Business
XP Inc. Provides Data on IFA Activity in Brazil
SÃO PAULO, Brazil, July 22, 2020 (GLOBE NEWSWIRE) -- Consistent with our commitment of transparency, XP Inc. (Nasdaq: XP) is providing additional information
About this update from Xp Inc.
[{"type":"text","content":"SÃO PAULO, Brazil, July 22, 2020 (GLOBE NEWSWIRE) -- Consistent with our commitment of transparency, XP Inc. (Nasdaq: XP) is providing additional information about Independent Financial Advisor (“IFA”) channel activity in Brazil in order to clarify a few concepts and improve the overall market understanding on the subject. IFAs provide investment advisory services and we believe has significant room for growth, with hundreds of thousands branch managers all over Brazil increasingly seeking to become entrepreneurs.\n XP was founded in 2001 as an IFA and is proud to have participated in the development of the financial market in Brazil. Today, our ecosystem includes close to 500 IFA offices with branches spread across the country. Over the past 24 months, XP’s platform onboarded 139 new IFA offices, representing six new offices per month on average, and 5,408 new IFAs, or 225 added per month on average. During a similar period, our total AUC grew 160% from R$158 billion in June 2018 to R$412 billion in May 2020. Regarding the background of our IFA network, 87% of the IFAs added over the last 24 months are new to this profession. Additionally, approximately 30% of total came from large banks where they worked as branch managers or high-income wealth managers (bankers). Due to our DNA and focus on providing the best platform for these professionals and for our clients, we strive to constantly develop the IFA activity and we believe we are the only player in the market to invest in media to promote the profession. Moreover, we have a team of more than 500 professionals fully dedicated to assisting the IFA network and provide tailor-made tools in order to improve their productivity and performance. XP supports IFAs throughout their entire journey, from the onboarding and certification process all the way to the creation, development and growth of each office based on best practices and our expertise in this channel. We also have dedicated technology teams to provide the best solutions, such as a proprietary and exclusive application for advisors, CRM intelligence, back-office infrastructure and more. We believe that our client NPS score of 71 as of May-2020, high ratings on App Stores and the Data Folha award for best investment advisory company in Brazil in 2020 are important signs that we are moving in the right direction. We are al...