Firms selling funds over the Internet in Europe now have plans to launch a physical presence on the continent. Intent on raising their profile and not content with just an Internet presence, the fund vendors are taking a leaf out of their US counterparts' book by creating 'walk-in' centres.
According to Magnus Spence, director of Sector Analysis, firms most interested in a physical presence to complement their online activities are start-up dotcoms needing to create a customer base. More established firms such as Swedish company Fondex are seeking to emulate the success of Charles Schwab, the company which pioneered the centres.
Fondex, based in Stockholm, believes its plans to create a physical base will aid the development of its business strategy. Teddy Belin, managing director of Fondex, says the company is looking for a partner to assist in giving financial advice to its clients at the centre and recognises that 'some people like face-to-face contact.'
Moneyextra.com, the online Individual Savings Account supermarket, has announced plans to establish a network in the UK with its first branch in London. A wide range of services will be available with products for sale and investors will be able to talk face-to-face to representatives and seek their advice. Moneyextra is confident that this move will secure the company as a national brand in the financial advisor market.
Walk-in centres are also taking hold in France where ConSors, the online mutual fund and stockbroker, is planning to establish a physical presence to give its clients the opportunity to walk into a branch and get advice. According to Yves Naccache, chief executive officer, as a firm takes root and has the ability to provide more complex services, some investors have more confidence in the product if they are 'hand-held' through the process. ConSors is planning to build E-Finance Centres in four or five cities in France, including Paris, Lyon and Bordeaux.
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