Tell me who you hang out with and I’ll tell you who you are”, says an old popular saying. The expression can well be used for the moment when the client of a brokerage firm or platform is going to start investing and needs to answer a test about his risk profile. This type of questionnaire applied to individuals is called suitability, an investor risk adequacy analysis process. In practice, the person answers how he invests and the program indicates whether the risk profile is conservative, moderate, bold or aggressive, depending on the nomenclature adopted by each financial institution. Itaú, for example, adopts four profiles (see table), while XP works with eight: cautious, cautious, defensive, strategist, visionary, energetic, fearless and ultra.
What is new is that this process may change a little for investors considered conservative, those who prefer security, daily liquidity and positive income, without the possibility of losses. On March 9, the Brazilian Association of Financial and Capital Market Entities (Anbima) communicated the modernization of the Investment Product Distribution Code. As this requires technical update on customer programs. The changes take effect on September 5. According to the president of the Anbima Distribution Forum, Ademir Correa Junior, the changes follow the modernization. “Today, not only institutions but also investors are more mature, and we, as self-regulators, have to follow this evolution”, he said. He explains that the rules must be followed by banks and platforms, which can even increase the requirements if they want.
Rico’s analyst, Antonio Sanches, said that some brokerages, such as those in the XP group, already had an alternative model for classifying these risk policies. “The Code can be considered an evolution as it brings a new term to the investor’s vocabulary: risk,” said Sanches.
“We dispense with the need for suitability for CDBs, RDBs and LFTs that have low risk, as is already the case for simple funds” Ademir CorreA JR. President of the Anbima Distribution Forum.
SCRATCHS In detail, the Association has included suitability rules for investment products that have crypto assets in their portfolios. Now, institutions will have to make a specific risk rating, considering the particularities of these products and the risks that cryptocurrencies can generate. In addition to cryptocurrencies, the asset risk score has been updated so that each investment product is identified in its own classification. In the new model, for example, the most attentive investor will notice from the score that longer-term bank deposit certificates (CDBs) are more risky than shorter-term investments. Correia Junior clarified that in relation to CDBs, Anbima established a minimum score considering the maturity, credit and market risk. “In addition, we dispense with the need for suitability for CDBs, RDBs and LFTs that have low risk, as is already the case for the fund [de renda fixa] the simple kind,” he said.
Another measure is the update of the risk limit tolerated by the conservative profile, which can be applied to products with a score of 1.5 points, with a little more risk. Currently, this limit goes up to 1 point. “This does not mean that this investor will receive recommendations for high-risk products,” he said.
According to Correia Junior, the criteria for customers to be classified as conservative have been changed and now consider those who have low risk tolerance, need liquidity and have little market knowledge. The Anbima representative justified the changes after the emergence of numerous finance influencers in recent years, who disseminate financial education content. “With the change in the ruler, the investor will have greater availability of products, because his profile will also be evaluated according to his knowledge, that is, the person who understands more will have access to a greater range of sophistication in products”, he said. From this angle, there were no changes in relation to the moderate and bold/aggressive profiles, which continue with maximum risk scores of 3 points and 5 points, respectively. In other words, those who know the risks and accept more risks will be able to acquire a greater variety of financial investments, that is, “tell me how you invest and I will tell you what your profile is”.
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