Brazilian investors are already exposed to global developments, even when their portfolios are concentrated entirely in domestic assets. That was one of the key messages from Roberto Paris, chairman of Anbima (Brazilian Financial and Capital Markets Association), at the opening of the third ANBIMA Global Insights, held in São Paulo on November 11. 

The event drew more than 500 participants, with Paris emphasizing the importance of responsible international diversification supported by sound financial advice.

Geopolitics featured prominently in the discussion. Oliver Stuenkel, of Getulio Vargas Foundation (FGV), noted that Brazil benefits from its location in a region with relatively low geopolitical risk but remains exposed to tensions between major global powers. “The strategy is multi-alignment,” he said, advocating stronger relationships with different centers of global influence.

Gabriela Santos, of J.P. Morgan Asset Management, highlighted opportunities arising from shifting capital flows and investment in artificial intelligence. “We cannot focus solely on risk, but also need to consider return potential. There are tailwinds supporting international markets.”

International diversification

There is still significant room for Brazilian investors to increase their international exposure. Tatiana Itikawa, Anbima’s chief of Regulatory Policy and Business Development, noted that investments abroad rose from $30 billion in 2015 to $83 billion in 2020, but emphasized that “there is still enormous potential for growth.”

Daniel Haddad, of Avenue, pointed to another important shift: international investing is no longer the exclusive preserve of wealthy individuals. “We have already become global consumers. Why haven’t we become global investors yet?” he asked.

Haddad also stressed that diversification does not mean moving all assets overseas. Investors can keep their emergency savings in Brazilian reais while allocating part of their long-term investments to international markets.

Building these portfolios requires a clear strategy and well-trained professionals. Aquiles Mosca, of BNP Paribas Asset Management Brazil, underscored the value of internationally recognized qualifications. He noted that the ANBIMA Professional Certification (CPA) is recognized as equivalent to the European Investment Practitioner (EIP) qualification from the European Financial Planning Association (EFPA), extending the international recognition of Brazilian financial professionals.

As investors gain access to a wider range of markets and products, careful selection becomes increasingly important. Daniel Celano, of Safra Asset Management, argued that investment decisions should be assessed in the context of the overall portfolio. “It is not enough to look at a product in isolation. The question is: What risks are we avoiding, and what benefits does this investment provide?”

Eric Pan, of the Investment Company Institute (ICI), also emphasized the importance of geographic diversification. Because it is difficult to predict which markets will outperform in the coming years, exposure to different regions allows investors to benefit from growth opportunities wherever they emerge.

The evolving role of financial advisors

Financial advisors play a central role in turning these considerations into practical recommendations. Alessandro Chagas, of Santander, described the challenge as one of judgment: making sense of complexity and answering the question that matters most to clients: “What works for me?”

Renato Breia, of Nord Investimentos, contrasted the Brazilian market with more mature investment markets. “Abroad, people seek out advisors to diversify their wealth. Here, they often seek them out because they are afraid.”

Breia believes technology will help reduce administrative tasks, freeing up more time for advisors to focus on client relationships.

Future of finance

Artificial intelligence took center stage in discussions about the future of the financial services industry. For futurist Brett King, the transformation extends far beyond automation.

“Artificial intelligence will have the greatest impact in history. It is a technology with greater consequences than fire and the wheel,” he said.

King expects AI agents to play an increasingly prominent role in financial relationships, reshaping how consumers access services and make decisions.

The transformation will also challenge traditional banking models. “The question is no longer whether banks will change, but whether today’s banks will make it to the era of agentic banking, Bank 5.0.”

Andrés Kikuchi, of Nubank, brought the discussion back to investment management. As AI becomes capable of processing vastly larger volumes of data, analysts and financial advisors will have more opportunities to interpret information, ask better questions and build increasingly personalized portfolios.

Eric Altafim, of Itaú Unibanco, offered a note of caution. Technology is advancing faster than the financial infrastructure needed to support it. Human oversight, accountability for decisions made by AI agents and cybersecurity are among the challenges that must be addressed as the industry evolves.