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Russia’s central bank plans to organise of investment consultants institute in the country

March 01, 2014, 9:40 UTC+3 KRASNOYARSK
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KRASNOYARSK, March 01, 9:38 /ITAR-TASS/. Russia’s Central Bank plans to organise shortly an institute of investment consultants in the country for the purposes of further development of the national financial market and involvement of means from individuals in the market, the Bank of Russia’s First Deputy Chairman Sergei Shvetsov told the economic forum in Krasnoyarsk on Saturday.

The Bank is interested in attracting local investors so that they take a major share of the Russian financial market, he said.

Shvetsov called as abnormal the situation where individuals manage on their own their financial portfolios.

“We have about 200 thousand active people of the kind, and about one million potential players. Thus, our task is to organise an institute of financial consultants having professional skills who will assist individuals in investing their money in the stock market,” he said.

Financial consultants will advise individuals on placing their savings. At the same time, the consultants should be working under clear standards.

“Before giving advice, they should evaluate a client’s profile. They should learn the client’s purposes, time limits and whatever obstacles,” he said.

Russia should learn from the United States’ financial markets, where the institute of financial consultants is well developed and offers advice to individuals as to how to involve clients in distribution of the revenues generated by the economy.

The Central Bank reports, Russians keep on their private accounts about 16 trillion roubles, and only 840 thousand people use broker services when investing their savings.

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