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Santander tests new investment product

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Santander is testing a new form of investment distribution through specialized offices. The Spanish bank opened three units - in Curitiba, Rio de Janeiro and Recife - that, together with the one in São Paulo, have worked as a pilot for offering the service outside bank branches. At the same time, the group is gearing up to operate through independent financial advisers after acquiring a 60% stake in Toro Controle (owner of Toro Corretora and Toro Investimentos) through Pi DTVM last year.With the offices, Santander taps a model that is beginning to take shape in rival Itaú Unibanco. With Toro, it will explore a new front, in which Banco Safra has been investing for about a year through the SafraInvest platform. Bradesco was already active in this field with brokerage Ágora and has been betting on an army of specialists to be closer to customers, constantly harassed by digital brokerages.Pi was created in early 2019 with the proposal to be fully digital and take potential conflicts of interest in offering investments off the table. With no distribution effort through managers or independent financial advisers, it returns to the client part of the fee that would remunerate these professionals, such as rebates on funds, for example. Now with Toro, Santander chooses a hybrid model, including face-to-face service."Pi plus Toro consolidate our full-fledged investment platform to explore the open sea. Through Toro, we will open the external channel with in-house and independent advisers," Luciane Effting, Santander’s executive head of investments, said. "With this, Santander now has a comprehensive structure that addresses investments, with specialized advisers within branches and new offices. In addition, with Toro, it is not limited to a digital advisory. In the final decision, humans are relevant."The banks’ bet on a mixed service model happens because interaction with professional advisers is still among Brazilians’ preferences despite the digital expansion seen during the pandemic. A recent survey by Anbima, the association of securities firms, and...

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