Deloitte Milan, in collaboration with the law firm NCTM, wanted to understand the situation, needs and developments of the Individual Savings Plans market, with the ultimate aim of evaluating the possibility of providing advisory and risk management services in the same.

Initial situation

The Individual Savings Plans (PIR), introduced by the Italian government with the 2017 Budget Law, as part of the “Finance for Growth” program, are among the measures aimed at facilitating the entry of companies into the market of capital and stretches in order to incentivize investments, exploit the strong Italian propensity to save and stimulate the growth of the production system.

The research paper, the first in Italy on the topic, was vital for defining Deloitte’s strategy in the sector. The survey deepened the analysis of the regulations on PIR, the study of the markets involved and the impact on the reality of SMEs.

JEME’s contribution

• The project started in November 2017 and lasted about three months. The quality of the output was guaranteed by the exceptional coordination capacity of the team, consisting of two Project Managers and 8 consultants, committed for the entire duration of the project.
• The work was structured in a critically strategic way by the PMs: this allowed integration and fluidity in the processes, which made the contribution of the consultants harmonious throughout the research.
• First, an analysis of the tool and the regulatory context was carried out, through the collection of information on the process that led to the creation of the PIRs, and a comparative survey was conducted with similar products on a national and international level. Subsequently, an analysis of the investment management market and PIR products was carried out, defining the evolution of the sector, the typical profile of the PIR investor and the perception of the product by Italian savers.
• Supply and demand were also quantified, with particular focus on supply growth trends, and finally a descriptive analysis of investment funds was carried out.
• A statistical survey then defined the impact that the introduction of PIRs had on the market and, ultimately, the effect on Italian small and medium-sized enterprises was analyzed, identifying possible risk factors, the results achieved and especially the growth trends for the future.

JEME’s impact

Despite the paucity of literature on the subject, the team managed to produce excellent output, which met Deloitte’s quality standards.

The added value of the final work was evidenced by the media attention of various national newspapers (ANSA, Affaritaliani and Sole 24 Ore). In addition, the project was presented at two events held in Milan and Rome, in front of some of the major players in the sector.