FEE BASED OU COMISSÃO? FILIPE MEDEIROS EXPLICA O FUTURO DA ASSESSORIA

Summary

Filipe Medeiros, CEO da AAWZ, analyzes the accelerating shift from commission-based to fee-based advisory in Brazil. He uses XP's latest disclosures and US market data to show that fee-based will grow to dominate the industry, reallocating value from brokerages to advisors and driving a structural migration toward passive funds and ETFs.

• Commission-based advisory (comissionamento) will not disappear but will lose significant market share to fee-based (FIBASED) over the next 5 years.
• XP's CEO stated the company aims to reach 50% of client assets under the fee-based model, growing about 8 percentage points per year from 25% currently.
• The shift will compress brokerages' average take rate from ~1.2% to ~0.6%, while advisor compensation rises, improving service quality.
• Fee-based growth is a structural catalyst for passive funds and ETFs, as it reduces portfolio turnover and encourages low-cost passive investing, following the US pattern.
• The US advisory market, already majority fee-based, serves as a blueprint for the Brazilian evolution, benefiting end clients and professional advisors alike.
• Active fund managers in Brazil face headwinds as assets rotate into passive products due to the fee-based migration.