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Why investors are moving away from brokers to banks

This year, banks gave to the Russian stock market and 83% of new customers, brokers — only 17%. Understand what the causes are and what risks expose themselves to customers.

In 2018, the inflow of private investors to the Russian stock market gained pace: number of new unique clients on the Moscow stock exchange rose by more than tripled — from 259 thousand in 2017 and up to 826 thousand In seven months 2019 new brokerage accounts (including individual investment accounts, IMS) there are more than in all of last year, 926 million, according to RBC.

The main suppliers of private investors on the stock market were banks: in 2018, the year they opened 617 thousand brokerage accounts, and for seven months in 2019 — has 767 thousand the Number of open Russians IMS reached 1 million, First Deputy Chairman of the Central Bank of Russia Sergei Shvetsov said that this data was provided by the largest banks. The influx of customers from brokers is also growing, but not so fast: according to the results of January-July of 2019, he was 159 thousand new accounts.

Thus, this year, banks led the stock market 83% of new customers, brokers — only 17%. By the end of 2017, the pattern was the opposite: the banks accounted for a third of the clients of brokers — two-thirds.

For the year on the Moscow exchange will be 3 million unique clients-individuals, predicts the Director of the Department of stock market of the stock exchange Boris Blokhin (currently 2.74 million). However, not all came from banks customers real investors, warn the players in the market.

The flow of deposits

Private investors come mainly on the debt market. Their share in the primary bond market in the first seven months of 2019 was 11.9% (in 2017 — 4%); secondary — 8,3% (in 2017 and 6.3%).

Interest rates on deposits in Russia in 2018 has reached the minimum values, and cans to meet customer demand, began to offer investment products. As explained by the Director of the Department of stock market of the Moscow exchange Boris Blokhin, the impact of successful experience in sales OFZ Russians. Gradually banks allow customers to open an account through the application of online banking began to offer products of trust management.

At current rates of Deposit — extremely conservative tool without hope for the appreciable income, says managing Director of corporate ratings of “Expert RA” Pavel Mitrofanov: in these circumstances, an attractive alternative to steel and bonds the best borrowers, and the more bonds of the second echelon, and high-yield bonds. In conditions of declining rates of investment products is still long enough to be more attractive than Bank deposits, said Blokhin, especially given the proposed tax incentives (tax deductions for IMS benefits for long-term ownership, etc.).

In the stock market, the share of private investors in the past seven years has remained relatively stable from 31% to 35%. Banks are trying to offer customers an investment product similar to a Bank Deposit with minimum risk and expected return above the Deposit, and then clients begin to use stocks and exchange-traded funds, said Blokhin.

Basically, the influx of private investors on the stock market at the expense of existing customers of the major banks, said the head of Department of methodology of “BCS Premier” Aisha Kubesova. The state-owned banks have an obvious advantage over brokers through access to the huge customer base that is loyal to them and considers them the most reliable, and therefore more responsive to suggestions, says President of Finam Vladislav Kochetkov.


The new investors coming into the stock market from the banks, a lot of empty accounts, notes Aysha Kubesova. Many of these accounts may indirectly indicate that they were opened unconsciously, and the client is not told how to proceed with the investment.

Risks for Bank clients

The main risk for the new investor — misselling (the imposition of the product): the client trusts the Bank, and he can sell him a risky product.

Also Bank brokers high commissions compared to a traditional, experts said. If the customer account is not empty, it is extremely profitable for the Bank.

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