06.Santander AAA: Guia Completo e Dicas Valiosas

Name: 06.Santander AAA: Guia Completo e Dicas Valiosas
Uploaded: 2024-06-27T21:00:06.000Z
Duration: 1 h 58 min 37 s

Introduction to the Podcast

Welcome and Guest Introduction

Fabrício Faria introduces himself as the host of the podcast, welcoming listeners to another episode of Etex Fin Academy.

Sidney greets the audience and mentions a special guest, Breno, who will discuss career opportunities in finance.

The discussion is prompted by requests from their community for insights into working at Santander.

Breno's Career Journey

Early Aspirations and Career Shift

Breno shares his background, mentioning he moved to Belo Horizonte eight months ago from Brasília.

He initially pursued a public service career but realized it wasn't fulfilling after passing a public exam at 18.

Despite an early interest in economics, he faced health challenges that motivated him to leave public service for financial advisory.

Transition to Financial Advisory

After discovering his illness (ankylosing spondylitis), Breno decided against remaining in a career he didn't want.

His passion for helping others led him to start assisting friends with investments informally before pursuing formal certification.

Entering the Financial Market

Certification and First Steps

Breno obtained his ANCOR certification, which opened doors for him in financial advisory roles.

He received multiple job offers during a period of growth in brokerage firms and chose to join LHX Investments.

Learning Process in Financial Advisory

Starting from scratch, Breno learned about investment portfolios and client management through hands-on experience.

He transitioned directly into financial advising without prior experience outside of public service roles.

Building a Client Base

Initial Challenges and Strategies

Breno describes starting with no clients or leads; he focused on building relationships through personal connections.

His approach involved leveraging referrals from family and friends while learning the fundamentals of portfolio management.

Growth Through Networking

As he gained experience, Breno emphasized the importance of networking and client referrals in growing his practice.

Career Journey in Financial Advisory

Initial Concerns and Career Development

The speaker emphasizes the importance of genuinely caring for clients, noting that those who focus on client needs can build substantial portfolios (5 to 15 million), but may face stagnation due to a lack of referrals.

The speaker transitioned into a leadership role within real estate funds, indicating a need for guidance in directing investment strategies and managing client portfolios.

Changes in Company Philosophy

Following a merger with Bull 3, the speaker experienced a shift in company philosophy, losing some autonomy over portfolio management, particularly for conservative clients.

Discontent with the loss of autonomy led the speaker to leave their previous firm without a clear next step until receiving an invitation from Messen Investments.

Experience at Messen Investments

At Messen Investments, regarded as one of the largest firms post-merger with Faros, the speaker found an incredible educational environment that enhanced their advisory skills.

The onboarding process at Messen was unique and not aligned with XP's standard practices, providing significant learning opportunities.

Transition to Santander

In early 2022, discussions began regarding joining Santander as they launched Triple A amidst changing economic conditions marked by rising interest rates and inflation.

The speaker observed their earnings decrease significantly due to changes in commission structures linked to market conditions.

Historical Context and Institutional Strength

Reflecting on Santander’s long history since 1857 and its resilience through major historical events like World Wars provides confidence in its stability as an institution.

Notably, during the subprime crisis of 2008, Santander did not require assistance from the European Central Bank, showcasing its financial robustness.

Challenges Faced by Traditional Banking Models

Upon joining Santander in August 2022 during Triple A's inception, it was noted that traditional banking models had been ineffective; clients struggled to access investment services directly through their bank managers.

Investment Processes and Client Relationships

Challenges in Investment Communication

The speaker discusses the bureaucratic nature of investment processes, highlighting the need for clients to repeatedly explain their financial situations due to a lack of personalized service.

There is a general dissatisfaction with traditional brokerage firms, leading to client abandonment across the industry, not just at Santander.

Restructuring Investment Areas

The conversation shifts towards restructuring investment areas by examining successful models like that of autonomous agents who earn based on performance.

A survival filter exists for advisors; those who perform well can thrive financially, while underperformers must seek alternative careers.

Stability and Support for Advisors

The need for a minimum stability model is emphasized, suggesting that advisors should receive a base salary along with benefits such as health insurance and meal vouchers.

Building Client Portfolios

New advisors entering firms like XP or BTG often start without clients and must build their portfolios from scratch, which poses significant challenges.

Successful advisors typically come from privileged backgrounds or possess strong commercial skills and networks but may still struggle if they cannot find relevant clients.

Opportunities in the Market

Discussion about opportunities for specialists entering the market in 2024 focuses on necessary skills beyond networking.

New hires at Santander receive an initial portfolio of 100 clients, providing them with a solid starting point compared to others who must build from zero.

Technical Knowledge as Key Differentiator

Emphasis is placed on technical knowledge; advisors must understand market dynamics to effectively manage client portfolios.

The importance of being technically proficient is reiterated; without this knowledge, advisors risk losing direction in their roles.

Leveraging Existing Relationships

Advisors are encouraged to leverage existing relationships within businesses (PJ), as many business owners do not have personal accounts at Santander.

This opens up opportunities for cross-selling services by inviting business clients to explore personal banking options at Santander.

Opportunities and Growth at Santander

Overview of Financial Opportunities

The speaker discusses the vast financial opportunities available at Santander, highlighting significant revenue figures (5 to 40 million) that individuals may not typically account for.

They mention managing a portfolio worth 40 million, which was randomly assigned, and how they successfully doubled it to over 110 million within a year and a half.

Meritocracy Culture at Santander

The speaker emphasizes Santander's strong culture of meritocracy, where performance directly influences career advancement.

They share an example of Kelly, who quickly rose to team leader status due to her results-driven approach, illustrating the potential for rapid growth within the company.

Autonomy and Freedom in Work

The discussion shifts to the autonomy provided by Santander, allowing employees to take initiative in their roles. This freedom is seen as essential for personal and professional growth.

The speaker reflects on creating a supportive advisory culture that fosters relationships with clients while also focusing on structured processes for meetings and client interactions.

Leadership Development

Emphasis is placed on hiring autonomous individuals who can naturally lead without formal titles. This proactive behavior is encouraged as part of the company's culture.

The speaker shares their journey from being an advisor to becoming a team leader in Brasília, noting their team's success among hundreds across Brazil.

Rapid Promotions and Future Recommendations

Upon arriving in Minas, the speaker highlights promoting several team members rapidly due to their capabilities and drive.

Understanding the Profile of High-Net-Worth Client Advisors

The Importance of Experience in Client Advisory

When Santander began hiring, there was a significant opportunity for many candidates; however, as expectations rose, experience became crucial. A novice advisor cannot manage a portfolio of 60 million without prior experience.

The term "novice" refers to someone who has not worked with high-net-worth clients, particularly those in the select and VOG segments. Understanding these client categories is essential for effective advisory.

High-net-worth clients have specific demands that require advisors to be resilient and responsive. They expect immediate solutions, even when issues may not have straightforward answers.

A novice advisor might lack technical knowledge or experience with investments. Identifying potential in well-prepared clients can sometimes bridge this gap if they possess strong commercial acumen.

Types of Professionals in Client Advisory

There are typically two types of professionals entering the field: technically skilled individuals (often referred to as "nerds") and those with strong commercial skills. The ideal candidate possesses both attributes.

During interviews, questions about specific financial instruments (like B35 bonds) help gauge a candidate's technical understanding and readiness for the role.

Candidates must demonstrate an ability to explain market concepts clearly. This indicates their depth of knowledge beyond just recognizing terms.

Balancing Technical Skills and Commercial Acumen

Successful advisors need both technical expertise and commercial maturity. They should feel comfortable engaging with clients rather than fearing them.

Effective communication involves discussing client needs while also identifying investment opportunities that align with their financial goals.

Advisors must balance personal rapport with professional advice—understanding family situations can enhance client relationships while discussing investment options like CDB offers.

Challenges in Hiring Practices

Hiring solely based on sales performance without technical knowledge can lead to ineffective advisors who struggle under pressure due to lack of foundational skills.

It’s critical to find candidates who excel both technically and commercially during the interview process to ensure they can handle diverse client needs effectively.

Methodology Behind Advisor Training

The training methodology emphasizes balancing technical analysis skills with negotiation abilities developed through practical experiences in previous roles within finance sectors like pension funds or investment analysis.

Career Development in Financial Services

Technical and Commercial Perspectives

The speaker emphasizes the importance of having both technical knowledge and commercial insight when working with clients, highlighting a recent conversation about a potential client who is an athlete using Garmin products.

Additional skills are crucial for becoming a specialist; the discussion mentions an upcoming launch that focuses on combining technical foundations, commercial acumen, and soft skills.

Job Opportunities in Financial Sector

There are numerous job opportunities at Santander for those with market experience; the speaker notes that availability varies by geography and culture within Brazil.

Many positions remain open in rural areas of Brazil, while larger cities see more filtered job openings. The speaker shares their own team's rapid expansion, hiring over 22 people in six months.

Career Growth and Aspirations

The speaker discusses career paths within Santander, particularly for young professionals entering finance. They highlight the desire to become specialists or private bankers as common aspirations among new hires.

To achieve roles like Private Banker at Santander, candidates must meet specific prerequisites and navigate a lengthy process rather than expecting instant success.

Realities of Career Advancement

The speaker warns against unrealistic expectations regarding career growth due to societal trends favoring immediacy; they stress that substantial progress requires time and dedication.

Personal experiences illustrate that prior knowledge and preparation can significantly impact one's ability to advance quickly within the organization.

Meritocracy in Career Progression

Private Banking Insights

Understanding Private Banking and Career Progression

The discussion begins with the significance of a large portfolio in private banking, highlighting that an advisor with a substantial portfolio (e.g., half a billion) is already operating at a private level.

Promotion within Santander is based on performance; advisors managing larger portfolios (e.g., from 40 million to 300 million) are less likely to leave due to recurring revenue from their extensive client base.

The model of autonomous agents allows for standardization in earnings, emphasizing that net inflow is significantly faster at Santander compared to other institutions.

High-performing individuals can quickly ascend to team leader positions, reflecting the bank's ongoing expansion and the importance of results in career advancement.

The transition from project-based initiatives to essential structures within the bank indicates that successful models like "Triple A" are now integral parts of Santander’s operations.

Regional Dynamics and Client Management

Opportunities for regional roles are expanding as Santander continues its growth; current openings exist in various locations such as Rio de Janeiro and Goiânia.

In Minas Gerais, advisors may have geographic limitations on client management, raising questions about whether they can serve clients statewide or only locally.

Advisors must navigate regional restrictions when prospecting clients who may already be associated with other branches, ensuring proximity remains a priority for effective relationship management.

The "Triple A" program collaborates across all areas of the bank, indicating its critical role in driving liquidity and fostering relationships with different sectors like agriculture and corporate banking.

There’s an emphasis on networking within Santander; strong internal connections can lead to better resource allocation and improved performance outcomes.

Networking and Product Offerings

The speaker highlights the importance of political acumen within banking—building relationships can enhance one's ability to capture opportunities effectively.

Understanding the Role of Banks in Customer Relationships

The Importance of Being a Primary Bank

Every bank aims to be the primary financial institution for its clients, enhancing customer loyalty through diverse offerings.

A case from Santander illustrates this: a banker created a unique experience by arranging a factory visit to Ferrari for a client, leading to increased engagement and business.

Unique Client Experiences

By providing exceptional experiences, bankers can significantly increase client investments; one example showed an increase from 2 million to 5 million in client funds.

The importance of personal connections is emphasized; smaller teams allow for better communication and product awareness among clients.

Product Awareness and Communication

A private banker shared that he could only reach 20% of his clients regarding investment opportunities due to time constraints, highlighting the need for efficient communication strategies.

Smaller teams can outperform larger ones in terms of product dissemination, ensuring all clients are informed about lucrative offers.

Relationship Over Products

Clients do not typically leave their advisors over product offerings but rather due to lack of relationship; losing a client over minor rate differences indicates poor relationship management.

Advisors should focus on building strong relationships instead of solely competing on rates or products.

The Role of Technology in Client Interaction

Assessing advisor performance can be linked to client retention rates; technology has changed how advisors interact with clients.

WhatsApp has become an essential tool for investment advisors, allowing them to address various client needs beyond just investments.

Comprehensive Service Offering

Clients often turn to their advisors for issues outside traditional banking services, indicating the importance of being seen as a comprehensive resource.

Understanding the Role of an Investment Advisor

The Nature of Being an Advisor

The role of an investment advisor is described as a lifestyle rather than just a profession; it requires full commitment and engagement beyond standard working hours.

Ideal candidates for this role are those who are willing to work flexible hours, including late nights, demonstrating dedication to their clients and the profession.

Skills Required for Success

Advisors must possess a blend of technical knowledge, commercial skills, and relationship-building abilities to thrive in today's market.

Emphasis is placed on the importance of proximity and user experience in advisory roles, particularly within technology-driven companies.

Commitment to Continuous Learning

Being a successful specialist involves living the profession 24/7 with discipline, focus, and execution; it's about being constantly informed about global markets.

The speaker shares personal experiences highlighting that true passion for the field leads to continuous learning and engagement with market developments.

Challenges Faced by Candidates

A discussion on common gaps observed in candidates reveals that many believe they are prepared but lack necessary technical knowledge or practical experience.

The speaker stresses the importance of preparation before entering the field; aspiring advisors should actively seek knowledge through various resources.

Recommendations for Aspiring Advisors

A strong emphasis is placed on self-preparation; individuals should not enter the profession without adequate background knowledge or training.

Recommendations for Aspiring Financial Specialists

Starting Certifications: CPA20 vs. CEA

The speaker discusses the value of technical references and educational videos, emphasizing their quality for those starting in finance.

It is suggested that aspiring specialists can directly pursue the CEA certification instead of sequentially completing CPA 10 and CPA 20, as the only difference is eight math questions.

Networking and Hobbies

Engaging in hobbies like tennis or motorsport can be beneficial for financial advisors to network and attract clients within niche communities.

The importance of building relationships quickly is highlighted, along with having strong commercial skills and technical knowledge.

Essential Skills for Success

Three key skills are identified for successful financial advisors:

Natural sales ability to connect with people.

Advanced technical knowledge.

High productivity through effective time management.

Advice for Future Specialists

The conversation wraps up by acknowledging the opportunities available in the financial market for 2024, stressing that beyond certifications, various other skills are crucial.

Key Takeaways from Experience

A reflection on what advice would be given to a younger self entering finance emphasizes hard work, focus, concentration, and discipline as essential traits.

Persistence is underscored; setbacks should not deter individuals from continuing their efforts in learning and improving.

Building Resilience

The speaker encourages embracing failures as learning experiences that contribute to professional growth.

Continuous effort despite challenges will lead to significant personal development over time.