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