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06 February 2024

The Transformation of the Brazilian Wealth Management Industry

What's driving change in the region?

The Brazilian wealth management industry is undergoing a significant transformation. According to the UBS 2023 Global Wealth Report, the number of individual millionaires in Brazil increased by 41%, expanding from 293,000 individuals in 2021 to 413,000 in 2022.[1] Apart from this growing subset of high-net-worth investors, the transformation in the wealth industry is also driven by the heightened specialization of new investment management firms offering a range of tailored and customized services.  
Historically, investors primarily confined themselves to the conventional product offerings of traditional banks with little to no specialized support available. The lack of specialization created an opportunity for new independent wealth management firms to enter the market and fill the void. Per Anbima – Brazilian Association of Financial and Capital Market Entities the first half of 2023 saw 36 new wealth management firms launch operations in the region, bringing the total number of firms to more than 140 independent wealth management firms currently operating in Brazil.[2]

The rise of digital platforms drives another aspect of the transformation. These platforms empower customers with more information and easy access to investment options previously only available to a pool of qualified investors. This movement not only intensifies the volume of investments being carried away from traditional banks but also leads customers to expand their relationship with these wealth managers and discover new types of investment products previously unknown to them.

How can your firm capitalize on the transformation?

With this growth, we’re seeing clients with more expertise in product offerings and personal finance. These clients are now better equipped to make investment decisions and can easily migrate their assets digitally between financial institutions whenever they like. Given the dynamic landscape, below are several actionable areas for your firm:

  • Portfolio Diversification is not “one size fits all.” Moving away from out-of-the-box offerings is key to thriving as a wealth manager. This is particularly important now that new regulations have allowed investors to access products that were only available to qualified investors in the past.
  • Transparency is key in 2024. The CVM 179 resolution will come into force later this year, requiring the advisory market to shift from a commission model to a fee-based model that is currently adopted in other markets.[3] This is a welcome change for end-clients, as it will create a more aligned relationship between customer and advisor as conflicts of interest will be avoided.
  • Technology is a core focus for firms that are experiencing rapid growth. A cloud-based solution is vital in this market, offering agility and scale. Selecting the right platform will address operational challenges such as managing many portfolios, the ability to invest in offshore assets, customization of workflows, communication with custodians, and the ability to market new products quickly.

Proven technology for the life of your firm.

As firms navigate the Brazilian market’s rapid growth and changing landscape , technology and services will play a critical  role. A strong operational underpinning will make it easier to navigate uncertain markets, empowering firms to scale, capitalize on this transformation, and have the capacity to implement strategic decisions at scale.

To learn more about SS&C Advent solutions that support tax lot tracking, contact us or request a demo.


[1] Global Wealth Report 2023: Leading perspectives to navigate the future. Retrieved from:

[2] Anbima – Brazilian Association of Financial and Capital Market Entities. “Volume managed by wealth managers grows 8.3% and totals R$460.4 billion in 2023.” Retrieved from:

[3] Demarest. “Investment Funds and Structured Operations Newsletter No. 2 – February 2023.” March 8th, 2023 Retrieved form: