ETFs, equities and bonds: your securities account, properly followed

A service dedicated to self-directed holdings, with a transparent cost structure applied only to these instruments and a selection built on your profile.

In short

  • The service covers self-directed holdings: the ETFs, ETCs, equities and bonds you hold in your own securities account.
  • The cost structure is separate from that of funds and discretionary mandates, applied only to this specific perimeter.
  • Capital gains are generally taxed at 26%, with a reduced 12.5% rate on Italian government bonds and equivalent securities.
  • We first analyse what you already have: we never start from scratch, we integrate and correct what is needed.

What are self-directed holdings, and how do they differ from managed investing?

Self-directed holdings are the financial instruments you hold directly in your securities account — ETFs, ETCs, equities, bonds — whose specific composition you choose, with our support. It differs from discretionary management, where a professional manager decides the portfolio composition according to predefined lines. Those with a securities account have often built it up over time, in successive layers, with nobody ever holding an overall view of it.

What does a well-built account contain?

ETFs replicate an index or a basket of instruments in a single purchase, and are the main tool for building low-cost diversification. Bonds should be assessed on three elements: the coupon, the remaining term and the issuer's creditworthiness — three variables that together determine expected risk and return. Individual equities require closer analysis, because they concentrate risk on a single issuer. The right combination depends on your profile and on how much you want the portfolio driven by a single logic.

How does the cost structure work?

The service has a transparent cost structure, communicated before every choice and applied only to the self-directed perimeter — distinct from that of any funds or discretionary mandates you hold elsewhere. Access thresholds and specific conditions depend on your profile: we give you the exact detail during the first meeting.

Who it is for

When does it make sense to hand your account to an adviser?

These are the situations where doing it yourself starts showing its limits.

You have an account nobody follows

Securities accumulated over time, with no overall logic and no periodic review.

You want transparent costs just for this

You do not want the cost of this service blended with that of other products you already hold.

You manage it yourself but want a second opinion

You already run your own account, but want a professional check before major decisions.

You want to optimise taxation

Unoffset capital losses, bonds chosen without looking at taxation: margins often overlooked.

What changes in practice

Four numbers on self-directed holdings

26% The standard rate on capital gains from financial instruments
12.5% The reduced rate on Italian government bonds and equivalent securities
4 years The window within which capital losses can offset future capital gains
1 The perimeter the service cost applies to: self-directed holdings only
How we work

From existing account to properly followed portfolio, in five steps

  1. 01

    We analyse the existing account

    What you already have, how it took shape over time, and what logic — if any — holds it together.

  2. 02

    We define the profile

    Risk, horizon and goals specific to this portion of the portfolio.

  3. 03

    We select the instruments

    ETFs, ETCs, equities and bonds consistent with the profile, with no needless overlap.

  4. 04

    We rebalance over time

    Targeted moves when markets, profile or goals change, not on a fixed calendar.

  5. 05

    We send you reporting

    A clear periodic view of how your account is performing, not just a statement.

The mistakes we see most often

Three accounts built with no logic

Forty securities with no overall logic

Accumulated at different times, without ever asking whether together they tell a coherent strategy or just a list.

Overlapping passive funds

Several ETFs tracking the same markets in slightly different ways, with no real added diversification but duplicated costs.

Ignoring capital loss offsetting

Capital losses expire if not used within the deadline: a tax opportunity lost through simple oversight.

What are you really paying on your securities account? Our simulators compare the effective taxation of your funds and show you the effect of portfolio volatility on your holdings.
Go to the simulators →
Frequently asked questions

What we are asked most often

We analyse the securities account you already hold — or want to open — and build a selection of ETFs, ETCs, equities and bonds consistent with your risk profile and goals. The cost structure is transparent and applied only to this perimeter, distinct from that of any funds or discretionary mandates you hold elsewhere.
Thresholds and access conditions depend on your profile and the size of your securities account. Write to us or book a meeting to receive the exact detail that applies to your situation.
Yes. We always start by analysing what you already have: some positions can stay as they are, others are integrated or replaced depending on how they fit the overall strategy. We never start from scratch without first looking at what you own.
Capital gains on these instruments are generally taxed at 26%, with a reduced 12.5% rate for Italian government bonds and equivalent securities. Capital losses can be offset against future gains within 4 years, a tool that is often underused and that we always check when managing your account.
Monitoring is continuous, but operational reviews happen when market conditions, your risk profile or your goals change — not on a fixed calendar disconnected from reality. You still receive periodic reporting on how your account is performing.

Didn't find your question? Write to us directly — we answer personally.

Read more

If you want to arrive prepared

ETFs, stocks and bonds: what changes for those who hold them

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Interest rates: why they move and what they change for your money

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Savings and investments

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All services for individuals

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Your contacts for ETFs, equities and bonds

Elena Ceccato Abbamonte Giulio Salvador
Contact

Let's talk over a coffee

The first meeting is about getting to know each other, with no commitment. Write to us or stop by our office in Vittorio Veneto.

Office
Via delle Terme 2, 31029 Vittorio Veneto (TV), Italy
Phone
+39 327 558 4213
Email
vittorioveneto.p13@allianzbankfa.it
Opening hours
9:30 – 12:30
15:00 – 18:30