This new financial cluster bridges business clients with a group of partners based in six different countries. Euroconsumers Invest (EC Invest) aims at broadening frontiers with new partnerships to improve products, financial literacy and sustainability when investing.
Born in France, graduated and post-graduated in Portugal, with executive specialization in Brazil, Pedro Moreira has a long international career in the world of economics.
The former director of Deco Proteste, in Portugal, for 14 years, and Proteste, in Brazil, for four years, coauthored two best-sellers about financial literacy at the beginning of his career: “Saber Investir” (1997) and “Como Comprar Casa” (idem). The economist describes how EC Invest works.
EC Invest (ECI): From your own words, define Euroconsumers Invest?
Pedro Moreira (PM): Euroconsumers Invest does not hide its origins and maintains its family name — Euroconsumers — which is a group that brings together five consumer organizations in Europe and Latin America: Belgium, Spain, Italy, Portugal and Brazil.
EC Invest, as it is called in short for social media channels, is Euroconsumers’ Unit specialized in investments. The big news is that it is a Brand strengthened by a network of partnerships and supported by three main axes:
1- Strong commitment to solutions for companies and corporate bodies. Euroconsumers’ structures have a long experience in solutions for consumers, a Business to Consumer DNA. We want to take this DNA, and know-how, further to companies and other corporate bodies. The current coronavirus pandemic, for instance, is showing that companies will have to act in new fields, giving priority to issues like the sustainability and well-being of their employees and clients. It’s almost common sense, these days. No Manager can ignore this issue in a post-Covid-19 time.
2- Sharing know-how outside the Group’s countries. Euroconsumers Invest is available to share knowledge and create solutions with any entity. It can operate locally, on a European scale or even worldwide.
Our focus is to bring our approach to the most significant number of consumers because we need to close the gap between investors and their knowledge about a financial product. The lack of financial literacy is a problem across the world. The level of it can vary, but there are problems everywhere. Even in the United States, a country known for its wide aperture to the financial market, reports say that 4 out of 10 people have financial literacy problems. In Europe, the situation varies from country to country, but the average level is, in any case, low.
3- Taking advantage of our partners’ network. Euroconsumers Invest is specialized in information and consultancy services. This prolific work comes from our invaluable partners. Thoroughly selected from different sectors, it allows us to offer unique advantages to our associates. It also allows us to develop or co-create new services.
ECI: What services is Euroconsumers Invest offering?
PM: Our services are oriented by one of our primary objectives: to Improve Financial Education in Europe and Latin America. To reach that purpose, we have two different approaches, Training Courses and Investment Consulting.
The other objective is to work towards the improvement of the financial products available to consumers. How? You may ask. Through comparative studies published in the different publications of our Group or through Investment Consulting provided to the organizations responsible for the products.
And third, sustainability. If the topic was already on the agenda, with climate change or water management, all financial and non-financial actors, are now being called upon to make increasingly sustainable options. Euroconsumers Invest wants to support ESG options for consumers and companies.
ECI: ESG stands for Environment, Social and Governance. How can EC Invest facilitate that support to all parties?
PM: In the long run, EC Invest wants to contribute towards the financing of economies by promoting the use of financial markets in a sustainable way. In other words, we want to create awareness for the Environment and tackle concerns like the fair use of resources.
We want to be in the front line for Social aspects like the working conditions in production sites, for example. About the Governance in the corporate world, we aim at gender equality issues or matters such as the existence of independent directors in prominent corporate societies, for example.
Euroconsumers intends to help build products that support methodologies that respect this approach. There is still a long way to go in this field, however. We are aware that this change will not happen overnight.
All of this is only possible by building alliances and agreements with partners capable of responding to these premises and delivering the product or service.
ECI: You started as an Economist at Portugal’s Deco Proteste in 1992 and became director-general, ten years later. In the meantime, you were a financial journalist, an editor and coordinated the investments department and its magazines. These publications are one of the services Euroconsumers Invest has to offer. How will this service be provided?
PM: The financial magazines are very well quoted in their countries of publication. Test-Achats Invest in Belgium, Altroconsumo Finanza in Italy or Proteste Investe in Portugal are readers references in analyzing all kinds of financial products. It is sent to all consumers by subscription.
EC Invest prepared a package offer targeting companies. They can buy magazines and distribute directly to their employees or their clients. We can also customize this product, according to the client’s needs.
ECI: You helped to create Tree Family Office, a Portuguese private consultancy service from Proteste Investe, Lda. What is the difference between Tree Family Office and Euroconsumers Invest?
PM: Tree Family Office (TFO) is a sole proprietorship brand of Proteste Investe, Consultoria para Investimento, Lda, which is 100% owned by Deco Proteste. Deco Proteste is the publisher of DECO, the largest consumer association in Portugal.
Proteste Investe is a key player in our Euroconsumers partners’ network because they are the support for the advice on investments. Other external entities can also be part of the delivery solution. They will be, off course, identified on each project.
ECI: Why a specific company in this context?
PM: It’s the correct method to provide investment advice in a more personalized and independent way to businesses and their employees.
Deco Proteste’s publications provide independent guidance based on comparative studies of different market products and advise according to predefined profiles, to consumers in general.
Proteste Investe is specialized in investment advice and provide independent financial guidance to investors, in general, based on products comparative studies.
To respond to individual consumers and investors financial requests, for portfolio composition, we had to create a separated branch according to the existing laws in the country. That division is Proteste Investe’s Tree Family Office brand. They are registered with the CMVM, the Portuguese market regulator.
Euroconsumers Invest, as I mentioned, is a brand focused on investment solutions whose delivery of the product is supported by a network of partners. Proteste Investe and Tree Family Office are part of this network.
We are starting the approach, and as we add more partners into our network, it will be disclosed here, in this website.
ECI: What sort of needs can Euroconsumers Invest provide to clients?
PM: The B2B approach aims at different corporations, companies or other collective structures (such as associations, cooperatives, foundations or others), our starting point is the client need.
For example, it is common for companies the inclusion of awards such as health insurance, life insurance, fitness, and many others, in their employee benefits packages. We want companies to have a new concern: contribute to the financial well-being of its employees — firstly — and customers — secondly — by enabling employee access to a Financial Advisor or, at least, to Financial Education.
The needs are very different, depending on the professional stage you are. Not everyone has the knowledge to use credit or how to make a proper assessment of the financial ability to buy the first house or to make estimates for a good savings plan for retirement.
The independence and professionalism that characterize our approach is an asset that should be at the service of companies and their employees.
We can also provide valuable information to corporations (like banks or insurance businesses) like how to create more suitable financial products to cover the needs of the client. In this field, we count with the extensive experience from our country network partners of Euroconsumers. We also have excellent contacts in countries besides the Euroconsumers family.
ECI: How can a client or a new partner contact Euroconsumers Invest?
PM: For Investment Advice, the most straightforward way is to send an email to euroconsumers.invest@treefamilyoffice.pt. For other issues or Projects, the best contact is projects.euroconsumers.invest@deco.proteste.pt. You just need to send us an expression of interest, and we will contact you. Or, you can send us a presentation of the project you have, right away, showing your concerns.
What would you like us to help solve with and for you? Challenge us!
ECI: What are the requirements from new partners joining EC Invest?
PM: New partners need to have, at least two conditions. One is the willingness to make the difference to their employees and clients (have a financial and welfare concern). For example, to ensure that all employee have their own Independent Financial Consultancy Service. Sometimes only a few hours of support can be enough to change their vision about financial markets.
The other condition is to be ready to create new solutions with added value in the country or in the market they work. For example, lots of citizens lost their job, in the last two months (due to Covid-19 pandemic). The organizations and the companies should be ready to support the training of these communities to push their entrepreneur behaviour and give them the tools to prosper.
Taking care of today’s community is tomorrow’s benefit for your company in many ways: workers, consumers, production, profit. It’s an excellent opportunity for all.
EC Invest: Where is Euroconsumers based and who are its partners?
PM: Euroconsumers Invest Network starts in Portugal, but its vision is transnational. The Euroconsumers Organization is based in Belgium. Brussels is the heart of Europe and is where Euroconsumers does its advocacy. Exactly where EC Invest needs to be, to defend and protect the interest of investors and consumers.
The local associations support all legal actions: Deco Proteste in Portugal, Test-Achats in Belgium, Altroconsumo in Italy and OCU in Spain. Proteste, in Brazil, is also part of the interchange.
*This interview was originally published on: [05/05/2020]