Víctor Alvargonzález of Nextep Finance aims to demystify financial advice by offering fee-free product recommendations
Nextep Finance is a financial consultancy founded by Víctor Alvargonzález. The firm positions itself with a clear reference: “We are a Netflix in the financial industry.” With more than 2,000 clients and assets under management exceeding 600 million, Nextep emphasizes independence in its advisory approach. The company states that it assists people in saving and investing while maintaining independence. Alvargonzález explains that this independence is not about avoiding all charges but about avoiding commissions from the products the firm recommends. The firm’s model is built on the principle that compensation comes from services rendered, not from product recommendations across the board. He notes that the commissions paid by the institutions they refer to influence the firm but do not drive the recommendations themselves.”
Still, Nextep operates a paid-service model. It charges fees for its advisory work and works with clients through their existing banks, ensuring the assets are familiar to the client. Alvargonzález argues that this structure preserves independence and aligns incentives with clients’ best interests. He provides an example: the management fee for a typical variable-income fund can reach around 1.80% of assets. If market conditions require reducing exposure to certain funds, a traditional advisor might see this impact their income, a situation Nextep seeks to minimize by focusing on transparent pricing and client-centered outcomes.
The co-founder distinguishes savers from investors. He notes that many Hispanic savers lean toward conservative paths dominated by bricks-and-deposits. His recommendation is a diversified mix: allocate roughly 80% of savings to liquid funds or short-term instruments such as Treasury bills, with a cautious allocation of 10% to fixed-income funds and another 10% to variable-income options, provided the advice is sound.
When discussing the average investor in Spain, Alvargonzález describes a balanced profile that takes calculated risks to outpace inflation while still seeking peace of mind. He suggests maintaining a solid conservative base and allocating 50% of savings to flexible funds that offer liquidity, followed by 50% to growth-oriented options. The distribution could be 30% to stock funds and 20% to fixed-income instruments when rates peak, creating a balanced risk-return framework.
On the macroeconomic front, the Nextep founder sheds light on what investors should monitor. He emphasizes a simple rule: focus on central banks’ actions, especially the U.S. Federal Reserve. If the Fed signals a plan to cool the economy to curb inflation, earning money through stocks and bonds becomes notably more challenging, he contends.
Finding the next benchmark innovation
Alvargonzález points to where the industry could discover the next Apple-like breakthrough. He highlights areas such as artificial intelligence, genetics, environmental technology, hydrogen, and even nuclear initiatives as potential growth engines. Access to these opportunities is often gained through exchange-traded funds (ETFs), which trade like stocks and offer a way to invest in disruptive themes. He notes that in some markets, there are tax and regulatory barriers that influence how traditional funds transition to ETFs, with potential implications for banks and investors alike.
He cautions against the notion that savings inevitably pay less than earnings from work. Remarkably, savings have historically earned a return, though at times different in magnitude and timing than wage income. The conversation points to the broader debate around how savings are taxed and how public debt and fiscal policy shape available returns.
In closing, Alvargonzález discusses the evolving landscape of regulation and technology. He mentions blockchain as a disruptive force that is often misunderstood, underscoring the need for thoughtful regulation. The emphasis remains on practical, real-world benefits rather than hype, and on keeping financial systems transparent and accessible for everyday savers and investors alike.