Never before has there been a greater supply of possible investment opportunities. With a bombardment of information about online brokers to invest in the American stock market, in currencies or cryptocurrencies; proptechs and fintechs that offer to invest, from just 100 euros, in loans, in real estate timeshares or in start-ups; banks aggressively promoting their offer of funds and pension plans; brokerages offering unit linked and other insurance such as life annuities, and property managers and real estate agents recommending the purchase of flats, premises or garages and recalling the combination of profitability and security provided by brick.
"There are no informal global advisors, as perhaps in other times," says Àlex Esteve, CEO of Fincas Anzizu. A few decades ago, with less supply and less complexity of financial products, for part of the population the “global advisor” could be the director of the neighborhood savings bank office, or a lawyer or notary public. "Now many people with small assets or with savings capacity are looking for someone to help them study their global financial situation, plan and diversify," says Carmen Pérez-Pozo, founder of the law firm of the same name, which in recent years years has focused on wealth advice.
Àlex Esteve explains that the great fortunes have departments specialized in seeking investments and diversifying, while wealthy families usually also have a financial adviser: “Small savers turn to the advice of friends or relatives to assess different investment options. And they come to us so that we can look for a property that can be easy to rent and gives a good return”. Anzizu also manages the flats, if required. "And since the investment is cumulative and they trust us, over time they come back to us for advice to look for other assets."
According to the World Wealth Report 2022 prepared by the consulting firm Cap Gemini, in Spain there are 247,000 people with a net financial wealth of more than 1 million euros and their number grew by 4.45% last year. Close to 90% of them are the so-called “millionaires next door”, people with assets of between 1 and 5 million euros, often successful professionals or small entrepreneurs who capitalize part of their income during their active life.
However, according to a study by the CNMV, the level of financial knowledge of citizens is only 6 out of 10. And another carried out by Holly Montt, a financial training platform through gamification strategies, pointed out that 84% of its users He admitted that he did not have sufficient knowledge to self-manage his savings, a percentage that rose to 89% in those under 34 years of age and 91% in the case of women.
Pérez Pozo explains that his firm has developed an online platform for its clients to analyze their profile as investors (to what extent do they prioritize security or financial performance, and what would be their balanced investment position between different assets). “Legally we cannot be financial advisers, and what we do next is put them in contact with experts in financial management so that they can channel their investments”, he explains.
The firm, however, does offer real estate investment directly: it has acted as a delegated promoter for people who have a plot of land and offers to invest small amounts, starting at 5,000 euros, in real estate promotions to put them up for sale or to exploit them in rental.
Carmen Pérez-Pozo explains that the investors subscribe participatory loans to the companies, owned by the firm, that carry out the works. Returns vary depending on the projects, and are not guaranteed. And they are not risk-free investments: the largest development, located in Madrid in which 20 investors have contributed 1.2 million euros, is almost two years behind in obtaining the license due to administrative problems. However, she explains, they are studying new projects "and we have a waiting list of investors to enter." The firm has "a digital capture system that attracts clients from all over the world," says Pérez-Pozo. The key, however, is the proximity of a lifetime: "Give a global accompaniment to the client in the management of their assets".