In our Business Brief series, we take a closer look at a firm to find what makes it tick.
We talked to Inexco Wealth Management's Luis Cercós about the firm's expansions into Mexico and the big push into fintech.
Inexco Wealth Management
Offices: Mexico City, Miami, Santiago and Caracas
AUM: $500 million
Number of clients: 3,500 +
Number of advisors: 61
Running Inexco is like: Driving a Ferrari 812 Superfast
What do you do better than your rivals?
In our case, we have managed to simplify our system. We have brought bank accounts, credit cards, investments and loans, plus savings for a client’s retirement or the education of their children, all under one relationship but while still using different independent suppliers. Inexco is the hub that links all these teams, giving our customers freedom of choice, jurisdictions, products and investment management according to their individual needs and interests.
What are your plans for the next 12 months?
For 2018, we will have two main growth drivers. First is our platform app for the US, through which customers will be able to access their account from the comfort of their mobile phones.
This will use a 100% fintech onboarding process that will allow them to invest in dozens of ETFs and investment strategies.
Second is our Mexican venture in partnership with Old Mutual-owned Aiva, which will focus on the investor market for those wanting savings and investment solutions using funds and world-class strategies.
What movie best describes your daily life at Inexco: The Social Network
Which company do you admire and why?
There are many companies that I admire for one reason or another, but two examples from our sector are definitely Bridgewater Associates under Ray Dalio’s leadership and online investment company Betterment.
Name a team ritual or activity: The Inexco Workshop! Every year we meet advisors from across the region and this time it’s in February in Panama. It’s a big party.
How do you use third-party mutual funds?
Our independence allows us to assert that there is no investment firm that has a monopoly over the asset classes and markets we invest in. We have a committee to select the best in each type of investment and we have portfolio managers in our firm only for the management of our ‘core’ strategies.
We tend to hire third-party fund managers for the fixed income strategy.
by Atholl Simpson
The Panamanian group kicked off 2018 in style by announcing a deal with Uruguayan wealth planning platform Aiva to target the Mexican market.
The agreement with the Old Mutual-owned group has led to the launch of a Mexico-based advisory company named Unique, which is aimed at the country’s high-net-worth investors. The new entity will be led by Carlos Guzmán, who was most recently the managing director of NTL Trust in Panama and Mexico.
The two groups have a long-standing relationship and have had a istribution agreement for more than 15 years. Upon announcing the deal, Cercós said: ‘Together we combine our experience to provide the best and most advanced wealth advice to affluent and high-net-worth individuals in Mexico, as well as to their trusted advisors, who now have access to all our value-added services to help them offer the best advice and products to their respective customers.'
This article was originally published in the February 2018 edition of Citywire Americas.