In an environment marked by economic fluctuations, what is BNP Paribas' approach to personalised investment advice? How does the Group support its clients in building balanced portfolios that combine capital preservation, returns, and solutions tailored to the specific needs of each project? Read on for insights into the challenges, emerging practices and key principles in investment advice.
Investing independently or seeking personalised advice? Recent changes in savers’ behaviour in Europe
Recent studies on the behaviour of savers in Europe point to trends that might seem paradoxical: easier access to financial information and increasing autonomy for savers… with, however, strong demands on their advisers for personalised support.
Growing autonomy and financial knowledge among savers
European savers appear to be more autonomous and better informed than they were a few years ago, largely thanks to digital tools and the information now out there. They are increasingly turning to generative artificial intelligence to better understand financial products, obtain investment guidance, and compare available options. In Europe, 40% [*]1 of savers say they already take – or are ready to take – financial advice from AI. Even though a large majority currently see it primarily as a complement to human advisers and to their own research - 95% in France, for example[*2].
European savers are starting to invest at an earlier age on average and are increasingly seeking to diversify their portfolios with solutions perceived as transparent, efficient and cost-effective, such as ETFs.
Between 2022 and 2025, the number of European ETF investors jumped by 69%, at an average annual rate of 19%. ETFs are now the third most widely held investment product among European investors in 2025, after stocks and mutual funds. Interest in crypto-assets is also growing, but at a slower pace (an average of 8% per year in Europe over the same period) [*3]. Currently, between 11% and 20% of Europeans – depending on the country – report owning at least one crypto-asset and allocating between 13% and 23% of their total savings to such assets [*4]. However, economic and geopolitical uncertainty has made them more cautious since their priority is to protect their capital while seeking returns that can offset inflation, a balance that is often difficult to achieve [*5].
Fully digital platforms are particularly appealing to European investors under 35, who are more inclined towards self-management for reasons of cost and speed. They generally invest relatively modest sums, thereby limiting their exposure to risk, and are particularly fond of cryptocurrencies: European investors aged 18 to 34 account for 50% of all cryptocurrency purchasers [*3].
These young investors are increasingly relying on financial influencers (“Finfluencers”) who are proliferating on social media – despite the risks of misinformation and conflicts of interest, as many are not subject to the same regulatory obligations as investment professionals [*6]. They feel confident as long as the market is rising – especially since they have hardly experienced any stock market crashes.
The search for reliable benchmarks and tailored support in a complex financial environment
Market volatility, inflation, economic uncertainties, and the increasing diversity of financial products are leading savers to seek reliable points of reference to make informed decisions. Older and wealthier investors are more likely to rely on face-to-face financial advice, while younger people tend to favour digital channels and independent sources of information. However, the rise of digital technology and AI does not mean that investors are abandoning professional advice altogether. Instead, it is fostering the emergence of hybrid models that combine independent use of digital platforms with access to human expertise, particularly for the most complex or significant financial decisions.
78% of customers are open to remote advice, whether delivered through a hybrid model or as an alternative to visiting a bank branch, but 57% prefer in-person appointments for important matters [*5]: branches retain a strong emotional value and are perceived as a safety net.
Whether they opt for online or in-person solutions, savers express high expectations of financial professionals, as illustrated by ESMA’s research (European Securities and Markets Authority) on the retail investor journey and the pan-European survey of EFPA Europe in 2025 (European Financial Planning Association):
- Expertise: proactive, high-quality advice that puts clients' interests first and helps them build a long-term strategy with confidence;
- Transparency: enhanced transparency on costs, net performance and risks associated with products;
- Clarity: clearer explanations to help clients better understand financial products and concepts and make well-informed decisions.
Savers' behaviour in Europe: 3 key figures
of savers
prefer in-person appointments for important matters
of savers
are open to remote advice, whether delivered through a hybrid model or as an alternative to visiting a bank branch
of savers
say they already take – or are ready to take – financial advice from AI
Sources :
*1 Oliver Wyman's survey on the 7 top trends reshaping retail banking distribution in 2026 carried out in 9 European countries
*2 AMF Savings and Investment Barometer 2025
*3 People & Money study conducted with YouGov – November 2025 (“The next wave of ETF investors in Europe”)
*4 2026 ADAN Ipsos Barometer dedicated to the adoption of crypto-assets in France and Europe
*5 Study “European Investor Sentiment Survey 2025”
*6 ESMA 2025 – “Call for evidence on the retail investment journey”
Who can provide personalised financial advice?
Only approved professionals – banks, insurers, asset management companies, brokers or certified independent wealth management advisers – are authorised to offer personalised financial investment advice, a strictly regulated activity.
What does personalised investment advice consist of?
It is all about tailored recommendations for managing financial assets (individuals, businesses or institutions), covering:
- investment strategies tailored to the client's profile and objectives,
- the choice of investment vehicles and appropriate investment structures,
- optimal asset allocation,
- portfolio monitoring and adjustment.
A strict regulatory framework in Europe
Under MiFID II (2018) and, for life insurance, the Insurance Distribution Directive (IDD, 2016), personalised financial advice is subject to the following requirements:
- authorisation from the relevant national regulatory authority,
- a duty to provide suitable advice (assessment of the client's circumstances, suitability of recommendations, and transparency regarding costs and risks),
- continuous training of advisers,
- customer protection, in particular via a key information document (KID) for complex products.
In addition, a new European regulation – “Retail Investment Strategy” (RIS) is currently being developed and should be gradually implemented across the member states of the European Union in the coming years. It aims to strengthen the transparency and comparability of financial products and to simplify access to investment for savers. This regulation also fits within the broader framework of European efforts toward a safer and more inclusive single market for financial services.
How should investments be managed? The 3 main methods available to savers
Discretionary portfolio management
The saver entrusts the management of all or part of their investments and their ongoing optimisation to financial market professionals. An agreement is signed in advance with the client to define the type of discretionary management (prudent, balanced, dynamic, or aggressive, for example), based on each client's profile, objectives and personal goals. A team of expert managers builds and manages the client's portfolio, making investment decisions on their behalf.
Advisory management
In advisory management, the Bank offers the client personalised investment recommendations based on the initial assessment (profile, personal goals, objectives, etc.), as well as recommendations to optimise asset allocation in response to market developments; it executes them only if the client approves the proposed reallocations.
Self-managed investing
With self-management, the client independently decides on their investment choices and executes them using online tools provided by banks or digital platforms:
- Online brokerage platforms (known as execution-only platforms), which allow investors to execute trades independently, without benefiting from personalised investment advice
- Robo-advisory services, which offer automated recommendations based on algorithms, tailored to clients' profiles and investment objectives. These services are subject to MiFID II regulatory requirements.
What is BNP Paribas' approach to personalised savings and investment advice?
A hybrid model combining human expertise and technology
Whether in advisory or discretionary management, BNP Paribas puts people at the heart of its customer relationship, while integrating technological tools to strengthen advisers' ability to deliver the best advice to their clients, offer optimal and personalised investment recommendations, and provide savers with a seamless customer experience. On the digital side, all BNP Paribas customers in Europe have access, through their mobile banking application and/or on the website, to a reporting dashboard that allows them to track the daily performance of their portfolio, both overall and by individual investment and asset class.
The Group leverages artificial intelligence to streamline the investment process and enhance the quality of advice as well as the effectiveness of advisers. It also makes it possible, for example, to anticipate market developments, optimise personalised recommendations, and make information more accessible.
The role of the adviser remains central, however. They are trusted experts who listen to their clients, help them define and adjust their objectives, and provide a comprehensive understanding of the most relevant savings strategies and solutions.
Investing for future projects
BNP Paribas adopts a life-goal-based approach to personalised investment advice. Saving and investing are not simply about making opportunistic financial product choices to build precautionary savings or protect capital against inflation and erosion. They are first and foremost tools that help people plan for the future and prepare for the fulfilment of important life goals and aspirations, whether that means funding higher education, planning a trip around the world, preparing for a wedding, buying a home, welcoming a child, starting a business, changing careers, moving abroad, managing an inheritance, preparing for retirement or passing on wealth. A standardised approach to financial advice cannot address this diversity.
The connection between the adviser and their client is therefore essential throughout the entire life journey. Objectives, financial and family situation, financial knowledge, but also values, beliefs, and fears, are not the same at 20, 40, 60, 80 and over.
A detailed analysis of the saver's profile and needs: a crucial initial step
The initial stage of getting to know the client, a thorough analysis of their situation and profile, their personality, and their projects, is essential and requires an in-depth discussion between the adviser and their client, as well as strong listening skills, empathy, the ability to reframe clients' needs and explain complex concepts clearly, in addition to financial expertise.
Beyond questionnaires, the bank adviser plays a key role in helping the client clarify their real needs, based on what they express, and in defining and explaining the most suitable strategies and recommendations to help them achieve their goals and meet their objectives.
How to preserve purchasing power thanks to active savings?
Savers who do not invest and leave their money in a current account or a low-interest savings account will, in the long term, see their purchasing power decrease and their capital erode due to inflation. The standard rule is to keep 3 to 6 months’ worth of living expenses in emergency savings to cover unexpected events and invest the rest in a diversified portfolio.
Yet, many savers still hesitate to diversify their investments, either due to a lack of knowledge of suitable solutions or concerns about risks. In France, for example, 64%* of savers believe they hold a significant amount of "idle" cash in their current account and are reluctant to explore higher-performing investment options.
It is precisely in this context that personalised advice plays a key role. Advisors guide each client through a tailored discussion to identify diversified solutions suited to their profile, needs and future projects. The objective? To protect emergency savings while optimising long-term wealth growth.
Provide ongoing monitoring and conduct a wealth assessment to adjust the strategy according to changes in circumstances
Long-term client follow-up is essential to adjust the financial strategy in response to changes in the client’s personal, professional, and economic circumstances. Regular meetings are organised at the adviser's initiative or at the client's request following major life events. The risk profile should be reassessed approximately every 3 years or after a significant life event or major market development. Faced with significant economic developments (inflation, interest rates, geopolitical crises), the adviser has a key role in proposing reallocations and explaining them clearly to their client. These optimisations are automated for portfolios under discretionary management but are also explained to the client.
A wealth assessment, offered or requested during major life changes, enables the analysis and optimisation of a client's assets in line with their medium- and long-term objectives. This comprehensive approach – financial, tax and legal – is carried out in collaboration with BNP Paribas advisers and experts to ensure alignment between the client's overall wealth situation and their objectives.
What makes an investment portfolio perform well in the long term? Analysis by BNP Paribas experts
Asset allocation strategy: the key driver of long-term investment performance
The study “Determinants of Portfolio Performance”, often cited in the profession under the names of its authors Brinson-Hood-Beebower, highlights a key observation: three-quarters of the long-term performance of an investment portfolio depends on its asset allocation strategy. It helps define a long-term target allocation (5 to 10 years) and efficient diversification based on 3 key parameters:
- the risk/return profile specific to asset classes,
- their sensitivity to economic factors (growth and inflation),
- the strength of the correlations between asset classes in order to combine them in the most efficient way.
- the selection of investment products (stocks, bonds, funds, ETFs, etc.),
- the timing of the investment,
- or tactical adjustments to the allocation, depending on short-term market developments.
These results highlight the importance of a structured, considered and expert approach with an adviser to optimise long-term portfolio management. On their own, it is very difficult (and time-consuming) for a saver to choose the most effective allocation strategy, determine the tactical adjustments to make, etc., and manage their emotions and stress during periods of high volatility.
A study conducted by BNP Paribas Wealth Management in early 2025 demonstrates that the five-year performance of an investment portfolio under discretionary management (where investment decisions are delegated to the Bank) delivers returns that are, on average, approximately four times higher than those of a self-managed portfolio.
The five-year performance of a portfolio under discretionary management delivers 4 times higher returns than those self-managed
Allocation strategies developed by a pool of financial experts from the Group
To implement these allocation strategies, BNP Paribas relies on a pool of highly skilled and experienced internal specialists from BNP Paribas private banking (many of whom have more than 25 years of experience) and the various specialised entities of the Group. These experts build the investment portfolio by selecting and combining high-quality assets and defining the most relevant allocation. The Group has put in place an efficient organisation, with decision-making committees and rigorous processes, to make these allocation decisions and decide on adjustments in response to the changing economic situation.
BNP Paribas uses dedicated tools to manage and optimise portfolios and offers these analyses to all clients investing through advisory and/or discretionary management, including those in branches.
A particularly wide and diversified range of savings and investment solutions
BNP Paribas has one of the most extensive product offerings on the market, combining expertise across asset management, life insurance and retirement savings, wealth management, and corporate and institutional banking. The Group offers individuals more than 1,600 financial products (3,500 for BNP Paribas Wealth Management clients). The range is constantly expanding to meet clients' needs and keep pace with market developments. For example, the launch in 2025 by BNP Paribas Asset Management of three new offerings dedicated to defence and European sovereignty (2 ETFs and 1 mutual fund), and the launch in 2025 of a discretionary management service for clients in branches in France and Italy, as well as in Luxembourg in 2026.
BNP Paribas is recognised for the quality of its financial advice by awards received in Europe and internationally
Customer satisfaction and recommendation scores (Net Promoter Score) have progressed in recent years in all European countries where BNP Paribas is established, with scores above the market average in Italy for retail clients, and in France and Belgium for private banking clients.
The quality, availability and expertise of the bankers are the main reasons for customer satisfaction, while the Bank's strength and international presence reinforce their confidence.
Evidence of this recognition: the awards won by BNP Paribas in its 6 European countries
Including:
- In France: best savings advice (Challenges 2025 and 2024) and best private bank (Global Finance 2026 and, in 2025, notably by Euromoney Private Banking Awards)
- In Italy: best discretionary portfolio management (Euromoney Private Banking Awards 2025)
- In Belgium: best bank (The Banker / Financial Times 2025) and Europe's best private bank for digital wealth management (PWM Wealth Tech Awards 2025)
- In Luxembourg: best bank (Euromoney Awards for Excellence 2024) and best discretionary portfolio management (Euromoney Private Banking Awards 2025)
- In Germany: best provider of digital solutions (Euromoney Private Banking 2024)
- In Poland: best bank for wealthy customers (Forbes 2025).
During the Euromoney Private Banking Awards 2026 BNP Paribas Wealth Management was also named best private bank in Europe (4th year running) as well as best global private bank for funds and structured products (3rd year running).
At the PWM Wealth Tech Awards 2026, BNP Paribas Wealth Management also picked up awards for Best private bank in the world for its use of technology and for its digital customer experience.
Personalised advice on savings and investment, whether in discretionary or advisory management, is a strategic priority for BNP Paribas, as it embodies our commitment to supporting each client with expertise and a personal touch. Beyond this individual relationship, savings and investment are essential drivers for financing the real economy, supporting business growth and contributing to ecological and societal transitions. By combining financial expertise and a responsible approach, the Group reaffirms its role as a committed player, in the service of a sustainable and inclusive economy.
