“…If Charles Schwab adopted variable brokerage rates, as opposed to the fixed-rate brokerage model that prevailed in the United States, XP Investimentos was opposed to the investment model practiced by large Brazilian commercial banks, which, at the time, offered expensive products ( high administration fees), of low quality for the customer (low profitability) and with few options, as only products from their own "brands" were offered, that is, products launched by the banks themselves. XP Investimentos, anchored in the digital platform economy, benefited from the regulation of AIAs and became the largest brokerage operating with retail investments, becoming a kind of "Uber" of finance Abílio et al (2021), signing contracts, with most AIAs registered with the CVM, in which AIA professionals are responsible for their own social reproduction and self-management as partners in an AIA company.…”