XP INC wants to double by 2033 the value of customers’ assets in custody, today in about R $ 1.3 trillion, and sees the expansion of the performance of their investment advisers as a “big weapon” to achieve this goal, said the group’s executive, Thiago Maffra.
“From now on, we want him to really be a great ‘Wealth Planner’, who can help the customer far beyond an investment portfolio,” the executive said in an interview with Reuters. “Understand inheritance planning, tax planning… look at the client’s financial life in a holistic way”.
Currently, XP has about 18,000 investment advisors, 3,000 in the company’s internal channel and 15,000 self -employed agents, as well as approximately 1,000 consultants.
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“It is the great weapon we will use to double our AUC by 2033,” said Maffra, who took over as CEO in 2021, replacing founder Guilherme Benchimol, currently chairman of the group’s board of directors.
High interest and risk appetite still contained in Brazil, in addition to competition with other relevant agents, including large retail banks and BTG Pactual, are challenges, but do not undermine CEO’s confidence, which says the XP created the investment advisory profession in the country.
“This (high interest rates and risk aversion) is certainly not good for our business, our ‘core business’,” said Maffra, explaining that such a scenario decreases the company’s growth curve.
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“If the scenario remains like this until 2033, which I don’t think is likely, it will be challenging, but we will have to search,” he said. And if there is an improvement, he mentioned, XP grows revenue again by 30% per year – from 15% up in 2024.
For the executive, “XP is the best home to capture in this resumption.”
“It’s a matter of time to really be the dominant player and double our AUC,” Maffra said on Wednesday, before Expert XP, which the company promotes as the largest investment festival in the world.
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Completing 15 years, this year’s edition opens to the general public on Friday and brings names such as California actor and former governor Arnold Schwarzenegger, former United States Vice President Al Gore, Surfer Kelly Slater, among others. Last year, the event had over 45,000 people on site.
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Maffra stated that XP will continue with the strategy of “armor” of the relationship channel with other partner offices of the group, through the acquisition of participation. “We must have two or three more (operations) by the end of the year,” he said, without giving details.
This year, XP has already announced agreements with the Creteria Investments in February and the 3rd Riva Investment Advisory in April.
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He said the group has also looked at some managers. “We love to buy wallets, we are always looking,” he added.
The group should also announce news related to the use of artificial intelligence, including a banking assistant involving the WhatsApp application in a “very close future”, according to the executive, who led the 2018 XP technology area to the CEO chair.
“Artificial intelligence, in fact, will change a lot how things work, how we interact with the customer, how we deliver experience,” he said, citing from productivity gains, which allow for example the advisor to focus on customer relationships such as innovations to customers.
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