The Independent Investment Agent (AAI)
has established itself as a central player in the development of the Brazilian capital market. It emerged to expand investors’ access to financial products, acting as a link between clients and brokerages.
In practice, the AAI indicates investments available on the brokerages’ shelves, receives a commission for distributing these products, and fulfills an essentially commercial role.
However, its scope ends there: it cannot structure its own operations, does not participate in the origination of assets and remains limited to the ecosystem of the institution it represents.
It is a model that, although it was fundamental to democratizing the market, kept professionals in a restricted position, functioning more as intermediaries than as protagonists.
As the sector matured and digitalization advanced, this limitation began to become evident. Increasing competition reduced margins, the excess of professionals in the same space resulted in little differentiation, and the inability to create or customize solutions became a bottleneck.
The AAI, dependent on brokerage firms, has become increasingly vulnerable, with no room to innovate or capture value beyond simply selling products. In this scenario, the role of the Independent Investment Structurer (EAI) emerges as a response to a market demanding greater sophistication, autonomy, and technology.
The EAI represents a true evolution of function
Unlike the AAI, it doesn’t simply act as an intermediary, but also participates in the design and management of financial transactions. It has the autonomy to negotiate directly with borrowers or asset originators, design transactions with appropriate guarantees, rates, and terms, and then distribute these regulated offerings to investors.
Furthermore, it connects to national and international liquidity pools, accessing sources of capital previously restricted to large institutions. In other words, the EAI resembles a compact, independent version of a capital markets department—a “pocket-sized DCM.”
This leap in autonomy is profound
While AAI merely displays the brokerage’s product shelf, EAI creates its own shelf, defining the assets, providing liquidity, and selecting partners. This allows for revenue generation not only through distribution but also through structuring and operations management.
Decision-making power and innovation capacity shift from the brokerage firm to the advisor, who ceases to be a transferor and becomes the owner of the structure. This shift in focus redefines the logic of value in the capital markets.
The future further reinforces this trend
AAI marked the past of intermediation, but EAI emerges as the present and future in a tokenized, decentralized market supported by new technologies.
Thus, by incorporating tokenization and blockchain, EAI can structure assets in a more agile, transparent, and accessible manner, connecting investors and companies without so many institutional barriers.
The fundamental difference is clear: while the AAI remains dependent on brokerages, the EAI establishes itself as an independent, technological, and regulated agent, becoming a hub of financial opportunities. In this new paradigm, intermediation is no longer enough—it is necessary to participate, structure, and transform the market at every stage.
