Answers to Frequently Asked Questions

What's an "EAFI" (FA)?

Financial Advisers companies, EAFI for its acronym in Spanish, are natural or legal persons who provide investment advice, including personalized recommendations on investment products, advising companies on capital structures, industrial strategy, mergers and acquisitions, and other related issues.

EAFIs are regulated by the Spanish Securities Market Law, the Royal Decree Law 217/2008 on the Legal Regime of Companies Providing Investment Services, and by the Spanish Securities & Exchange Commission’s (CNMV) Circular 10/2008.

Why is it convenient working with an advisor if I already receive advice from by bank?

Both are necessary in the overall wealth management. Banks are an essential channel to handle your liquidity, acquire assets, deposit shares, transfer capital, etc. But in terms of qualitative recommendations, banks commercialize their own products, which are highly profitable for them. The aim of Invexcel Patrimonio is examining, analyzing and assessing the existing financial assets, and selecting the appropriate ones for you, regardless of the originating entity.

Is it more expensive to operate through advisors than directly through my trusted bank?

Operating through independent advisors allows achieving greater operational efficiency, which usually involves reduced bank fees.

How much would it cost me to work with Invexcel?

If you require a customized portfolio, the cost of advice will depend on the dedication requested, the number of hours spent, and the specificities of the products required. But, in any case, we only work based on quotations acknowledged and authorized in advance by clients.

Regarding investments made through SICAVs, consulting fees are borne by the vehicles themselves, and disclosed in published documents, so the investors do not pay any fee directly.

What is a SICAV?

A SICAV is a type of open-ended collective investment fund regulated by the Spanish Securities & Exchange Commission CNMV, which aims at investing in financial assets. They are corporations in which investors become their partners. Their shares are usually traded on stock exchanges.

Can I buy SICAV’s shares directly from my account?

Yes. This is a usual securities transaction. For direct purchase in cash, it is only necessary to have a securities account associated with your current account and request the relevant purchase order, with the SICAV’s data, type of operation and amount.

You may also give an order to transfer the amount from an existing investment fund or another SICAV. In this case, the transaction would be tax exempted, in the event that the original fund had produced capital gains. This tax benefit only applies to natural persons with residence in Spain.