Jonathan Kleeborn believes the largest opportunity for ETFs in Europe is attracting money from savings accounts and deposits, rather than competing for existing market share.

Over the past five years, ETF savings plans in Germany, known as Sparplans, have attracted millions of investors, many of whom are investing for the first time.

The recent European Union "retail investment strategy" regulation is not expected to accelerate the shift to fee-based financial advising on the continent.