At major European private banks, wealth management often starts at several hundred thousand euros in assets. Fideuram Direct is taking a different approach. Intesa Sanpaolo Wealth Management aims to attract Belgian and Luxembourg savers who hold significant amounts of cash in their accounts but are still reluctant to invest due to a lack of simplicity, understanding or guidance. Between December, where the executives had agreed to give a sneak peek of their revamped product, and this Wednesday, expectations were raised.

“We are targeting the affluent market, where many people still rely primarily on savings accounts. One of the platform’s objectives is precisely to show customers that there are alternatives to savings accounts and that, if they want a return that outstrips inflation, they will probably need to invest,” he summarised Marc Flammang, CEO of Intesa Sanpaolo Wealth Management.

For Intesa Sanpaolo, the Belux region is therefore less of a small, peripheral market and more of an ideal testing ground for scaling up a European model of digital wealth management: high average incomes, strong uptake of digital services, a sound financial culture and a stable regulatory environment. The group highlights in particular that in Belgium, 111,000 investors already held ETFs in the third quarter of 2025, whilst UCITS assets under management stand at €256bn in the country and €5,401bn in Luxembourg. “The rationale is not opportunistic expansion,” insisted Marc Flammang. “It is a targeted expansion into markets we know well, where we understand the regulatory and tax environment and our clients’ expectations.”

Not just a low-cost trading platform

Behind this initiative is the Italian banking group Intesa Sanpaolo, which claims to have €425bn in assets under management within its private banking division and nearly 1.2 million clients served by 7,000 private bankers. The Fideuram Direct app, launched in Italy in 2022, already had 81,000 clients and €3.5bn in assets under management by the end of 2025.

However, the approach is not simply that of a low-cost trading platform. The executives have repeatedly emphasised one key point: avoiding the ‘ETF supermarket’ effect, where clients are left to navigate thousands of products on their own. “You can list hundreds, perhaps thousands of ETFs on a platform. But that doesn’t help the client. In our region, we need to guide clients through the world of investing,” explained Francesco Lazzarini, Head of Direct Banking at Intesa Sanpaolo Wealth Management Luxembourg.

The model is therefore based on a deliberately limited selection. With the help of its investment teams in Luxembourg and Italy, the bank has compiled a list of around 74 strategies and fewer than 90 ETFs actually offered to clients, grouped into ‘buckets’ to assist with portfolio construction. The offering centres mainly on BlackRock’s iShares ETFs, but also includes bond ETFs, protective ETFs, active ETFs, gold- and commodity-linked products, as well as scheduled investment plans.

Every day, all the analyses

The other key differentiator is technological. Intesa Sanpaolo and BlackRock place great emphasis on the integration of BlackRock’s Aladdin Wealth technology, which is used institutionally in portfolio management. “We are able to provide our clients with a comprehensive view of their portfolio every day, including asset allocation and all the associated analyses, thanks to Aladdin Wealth technology,” explained Francesco Lazzarini.

The aim is to gradually move clients from an ‘execution-only’ model towards a more sophisticated advisory relationship. Initially, the platform will primarily enable the purchase of ETFs and the setting up of regular savings plans. However, several additional features are set to be rolled out shortly: discretionary portfolio management from the second quarter of 2026, followed by personalised remote advisory services in the second half of the year.

This is where Intesa Sanpaolo is seeking to set itself apart from investment neobanks and traditional digital brokers. “Our aim is not to launch the fiftieth trading platform that does exactly the same thing as the others. The differentiating factor will be that clients will be able to interact with investment professionals,” emphasised Marc Flammang. The bank is therefore planning to add a human layer on top of the digital interface. Clients will be able to speak to real advisers, based in Belgium and Luxembourg, rather than a chatbot or an outsourced centre. “We have prioritised human support as a key element from the outset. We are recruiting people who speak French, Dutch and English so that clients really feel at home,” explained Francesco Lazzarini.

ETFs at the heart of the movement

This blend of automation, portfolio analysis and human advice reflects a broader shift within the wealth management sector. BlackRock sees this combination as one of the major underlying trends in the European market. “Partnerships like this are important because they combine the best of technological capabilities and management expertise to deliver tailored solutions for clients,” explained Gisèle Dueñas Leiva, Head of Wealth Sales for Belux and Country Head for Belgium at BlackRock.

According to BlackRock, the boom in ETFs is gradually changing the very structure of European investment. Figures released on Wednesday show that the number of European investors holding ETFs has risen from 19.3 million in 2022 to 32.8 million in 2025. In Belgium, around 800,000 people are now believed to hold ETFs, representing a 43% increase since 2022.

“ETFs play a huge role in making investing more accessible,” emphasised Gisèle Duenas Leiva. “We are seeing strong growth among millennials and also among women. Making investing more accessible through ETFs enables groups that previously had less access to the markets to invest more.”

Changes to the logic

The project also aims to bring about a change in behaviour: encouraging customers to shift from a focus on cash savings to a focus on gradual investment. “ETF savings plans allow people to start with very small amounts, and that’s something the younger generation really appreciates,” said the BlackRock executive.

Tax considerations are also a key selling point, particularly in Belgium, where the rules are constantly changing. The bank promises to handle tax deductions and investment-related obligations directly. “Taxation can be a burden for clients in Belgium. We want to offer them a simple and transparent solution so that they can have peace of mind and focus on their investments,” emphasised Marc Flammang.

The firm also points out that it has had a physical presence in Luxembourg and Belgium for over ten years through Intesa Sanpaolo Wealth Management. This local presence is cited as a competitive advantage over certain purely digital players.

“We want to have both a physical and digital presence in the countries where we operate. This strategy allows us to be truly local,” explained Francesco Lazzarini. However, the ambition extends beyond Belux alone. Intesa Sanpaolo sees Fideuram Direct as the first building block of a European digital wealth management platform, capable of combining advice, technology, investment products and a traditional banking presence. “The launch of Fideuram Direct in Belgium and Luxembourg marks a key milestone in the international expansion of the group’s digital wealth management model,” said Marc Flammang. “The aim is to support clients throughout their investment journey by combining technology, bespoke solutions and a distinctive human touch.”