Suno has decided to end its investment advisory operation and concentrate its investor service efforts in Suno Consultoria, which will now be the sole wealth management business unit.
The move unifies three businesses that, despite being distinct under regulatory frameworks, have come to be perceived by clients as variations of the same service: consulting, wealth management (managed portfolios), and investment advisory services.
According to the transition plan, the company will cease operating under the investment advisory CNPJ (Brazilian tax ID) — which operated under the name Status Invest and was linked to XP, created in 2023 — and will instead serve clients through a consulting model, in a non-discretionary multiplatform format, or through wealth management, in a discretionary model. XP has been a partner of the Suno Group since 2022.
Regardless of the format, all models will have a remuneration based on charging a fixed percentage of the total advised value. “A large part of our consulting clients used the fee-based model and demanded more services. So for them, the change will be more about expanding the service. And we see that those on commission are also interested in this,” says Gian Kojikovski, CEO of the Suno group, to NeoFeed .
The main motivator behind the change was the understanding that the company no longer wanted to be just an investment consultancy, but to robustly add wealth planning, which is now just as, or even more, important to clients. And the most appropriate model to do this is consultancy.
“There’s no way to evaluate a client as a whole without seeing all their assets, which are never on just one platform, but across several. And the way to charge more for this service transparently is through a fee-based model,” says Victor Montezuma, CEO of Suno Consultoria, who will lead the new operation.
Through its consulting model, Suno will now aggregate the client's entire portfolio, using market wealth services platforms such as XP, BTG, and banks, as recently shown by NeoFeed . It will also invest more in non-investment services, such as estate and tax planning, with new professionals being hired.
To delegate or not to delegate management.
Suno's wealth management service, which began as an analysis firm focused on retail investors, arose from the observation that some clients liked the firm's recommendations but didn't want to manage their investments themselves. They preferred to delegate this to one of their own professionals, as they trusted the firm.
And this type of service makes much more sense in a consulting model, whether discretionary or not. But that doesn't mean that advisory services or even the commission-based model should cease to exist.
“We understand that advisory services and commissions make sense for many clients. There should be a shift towards a fixed fee, which is currently small, but not for everyone. However, we believe it is suitable for our clients,” says Montezuma. “For those who want to manage their accounts themselves, we already have a product: analytical reports.”
Suno Consultoria was founded with over 100 professionals, including consultants, analysts, and support staff. Its client base has reached 3,500, and its profile is diverse, ranging from investors in the accumulation phase with assets starting at R$1 million to families with over R$20 million requiring sophisticated planning structures.
Also part of the group's ecosystem are the research firms Suno Research and Eleven Financial Research, responsible for investment analysis, the financial information portal Suno Notícias, and the investment management firm Suno Asset.
The idea is that the new wealth management model will allow us to reach the top of the pyramid more effectively. "With more added value, we believe we can attract larger investments, from the ultra-high net worth group. At the same time, we have a payment model that also accommodates smaller investments, under R$1 million," says Kojikovski.
The unification of strategy is seen as crucial to sustaining the next phase of growth for the consulting firm, which recorded a 50% increase in assets under advice last year, reaching R$ 6 billion, driven by growing demand for financial planning, efficient allocation, and independent long-term advice. The goal is to reach R$ 10 billion by the end of 2026.
“Even though, from a regulatory standpoint, the areas are completely different things, from the customer’s point of view, it was the same thing. And now we focus our efforts on a single strategy and communication,” says Montezuma.
And for them, this is possible because the market has evolved to want more than just investment advice and understands that this service has value, and is willing to pay for it.
“When we started the consulting firm years ago, there was a lot of discussion about whether Brazilians would be willing to pay for this wealth management service, and it was indeed difficult. But now, many clients understand and want a more complete service. That's the profile we're looking for,” says the CEO of Suno.
