Mexico suffers from a lack of financial education. Only 2% of the adult population in Mexico allocates part of its resources to investment accounts, but the challenge extends beyond that. Those who do allocate part of their money to investments do so without the help of a professional, limiting their results.
During a press conference, GBM announced that “Pioneros 2023,” to be held on May 24, will be the first event of its kind to bring together the investment ecosystem in Mexico to further professionalize financial advisory in our country, thereby increasing the number of investors. Pioneros 2023 seeks to highlight the importance of professionalization in financial advisory through more than 20 conferences featuring industry leaders.
According to GBM, a financial advisor can improve the results of a self-directed investor by 3%. The group also highlights there are MX$4.1 trillion (US$231.4 billion) in savings accounts, which means the potential to move that money to investments is gigantic.
The problem is not only the amount of money that is not being used. In Mexico, there are only 7,300 certified advisors, of whom less than half are dedicated to providing financial advice, which is a low figure considering the population density of the country.
Luis Madrigal, Director of Advisor Solutions, GBM, and Alicia Arias, Director of Advisor Acquisition, GBM, mentioned that investors in the country recognize the value of advisory, with 47% valuing superior performance/returns and 37% attention and service. Professionalizing the sector, as was the case of Brazil, can significantly help to increase these figures. “Why now? Today there is much more access to information and people need someone to put it into practice and help them understand it,” stated Madrigal.