The top opportunities today in the growing Latin American wealth management market are in Colombia and Peru, says Santiago Ulloa, president of GenSpring Family Offices International, a firm with big plans for the family office market in the continent.
And as firms grapple to grow their share of the market, competition will undoubtedly intensify, but that’s no bad thing because it just means the industry is expanding, says Ulloa.
All the buzz around Latin America in the wealth industry comes down to the fact that there is a growing middle class in the continent, he explains, because these people are buying products and services and driving business growth, which is bolstering the fortunes of the continent’s entrepreneurs.
“The last 10 years has really been a positive time for Latin American countries in general; it has been a time of growth with some very interesting policy development, mainly in Brazil and in Colombia and Peru, really to transform the population as a whole from total poverty to a middle class,” says Ulloa, speaking to Family Wealth Report.
“I think for everyone this developing middle class is very important… most of our clients are entrepreneurs and have local businesses,” he adds, saying that the number of UHNW individuals has been growing, as well as getting richer. “It’s positive for everyone.”