Brazilian investment firm XP Investimentos wants to add 1,000 advisers to its network of independent wealth firms by the end of 2018, according to local media reports.
The firm had 3,200 advisors on its network as of mid-July and it’s looking to reach 4,200 by year-end, according to an interview with XP partner and business development head Caio Peres by local news outlet, Gazeta do Povo.
XP’s network, which is called Agentes Autônomos de Investimentos XP, or XP autonomous agents, comprises independent advisers who run their own practices and connect to the firm’s investment platform.
Under this model, wealth managers feel like “entrepreneurs,” Peres said, and this “freedom” should help the firm’s recruiting efforts.
“We aim to finish 2018 with 1,000 more advisers, reaching 4,200 in total. It is an aggressive strategy, but it has everything to go right,” XP partner and business development head Caio Peres told the newspaper.
Although it is a relatively new market in Brazil, “the message that putting your money in financial products instead of keeping it in a savings account is being understood by more and more Brazilians every day,” Peres added.
XP Investimentos network has around 550,000 clients and 600 affiliate offices spread around Brazil, including Rio de Janeiro, São Paulo, Campinas, Porto Alegre and Belo Horizonte.