I am an Independent Advisor
I hold a degree in Business Administration from Barcelona University
I am certified and registered as a National Financial Advisory Firm (EAFN in Spanish)
I am authorized by the Spanish National Securities Market Commission (CNMV) to provide investment services under registration number 53.
Financial investment advice is a restricted activity, meaning it can only be provided by duly authorized individuals and/or entitites, this activity is also supervised by the CNMV
Always request the relevant accreditation or authorization from any professional providing you with financial advice.
How can we grow together?
By providing you with INDEPENDENT financial advisory services regarding investments, through recommendations tailored to your personal situation, experience, and risk profile.
The first step will be to analyze your financial and personal information, your risk profile, and your financial goals.
The next step will be selecting the financial instruments to reach those goals.
These are primarily mutual funds and Exchange-Traded Funds (ETFs).
My recommendations consist of funds issued by companies with which I have no professional, financial, or legal relationship.
Independence is a key factor in the client relationship; it reduces costs and eliminates CONFLICTS OF INTEREST causde by retrocessions (management fees paid by fund managers to agents for marketing their products).
I provide advisory services to both retail and professional clients.
Retail investors, according to MIFID II* are those who do not have extensive experience or deep knowledge of finance.
*Market in Financial Instruments Directive II : European regulation aimed to protecting investors.
I want to share some important information with you.
This information relates to the distribution of mutual funds in Spain.
This information comes from my experience in the banking and insurance sectors, as well as studies published at the end of 2024.
Since the implementation of MIFID I in 2008, many European regulations have been introduced to :
-Protect the retail investors.
-Eliminate retrocessions.
-Eliminate conflicts of interest.
What are retrocessions?
How is fund distribution organized in Spain?
Mutual Funds are issued by Investment Fund Managers.
Banks and insurance companies - through their own or external sales networks - market these funds.
Investment Fund Managers pay banks a fee, known as management fee, for providing marketing services to their clients.
Furthermore, it is common for many banks and their agents to recommend funds from the bank´s own manager (belonging to the same corporate group).
As a fund participant or investor, you pay an implicit annual cost in the form of a management fee (max 2,5%).
It is implicit because it is deducted from your returns. The return you see on your statement is net because the aforementioned fee has alreday been deducted.
The payment sequence of these fees can be summarized as follows:
- Investment Fund Managers deducts the fee from your fund.
- Invesment Fund Managers pays the fee to the bank.
- The bank pays the fee to its agents. This is what is known as a retrocession or rebate.
Retrocessions have historically represented a high percentage of the total compensation received by financial agents in Spain.
In countries, like United Kingdom, the RDR or Retail Distribution Review (2013) has regulated this phenomenom for years, banning retrocession.
UE proposed rules to eliminate these payments.
But they were ultimately not applied due to opposition from southern european states like Italy and Spain.
-More than 50% of professsionals providing non-independent advice or discretionary portfolio management, collect retrocessions from investment managers funds.
-Retrocessions create conflicts of interest.
-Retrocessions harm transparency between advisors and the retail investors.
-Retrocessions are inefficient because they increase costs.
-Retrocessions are implicit costs and the retail investor often remains unaware of the impact they have on their long-term investment plan.
-Retrocessions act as a lobby againts legislative changes.
-Retrocessions prevents the elimination of these incentives.
-Retrocessions have decreased slightly since the entry into force of MIFID II, but they still represent a high percentage of the income of non-independent agents.
In practice, rebates are still used.
In non-independent advisory services, client communication is often inadequate, in my experience.
Key Elements of Long-Term Investing
1.Reducing fund costs.
2.Compound interest within a systematic plan.
3.DCA Dollar Cost Averaging to average out purchase prices.
I personally add a fourth item
4.The absence of conflicts of interest
Most retail investors are unfamiliar with these concepts :
-management fees
-retrocessions
-conflicts of interest
-impact of fees in a long-term investment plan.
I see entities marketing mediocre funds improving their business targets every year: more clients and more assets under management.
How can it be?
In my opinion, this happens because the client is unaware of everything mentioned above.
It stands to reason that a client, once informed, would choose:
Funds wit lower fees and a more transparent relationship with their advisor.
Choose an independent advisor with no ties to the products he recommend.
A fully informed retail investor should choose:
-a lower cost financial vehicle or instrument to capitalize long-term saving.
-a financial advisor whose interests are aligned with the client´s through an honest and transparent relationship.
-an advisor who helps the retail investors to take responsability of their wealth by providing financial education.
-an advisor who helps eliminate emotional and behavioral biases during the investment process.
-an advisor who offers the same level of service they would want to receive if they were the investor.
-an advisor who works for the retail investor nor for a bank or insurance company.
When Should I start investing?
To reach your long-term financial goals, when is more important than how much.
It is a priority to participate in the wealth generated by the global economy.
Even if you don´t have investments yet, you are already participating in the global economy: you provide your labor and consume your earnings.
The difference between you salary (income) and your consumption (spending) is your monthly saving capacity (MSC).
If you are not familiar with finance and investing, you may not be aware that you can build long-term capital through small amounts and systematic investing.
Technology is driving structural changes in our economies ans societies at speeds previously unthinkable.
Understanding these changes and their nature will allow you to seize opportunities.
You can share in global progress and, with compound interest, rigor, discipline, time and an investment plan, you can reach your goals.
Hire a professiona, an independent financial advisor just as you do for your health (doctor), the protection of your rights (lawyer).
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Comience con el cliente – descubra lo que quiere y déselo.
Independent
I work for you
fees
save on fees and improve your investments