[en] A COMPARATIVE ANALYSIS BETWEEN FEE-BASED AND COMMISSION BASED COMPENSATION MODELS FROM THE INVESTOR S PERSPECTIVE

[pt] UMA ANÁLISE COMPARATIVA ENTRE OS MODELOS DE REMUNERAÇÃO FEE BASED E COMMISSION BASED SOB A PERSPECTIVA DO INVESTIDOR

[pt] FELIPE GRACA COUTO KARMIOL

[pt] CUSTO BENEFICIO

[pt] COMMISSION BASED

[pt] FEE BASED

[pt] INCENTIVO

[pt] ALOCACAO DE ATIVOS

[pt] ASSESSORIA DE INVESTIMENTOS

[en] COST BENEFIT

[en] COMMISSION BASED

[en] FEE BASED

[en] INCENTIVE

[en] ASSET ALLOCATION

[en] INVESTMENT CONSULTING

[pt] O estudo compara os modelos de remuneração fee based e commission-based sob a ótica do investidor, investigando seus efeitos sobre custos, incentivos e construção de portfólios em diferentes perfis de risco. A pesquisa adota abordagem teórico-empírica, integrando revisão de literatura, análise regulatória e simulações baseadas em carteiras padronizadas entre 2019 e 2025. Os resultados indicam que, em patrimônios reduzidos (até R100 mil reais), o modelo commission-based tende a apresentar menor custo. Entretanto, entre R300 mil e R500 mil, especialmente para perfis moderados e agressivos, o fee based torna-se mais eficiente. Para patrimônios acima de R500 mil reais, o fee-based se mostra majoritariamente superior, exibindo maior previsibilidade de custos e menor risco de conflitos de interesse. Conclui-se que o fee based oferece maior alinhamento e eficiência econômica para investidores com maior patrimônio e sofisticação, ao passo que o commission based permanece adequado para investimentos iniciais e carteiras simples.

[en] This study compares fee based and commission based advisory compensation models from the investor s perspective, examining their effects on advisory costs, incentive structure, and investment portfolio construction across distinct risk profiles. The research combines literature review, regulatory analysis, and empirical simulations based on standardized portfolios between 2019 and 2025. Results show that, for small portfolios (up to R100,000), the commission-based model tends to be less costly. However, between R300,000 and R500,000, particularly for moderate and aggressive profiles, the fee-based model becomes more advantageous. For portfolios above R500,000, the fee-based model is consistently superior, offering greater cost predictability and reducing conflicts of interest. The study concludes that the fee-based model provides stronger alignment and economic efficiency for higher net worth and more sophisticated investors, while the commission based model remains suitable for small-scale portfolios and simpler investment needs.

LIANA RIBEIRO DOS SANTOS

2026-04-22

[pt] TEXTO

application/pdf

PORTUGUÊS

https://www.maxwell.vrac.puc-rio.br/colecao.php?strSecao=resultado&nrSeq=76092@1

https://www.maxwell.vrac.puc-rio.br/colecao.php?strSecao=resultado&nrSeq=76092@2

https://doi.org/10.17771/PUCRio.acad.76092