their stock business.As outlined,BISON goes the opposite way and supplements its crypto offer w

170、ith stocks and ETFs.After the Scandinavian digital bank Lunar added ETF,fund,and stock investing to its offer to customers in Sweden,Denmark,and Norway in 2018,it has also been offering access to crypto investments since 2022.Furthermore,the first incumbents are applying for a license for cryptocur-

171、rency business,including DekaBank,the asset manager of Sparkassen-Finanzgruppe in Germany(cf.Nestler(2023).The form this will take is still unclear.As savings banks have traditionally been critical of crypto investments(cf.Nestler(2023),advising customers on highly speculative investments may not be

172、 compatible with their financial health claim.Alternative providers such as Timeless provide retail investors access to new asset classes through the tokenization of collectibles(watches,clothing,works of art,etc.).The massive feature load-up among digital attackers also includes investment guidance

173、 and even financial advice.For instance,Trade Republic pseudo-individualizes its fil-ter-based product suggestions to customers(Its a match).It provides weekly market recaps with the most relevant news and a direct link to a podcast it supports.Flatex wealth adds to Flatexs established non-advised b

174、roker business.By partnering with the robo-advisor Whitebox,Flatex is able to offer its clients MiFID II compliant digital wealth 28management(robo advice)in terms of four investment strategies that differentiate according to the management approach(active versus passive)and sustainability considera

175、tion.As previously outlined,robo advisors such as Betterment go one step further,adding access to human advice to their so-far digital-only service offering.PFOF ban will have severe effect on revenues for most neobrokers.The pending approval is only seen as a formalityA regulatory change calls neob

176、rokers current revenue model into question.In pursuit of more transparency for retail investors,the EU member states and the European Parliament agreed on an EU-wide ban on payments for order flows(PFOFs)on June 29,2023.Payment for order flows refers to the remuneration paid by a market maker to the

177、 broker when the broker routes its clients trade to the market maker to be carried out.Member states that allow PFOFs will need to phase out this practice by 30 June 2026,as thereafter,PFOF will no longer be allowed in the EU.The pending approval of the PFOF ban is only seen as a formality and will

178、have a considerable effect on online providers current revenue model.Neobrokers that considerably rely on PFOFs as a revenue stream will be affected even more severely by the new EU regulation on inducements compared to online brokers who at least charge visible transaction fees to customers.In orde

179、r to compensate for the impending loss of earnings for online providers,the introduction of monthly subscription fees(most recently done by the low-cost broker BUX)could be a conceivable solution.As all neobrokers need to find a response to the pending PFOF ban on how they can generate revenues goin

180、g forward,pricing could be a USP if applied correctly.29Three key takeaways and call to action for the respective providersIncumbents:1.For incumbents,the clear goal should be to increase investment penetration among current account customers.Revising the outdated pricing model should be an essentia

181、l part of this.A differentiated offer that serves the heterogeneous needs of the different investor groups is required.In particular,small investment amounts should be economically viable from the customers point of view.An all-in model corresponds to the investor preference for fee predictability a

182、nd can meaningfully complement the offer landscape but is not a blanket solution.When designing the model,the VAT treatment must be taken into account.To ensure long-term revenues,incumbents need to attract and retain young investors.A dedicated offering should address the strategically important se

183、gment of young clients,particularly young professionals.2.Incumbents need to find a way to scale their core competency investment advice in the retail segment.Digital attackers already offer strong investment guidance and are increasingly offering(digital)MiFID II compliant advice.Institutions that

184、manage to advise the existing investments and thus repeatedly generate noticeable added value for the customer will create a real USP.A digital investment proposition will enable them to scale their services.In any case,the client must always have the option of speaking to a human investment advisor

185、.In doing so,they should account for the differentiated willingness to pay for advice among investors.3.Incumbents must find an answer to the ban on inducements and rethink their revenue model.Ideally,institutions should aim to compensate for the loss of the current recurring revenue stream from ind

186、ucements with direct recurring fees charged to the customer as ad valorem fees.In view of the revision clause and for the purpose of a consistent pricing logic for advised and unadvised business,it may be sensible to switch to a completely inducement-free price model.Online brokers 1.Neobrokers have

187、 intensified market competition.Online brokers need to strengthen their investment features and UX in order to avoid being left behind by neobrokers.In particular,they need to improve their investment guidance and make the customer journey more intuitive.Additionally,as neobrokers put pressure on tr

188、ansaction fees while the increase in customer activity induced by the pandemic is already weakening,online brokers should consider promoting a shift toward recurring fees to reduce revenue dependency on market activity.One such option is a differentiated subscription model that provides the investor

189、 with privileges such as reduced transaction fees.302.In addition,brokers can aim to maintain the increased activity that emerged during the COVID-19 pandemic while also activating less active customers,for example by introducing loyalty programs based on trading activity.Leading online brokers such

190、 as Consorsbank have successfully launched such loyalty programs tied to their clients trading behaviors,underscoring the importance for other online brokers to seize this opportunity and avoid missing out.3.The EU inducement ban on execution-only and unadvised transactions further emphasizes the ne

191、ed for online brokers to rethink their current revenue model.The prohibition of PFOF makes this reassessment of revenue models even more pressing.Neobrokers1.Neobrokers have successfully grown during the past few years.However,competition within the entire retail investment industry is intensifying,

192、as new players from inside and outside are entering the market often through partnerships with investment infrastructure providers.As competition intensifies,zero cost is no longer a sufficient differentiating feature.Neobrokers need a strategy to differentiate themselves with their offer.2.Differen

193、tiation can be achieved through the provided services.(Neo)brokers are already massively bolstering their set of features.Notably,they are broadening the investment spectrum offered to retail investors,for instance with crypto investments.Neobrokers should consider offering additional asset classes

194、in the future.They are also beginning to challenge the incumbents for their USP-investment advice.Along with strong guidance,some online players have added digital and even human investment advice to their offer.Online providers can make advice scalable.If they succeed in delivering high-quality adv

195、ice,they could become a threatening alternative to incumbents.3.All neobrokers need to find a response to the pending PFOF ban on how they can generate revenues going forward,as the regulation will strongly affect their current revenue model.If applied correctly,pricing can also be a USP.In order to

196、 compensate for the impending loss of earnings,the introduction of monthly subscription fees(most recently done by the low-cost broker BUX)could be a conceivable solution.31LiteratureBetter Finance(2021):Individual investor behaviour during the COVID-19 crisis in selected jurisdictions.https:/better

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199、.https:/www.esma.europa.eu/sites/default/files/2023-01/esma50-165-2357-esma_statistical_report_on_costs_and_performance_of_eu_retail_investment_prod-ucts.pdfEuroclear(2022):AKTIEGANDET I SVERIGE 2021.https:/ 27):Belgians trade up to five times as many shares during the corona-virus crisis Press rele

200、ase.Financial Services and Markets Authority.https:/www.fsma.be/en/news/belgians-trade-five-times-many-shares-during-coronavirus-crisisJordan,M.(2023):ETF-Retail-Marktreport Dezember 2022.extraETF Research.https:/ TNS(2021):Total number of households in the Netherlands who invest on a private basis

201、from 1997 to 2021(in millions).Statista.https:/ al.(2022):Hype or New Normal?Insights into the motives and behavior of a new generation of investors.DIW Econ.https:/diw-econ.de/en/publications/hype-or-new-normal-insights-into-the-motives-and-behavior-of-a-new-generation-of-investors/La Stampa(2022,J

202、une 24):Neobroker alla conquista dellItalia:i piani delle app da zero commissioni.https:/finanza.lastampa.it/News/2022/06/24/neobroker-alla-conquis-ta-dellitalia-i-piani-delle-app-da-zero-commissioni/MTI3XzIwMjItMDYtMjRfVExCMonthly statistics Cash Market(2023,March 01):Dataset.Deutsche Brse Cash Mar

203、ket.https:/www.deutsche-boerse-cash- 04):Auch die Sparkassen setzen nun auf Krypto.Frankfurter Allgemeine Zeitung.https:/ 12):Antal investorer i Danmark siden december 2015 Graph.Euronext Securities Copenhagen.https:/www.nordnet.dk/blog/nordnets-kunder-har-faet-mere-indflydelse/Saxo Bank(2023,June 2

204、2):14 pengeinstitutter lancerer ny digital investeringsplatform I samarbejde med Saxo Bank Press release.https:/www.home.saxo/da-dk/content/commentaries/pressrelease/14-pengeinstitutter-lancerer-ny-digital-investeringsplatform-i-samarbejde-med-saxo-bank-22062023Scalable Capital(2022):Scalable Capita

205、l Infografik zum Nutzerverhalten Graph.https:/de.scalable.capital/assets/kcbf79ije7q7/6CtoP2dvPBzj9C9ndOS72g/43152d002137a80e028eb1742d49e9a7/Asset_Infografic_zum_Nutzerverhalten_Scalable_Capital_DE.pdfScalable Capital(2022,April 4):European investment platform Scalable Capital starts in Italy with

206、unlimited trading,savings plans and crypto offering Press release.https:/de.scalable.capital/en/newsroom/en-scalable-italySchlenk,Caspar Tobias(2023,July 12):Scalable Capital verwaltet 15 Milliarden Euro.Finance FWD.https:/ statistics 2013-2022(BBSDP.M._.1400):Dataset.Deutsche Bundesbank.retrieved o

207、n March 10,2023.https:/www.bundesbank.de/dynamic/action/de/statis-tiken/zeitreihen-datenbanken/zeitreihen-datenbank/759778/759778?listId=www_swpinv_anzkundepTiwari,Rajat et al.(2022):Fractional Ownership and ETF Savings Plans-Examining direct ETF ownership versus performance derivatives through the

208、lens of retail investor protection.BlackRock.https:/ Geldanlagemglichkeiten(Besitz im Haushalt)bei Sparkassen-Kunden im Vergleich mit der Bevlkerung im Jahr 2021 Graph.Statista.retrieved on 10.Mrz 2023.https:/ Bye Banks?Wie COVID-19 die Geldanlage revolutioniert und wer davon besonders profitiert.ht

209、tps:/www.whitebox.eu/hubfs/Presse/Whitebox_Studie%20digitale%20Geldanlage.pdf33Dr.Ann-Christine BrunenSenior Consultant,Financial Services PracticeCologne,GermanyMobile:+49 151 72393478Ann-Christine.Brunensimon-|AuthorsImprintPublisher Simon-Kucher&Partners CologneAuthors Max Biesenbach(responsible)

210、,Ann-Christine Brunen,Jakob Dipoli Wieser,Alfons GudmundssonAutumn 2023Max Biesenbach,CFAPartner,Financial Services PracticeCologne,GermanyMobile:+49 170 9808486Maximilian.Biesenbachsimon-|Jakob Dipoli WieserSenior Manager,Financial Services PracticeVienna,AustriaMobile:+43 664 9630158Jakob.DipoliWi

211、esersimon-|Alfons GudmundssonDirector,Financial Services PracticeCopenhagen,DenmarkMobile:+45 41 78 68 32Alfons.Gudmundssonsimon-|simon-Cologne officeIm Zollhafen 24 50678 Cologne,GermanyTel.+49 221 36794 0colognesimon-About Simon-KucherSimon-Kucher is a global consultancy with more than 2,000 emplo

212、yees in 30 countries.Our sole focus is on unlocking better growth that drives measurable revenue and profit for our clients.We achieve this by optimizing every lever of their commercial strategy product,price,innovation,marketing,and sales based on deep insights into what customers want and value.With 37 years of experience in monetization topics of all kinds,we are regarded as the worlds leading pricing and growth specialist.