Country _ Name
Financial advisory and broking services including robo advisory and auto-trading
FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.

Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment. 

Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.

Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making. 

There are also FinTech-advertising-services which advertise various financial services or products.


Attitude of the country towards modern financial advisory and broking services

Although prima facie it seems that no significant social and political reservations towards modern financial advisory services exist, we believe it is fair to say that these services remain widely unknown in Croatia. However, the number of companies offering these services through online platforms seems to be steadily increasing, and the rise is expected to continue as the market develops. 

Legal affairs

Obligations and requirements to provide financial advisory and broking services, or ancillary services described above

The CMA which transposed the Directive 2014/65/EU (MiFID II) into Croatian legislation, with its relevant bylaws, prescribes the investment firms’ obligation to obtain an investment company licence from HANFA in order to provide financial advisory services through robo advisory and auto-trading. For more information on investment service providers please refer to Section b.ii above. 

The CMA prescribes additional obligations for investment firms that engage in algorithmic trading (a part of robo advisory services and auto-trading), which include, inter alia, keeping detailed records and business documentation of all services, activities and transactions they undertake, as well as ensuring the resilience of the trading system used by the investment firms, embedding appropriate trading thresholds and restrictions; and preventing the sending of incorrect orders and the operation of the system in a way that creates or contributes to the creation of a disorganised market. 

Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area

Based on publicly available information on financial advisory services recorded in the official register of brokers and investment advisors there are more than 10,000 officially accredited active investment advisors in Croatia. The information on their employment status is not available, but it should be noted that the majority of financial advisory and brokerage services remain to be performed by the banks. The market is developing and is expected to grow.

Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area




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