Trillions of reais abroad, seeking wealth allocation through sophisticated technological channels; Avenue foresees a major transformation in offshore investments by Brazilians in the future.
The topic was the focus of the second edition of Avenue Connection, which began on Wednesday, the 16th, in São Paulo, concentrating on the progress of international investment in Brazil, driven by the generational wealth transition.
The central theme of the event was the “Wealth Diaspora,” a concept that guided discussions on global allocation, changes in investor profiles, and new financial advisory structures.
At the opening conference, Daniel Haddad, Chief Investment Officer of Avenue, emphasized the urgency of diversification. “We are facing a real wealth diaspora. This capital needs to be planned with a long-term vision and geographic diversification,” he stated. According to him, “investing abroad is no longer a choice between alternatives, but a necessary component to preserve wealth against the loss of purchasing power of the local currency.”
This assessment is based on data from UBS, which estimates that $124 trillion will change hands by 2048 in the largest wealth transfer in history. Brazil ranks as the second-largest market in this process, with $9 trillion in transition.
Roberto Lee, CEO of Avenue, stated: “We are only at the beginning of what I call a great Brazilian wealth diaspora. We want to lead this movement, transform the market, and finally build a structural allocation abroad here. This is something that will have an impact for decades.” According to him, the change will be driven by the new generations. “For them, investment advisors who cannot offer products abroad are irrelevant.”
Lee also shared data about the profile of investors on the platform. As of 2023, over 80% were under 45 years old, with approximately one-third between 18 and 30 years old. “These young investors are making their first contributions directly into publicly traded companies in the United States. Instead of accumulating their savings in Petrobras shares, they are investing in companies like Nvidia, Tesla, Google, and Coinbase,” he said.
Another key point of the event was the advocacy for the fee-based advisory model, in which the professional is compensated with a percentage of the invested volume. “I don’t know if it will be next year or the year after, but fee-based will be dominant here. For us, this is already strategic in day-to-day operations, and we are building the entire infrastructure to be the best partner for anyone who wants to lead this change,” said Lee.
Nymbus announced its partnership with Bud Financial to enhance its digital banking services. Bud will provide its financial management tools directly within the Nymbus platform.
With Bud’s widgets integrated, financial institutions can give customers a clearer view of their finances, deliver more relevant tools and content, and personalize experiences across digital channels. The goal is to help banks go beyond basic digital services and offer smarter, more engaging interactions.
This move supports Nymbus’ broader strategy following the launch of Nymbus Engage, a solution designed to help banks use customer data more effectively and build deeper relationships.
“Together, we’re enabling their clients to move beyond legacy data into a new era of intelligent, insight-driven banking,” said Edward Maslaveckas, CEO at Bud.
Bud, which has applied AI to financial data since 2015, helps institutions structure raw transaction data into actionable intelligence. The move positions Nymbus to serve community financial institutions better, looking to modernize their digital infrastructure and compete through smarter, data-led engagement strategies.
“This integration supports our mission of providing banks and credit unions with the tools they need to grow, differentiate and deliver modern, personalized banking experiences,” said Jeffery Kendall, CEO and Chairman at Nymbus.
CIM Group has appointed financial services veteran Paul Weisenfeld as Head of National Accounts, a move to grow its Private Wealth Group. Based in New York, Weisenfeld will lead efforts to expand CIM Group’s presence across the private wealth landscape, including wirehouses, broker-dealers, RIAs and independent financial advisors.
With over 30 years of experience in wealth and asset management, Weisenfeld is known for his success in scaling distribution strategies and developing innovative investment solutions in both traditional and alternative asset classes. In his new role, he will oversee the National Accounts team and spearhead strategic initiatives aimed at enhancing CIM’s distribution footprint and deepening key partnerships.
“I look forward to leveraging my experience to drive growth and provide innovative solutions across real estate, infrastructure and credit for our clients,” said Mr.Weisenfeld.
Weisenfeld brings experience from serving as Senior Relationship Manager at Allspring Global Investments, where he led distribution efforts for new ETFs and helped double sales for three consecutive years at a key wealth management partner.
Before that, he headed Key Accounts at Wells Fargo Asset Management and held senior roles at firms like Morgan Stanley and Citigroup Global Wealth Management. His early career began in law, with a focus on alternative investments at Smith Barney.
“His leadership as Head of National Accounts will be instrumental as we broaden our reach in delivering innovative solutions to our partners and clients,” said Barry Schanker, Managing Director, Head of Private Wealth at CIM Group.
The U.S. housing shortage surged to an all-time high of 4.7 million units, according to a new Zillow analysis of recently released Census data. Despite a boom in home construction, the deepening housing deficit remains the main driver of America’s housing affordability crisis. As a result, 8.1 million families are now “doubling up,” sharing homes with people they’re not related to, often due to financial necessity rather than choice.
While 1.4 million new homes were added to the housing supply last year, they fell short of keeping pace with the 1.8 million newly formed families, resulting in a 159,000-home increase in the housing deficit. Although this marks a slower increase compared to the 257,000-unit jump in 2022, it highlights the persistent gap between supply and demand.
“Construction has helped prevent the housing deficit from ballooning, but it hasn’t begun to close the gap,” said Orphe Divounguy, senior economist at Zillow. “We know what works: lower building restraints to allow for more density and less expensive housing.”
Millennials are most affected by this shortage, making up 38% of households doubling up with nonrelatives, the largest share among any generation. They’re followed by Gen Z (29%), Gen X (17%), and older generations (16%).
The housing crunch is especially severe in major urban centers. Among the 50 largest metro areas, New York, Los Angeles, Boston, San Francisco, and Washington, D.C. have the largest housing deficits. Even though mortgage rates have dipped slightly compared to last year, a median-income family in 2024 would still need an additional $17,000 in income to afford a typical home, a significant jump from affordability levels in 2019.
Vacancy data suggests that available housing isn’t necessarily accessible. Census figures show that 3.4 million homes sat vacant and listed for rent or sale in 2023, yet affordability barriers continue to leave millions without independent living options.
Zillow researchers point to restrictive zoning and building regulations as key obstacles. In cities and states with fewer barriers to construction, developers were able to respond more rapidly to pandemic-era demand, helping to stabilize prices and rents faster. Builders completed 1.45 million units in 2023 and 1.63 million in 2024, the highest totals since 2007.
Experts and housing advocates, including Zillow, are calling for local and state governments to relax zoning laws and encourage higher-density development such as accessory dwelling units (ADUs), duplexes and triplexes. These “middle middle” housing types could significantly increase supply and improve, especially in high-demand urban areas.
“More of these measures at the local level can help get more homes built and begin to ease this outsize financial burden for millions of Americans,” added Divounguy.
Dynasty Financial Partners has released its first-ever Investment Banking Primer. This educational guide, aims to provide RIAs with essential knowledge about investment banking practices-critical as the RIA space sees record levels of mergers, capital raising and succession planning.
“For those RIAs seeking to sell or grow, or secure a transformative investment, there is a lack of resources offering the level of guidance and education necessary to consider that first step,” said Sam Anderson, C-head of Dynasty Investment Bank.
The move comes amid a shift in the independent RIA channel, now one of the fastest-growing segments in the wealth management industry. According to Cerulli’s 2024 Industry Report, the combined hybrid and independent RIA space has expanded at a CAGR of nearly 9% over the past 10 years. Capital investments in RIAs have surged as well, growing at a 45% CAGR in the past five years.
With 37% of financial advisors planning to exit the business in the next decade, the potential transfer of an estimated $3 trillion in assets presents both a challenge and a massive opportunity.
“In addition to an advisor shortage, there is a human capital shortage to support advisors, which is why an M&A deal is many times not just about clients, but also about the talent that comes with it to help provide further scale and support buyers,” said Harris Baltch, co-head of Dynasty Investment Bank.
Launched in 2023, Dynasty Investment Bank specializes in M&A, valuations, capital, underwriting and succession planning for both wealth and asset management firms. The team has advised on 15 transactions, including cross-border deals, recapitalizations and private capital raises.
“The strength of our balance sheet gives us tremendous flexibility in facilitating transactions for our clients and our transition and RIA service team are often great resources to help with onboarding,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners.
As of today, Dynasty’s network includes 55 partner firms with over 500 advisors managing more than $105 billion in assets. Its integrated RIA platform includes transition support, capital solutions, tech infrastructure and marketing services. These offer RIAs the ability to scale without sacrificing their independence.
Santander US has announced a $25 million investment aimed at supporting education, employability and entrepreneurship. This funding includes over $10 million allocated for university grants and national scholarships through its Santander Universities program.
The scholarship applications will be accessible later this year via Santander Open Academy, a global platform that offers free educational resources and professional development tools to learners worldwide.
“Continuous learning is imperative to keep up with the pace of change, and we believe that businesses must be a partner in equipping people with the educational tools and resources they need to thrive in today’s society,” said Christiana Riley, Chief Executive Officer and President of Santader US.
Santander’s latest global workforce report, Tomorrow’s Skills, surveyed 15,000 people across 15 countries and emphasized that while college graduates generally feel prepared for the workforce, many Americans express concerns about keeping pace with changing job market demands.
Nearly 80% of respondents believe lifelong learning is essential, yet cost remains the primary obstacle lifelong learning is essential, yet cost remains the primary obstacle to ongoing education. Over half of those surveyed feel companies should take responsibility for providing continuous education opportunities.
With a 28-year history of supporting education and entrepreneurship, Santander has provided access to learning and job opportunities for more than 2 million students and professionals in 2024 alone.
GAM Investments and Swiss Re’s insurance-linked securities investment advisor, SRILIAC (Swiss Re Insurance-Linked Investment Advisors Corporation), are now teaming up to offer investors catastrophe bond strategies.
The goal is to offer investors Swiss Re’s deep reinsurance and catastrophe bond investment expertise alongside GAM’s institutional knowledge in the space.
Catastrophe bonds, which transfer natural disaster insurance risk—such as hurricanes and earthquakes—to investors, continue to attract attention for their ability to generate fundamentally uncorrelated returns relative to traditional markets.
“This type of strategy isn’t about chasing big windfalls,” explained Dan Conklin, who leads Americas capital raising for SRILIAC, during the launch event held in Brickell. “It’s about smartly managing risk and mitigating downside. That’s how consistent returns are built over time,” he added.
Swiss Re, a pioneer in the catastrophe bond market since the 1990s and one of the world’s largest reinsurers, brings significant alignment with over USD 1 billion invested in similar strategies. GAM, which has managed catastrophe bonds with a previous partner for nearly two decades, now aims to scale up and deepen its expertise by partnering with Swiss Re’s investment acumen, underwriting capabilities and scientific risk modeling.
The alliance was formally presented during a private luncheon at The Capital Grille in Brickell, Miami, attended by financial professionals and institutional clients. Alejandro Moreno, Head of Business Development at GAM Investments, opened the event by highlighting the firm’s commitment to active and specialized strategies and the value of expanding its catastrophe bond platform with Swiss Re’s expertise.
Mariagiovanna Guatteri, CEO and Chief Investment Officer of SRILIAC shared insights drawn from over 20 years of developing Swiss Re’s catastrophe bond investment strategy, emphasizing the scientific rigor and conservative risk management that underpin the firm’s approach.
Attendees also received books on financial education meant for families, underscoring both firms’ commitment to investor learning. The event fostered open dialogue, with discussions on portfolio structure, risk assessment, and the evolving landscape of ILS investments.
Organizers such as Moreno and Conklin highlighted that catastrophe bonds can be an attractive complement to traditional fixed income and alternatives — especially for pension funds, endowments, and family offices seeking long-term risk-adjusted returns with limited correlation to equities and interest rates.
Investors will gain exclusive access to high-potential early-stage startups and targeted co-investment opportunities at Distilled Intelligence 3.0 (DI 3.0) from October 13-16, 2025, in an invitation-only summit hosted by Frtify Ventures and Loudon County’s Department of Economic Development.
At the heart of this event is a $1 million SAFE note prize available to one of the approximately 100 handpicked seed to Series A companies pitching across sectors like cybersecurity, health, defense tech, energy and future-of-work.
DI 3.0 is designed to go past traditional pitch competition. In addition to curated one-on-one meetings, attendees will engage in panels, breakout sessions and networking with family offices, VCs and seasoned startup operators. All these in a setting optimized for relationship-building rather than transactional interactions.
Founders accepted to the program receive complimentary lodging and meals to ensure access to top-tier investors without financial burden. Applications are open through September 15, 2025, at DistilledIntelligence.com and are reviewed on a rolling basis.
This year, DI 3.0 also welcomes experienced startup operators who can offer strategic insight and potential collaboration opportunities to both investors and founders.
“Distilled Intelligence 3.0 is more than just another event – it’s a meticulously curated gathering designed to nurture the next generation of transformative businesses,” said Jonathon Perrelli, Managing Partner at Fortify Ventures.
Attendees will enjoy a full agenda that blends structured programming with informal networking, including keynote sessions, industry roundtables, and activities such as tennis, yoga, and fireside chats. The full speaker lineup and selected startups will be announced later this year.
Nearly 25% of American workers are now considered functionally unemployed, according to the May True Rate of Unemployment (TRU) report from the Ludwig Institute for Shared Economic Prosperity. The rate rose to 24.3%, up from 24.2% in April, marking a continued start on full-time, living-wage employment.
However, the official Bureau of Labor Statistics unemployment rate remained flat at 4.2%, underscoring the growing gap between traditional job metrics and actual workforce conditions. LISEP’s TRU metric includes the unemployed, underemployed, and those working full-time in poverty-wage positions.
“Wages aren’t keeping up with the rising cost of living, and the shrinking availability of living-wage jobs is compounding the strain. The consequences for working families are becoming increasingly severe,” said LISEP Chair Gene Ludwig.
The report noted mixed outcomes across demographics. Black and Hispanic workers saw modest improvements, with TRU falling to 26% and 27%, respectively. However, white workers experienced an increase to 23.6% and women saw their TRU jump 1.3 points to 29.9%, widening the gender gap once again to 10 percentage points. In contrast, the rate for men dropped 19.3%
The TRU has remained above 24% since February, a level not seen consistently since the pandemic’s economic fallout. Analysts say this trend signals growing inequality in the labor market and deeper structural issues affecting low-and middle-income workers.
“Identifying trends is key in determining the direction of the economy, and unfortunately, for low and middle-income workers, the trends are not encouraging,” said Ludwig.
BBVA Global Wealth Advisors has named Juan Carlos De Sousa as its new Head of Wealth Planning. The first announced the leadership change as an effort to strengthen its commitment to serving ultra-high-net-worth families with cross-border financial needs.
With more than 20 years of experience in global wealth structuring and estate planning, De Sousa brings another perspective to the role. He previously held leadership positions at CISA Latam and Amerant Bank, where he focused on developing strategies for international families.
At BBVA GWA, De Sousa will oversee a Wealth Planning service designed to act as a central coordination hub for UHNW families.
“I am excited to join the BBVA GWA team”, said Juan Carlos De Sousa. “Modern global families face a complex web of financial considerations. Our primary goal is to serve as a central resource, helping clients coordinate with their advisors all the pieces of their financial lives to build a cohesive, multigenerational plan”, he added.
While BBVA GWA’s Wealth Planners provide educational guidance and facilitate collaboration, they do not offer tax or legal advice. Instead, the firm refers clients to a network of independent professionals, referred to as “BBVA’s Allies”, who deliver specialized services directly to clients.
De Sousa’s appointment emphasizes BBVA GWA’s continued focus on offering a structure, client-centered framework for navigating the challenges of global wealth management.
