ANCORD

What ANCORD does

ANCORD (Associação Nacional das Corretoras e Distribuidoras de Títulos e Valores Mobiliários, Câmbio e Mercadorias) is a Brazilian non-profit civil association founded in 1972 and headquartered in São Paulo. It operates as the CVM-designated certifying and credentialing body for Brazilian Investment Advisors (Assessores de Investimentos) and as the national trade association representing broker-dealers, securities distributors, and exchange and commodities intermediaries. Its certified population stood at 27,275 advisors as of April 2025, present in all 26 Brazilian states and the Federal District.

The association's core products are (i) the AI certification and recurring accreditation cycle, (ii) B3 PQO operational certifications, (iii) the PEC continuous education program — 702 courses totaling 6,000+ hours with 4,000 free credits — and (iv) a portfolio of vertical credentials including ANCORD AGRO 100 (agribusiness, with Agrinvest), CCA-CRIPTO (cryptoassets, with BlockTrends), and a CFP preparatory course (with FK Partners), delivered through a SCORM-format distance-learning platform (ancordeducacional.com.br) that is free for associates and accredited advisors since July 2024, and through a separate free BlackRock-branded portal, PEAB. The technology stack is a standard LMS with interactive lessons, simulations, forums, polls, and an online library; no proprietary AI components are disclosed.

Revenue mechanics are non-commercial: ANCORD is funded by annual membership dues from broker-dealer and institutional members, supplemented by partner-attributable educational activities and events. Distribution is event-driven and digital — direct engagement with major brokerage members (XP, BTG, Itaú, Santander, J.P. Morgan, Safra, Ágora on the Board; B3 and BBCE added in 2025), self-serve credentialing via credenciamento.ancord.org.br, plus presence at industry events (Safra Invest Day, EXPERT XP, Capital Conecta). Following the November 2025 bylaws modernization, ANCORD is repositioning from a brokerage trade association into a multi-vertical industry self-regulatory organization covering exchanges, energy infrastructure, and virtual asset service providers.

Name

ANCORD

Legal name

ANCORD - Associação Nacional das Corretoras e Distribuidoras de Títulos e Valores Mobiliários, Câmbio e Mercadorias

Website

https://ancord.org.br

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

11–50 employees

Short description

ANCORD is the Brazilian non-profit civil association (founded 1972) that serves as the CVM-designated certifying body for Investment Advisors and the national trade body for broker-dealers, distributors, and capital-market intermediaries in Brazil, with 27,275 accredited professionals and a 702-course continuous education platform.

Ownership category

akta.pro rank

Product category

Professional Certification & Industry Association Services

akta.pro primary industry

Continuing Education (CE/CPD) & Provider Accreditation Bodies (EDADACAF)

akta.pro secondary industries

Accounting & Finance Certification Prep (CPA, CMA, CFA, FRM) (EDANAIAD), Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD)

Keywords

• Investment advisor certification
• Professional credentialing services
• Financial markets education
• Securities industry association
• Capital markets training

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Membership Dues (Associadas): ANCORD generates revenue through annual membership fees from its associated broker-dealers, distributors, and financial institutions. Members receive certification services, educational content, and institutional representation benefits.
2. EAD Courses and Educational Programs: The association offers online and in-person courses on financial and capital markets topics. Courses are available free of charge for associates and Investment Advisors (as of July 2024), and at no cost for general public on certain courses.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

ANCORD is the Brazilian national association authorized by CVM to certify and accredit Investment Advisors (Assessores de Investimentos), as well as to deliver continuous education through its PEC program (702 courses, 6,000+ hours) and EAD distance-learning platform. It also provides institutional representation of broker-dealers, distributors, and securities intermediaries before regulators (CVM, Banco Central, B3), and offers specialized certifications such as ANCORD AGRO 100 and CCA-CRIPTO.

Differentiator

Problem solved

Functional benefit

Brands

• ANCORD AGRO 100: A certification program for investment advisors and professionals in the Agro market, focused on grain market fundamentals and hedging strategies.
• Programa CCA - Certificação em Criptoativos
• PEAB - Portal Educacional ANCORD-BlackRock
• Programa de Educação Continuada (PEC)
• Certificação ANCORD

Products and services

• Certificação de Assessores de Investimentos (AI Certification) Official credentialing exam and certification for autonomous Investment Advisors operating in the Brazilian capital markets. Authorization is granted by CVM and is a mandatory requirement to act as an AI. Over 27,000 professionals hold this credential.
• Programa de Educação Continuada (PEC) Continuous education program for Investment Advisors offering 702 courses with 6,000+ hours of content and 4,000 free credits. Developed in partnership with CVM; mandatory for credential renewal.
• Plataforma Educacional EAD ANCORD (Distance Learning Platform) Distance learning platform providing SCORM-format courses with interactive lessons, exercises, simulations, forums, and an online library. Self-paced, accessible 24/7, and free for associates and Investment Advisors.
• ANCORD AGRO 100 Certification Specialized certification for investment advisors, consultants, and professionals in the agribusiness sector covering grain market fundamentals, price formation, hedging tools, and commercial execution strategies. Developed in partnership with Agrinvest.
• CCA – Certificação em Criptoativos (Crypto Certification) Specialized certification in cryptoassets, digital asset market trends, blockchain technology applications, and regulatory frameworks for digital assets. Developed in partnership with BlockTrends.
• PEAB – Portal Educacional ANCORD-BlackRock Free educational platform launched jointly with BlackRock offering exclusive courses and content for accredited Investment Advisors. Each hour of course completion generates learning credits for professional development.
• Certificações do PQO – B3 (Programa de Qualificação Operacional) B3 Operational Qualification Program (PQO) certifications for operational qualification required by B3 (Brazilian stock exchange). Includes certifications for professionals operating in exchange and OTC markets.
• Certificação de Ouvidoria Financeira (Financial Ombudsman Certification) Certification for financial ombudsmen working at financial institutions, covering regulatory requirements for ombudsman functions under Brazilian regulation.
• Certificação de Dirigentes / Previc Certification for executives (dirigentes) of closed pension fund entities in conjunction with Previc (Superintendência Nacional de Previdência Complementar), covering governance and regulatory requirements for pension fund leadership.

Quantifiable outcome

• 27,275 accredited Investment Advisors nationwide (as of April 2025), with professionals present in all 26 Brazilian states and the Federal District
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• B3 (Bolsa do Brasil)flagshipStrategic or Co-development Partner · 1 January 2025B3, one of the world's leading financial market infrastructure companies, became a member of ANCORD following the modernization of the association's bylaws at the end of 2025. This partnership expanded ANCORD's institutional scope to include exchange and infrastructure operators, reflecting the association's new self-regulation functions.
• BBCE (Bolsa Brasileira de Comercialização de Energia)coreStrategic or Co-development Partner · 1 January 2025BBCE, the largest energy trading market in Brazil and a CVM-authorized organized over-the-counter market administrator, joined ANCORD following the association's expanded bylaws. BBCE operates in physical energy and derivatives trading, post-trade solutions, and market data as a market infrastructure entity.
• FK PartnerscoreStrategic or Co-development Partner · 1 January 2024ANCORD entered into a partnership with FK Partners, a national reference in financial education, to offer Investment Advisors access to a Preparatory Course for the CFP® (Certified Financial Planner) certification exam. Starting July 2025, interested AIs gained access to the program through ANCORD's educational platform.
• BlackRockflagshipStrategic or Co-development Partner · 1 January 2024ANCORD and BlackRock jointly launched the PEAB – Portal Educacional ANCORD-BlackRock, a free educational platform offering exclusive courses and content for accredited Investment Advisors. Each hour invested in courses generates learning credits for professional development.
• AgrinvestcoreStrategic or Co-development Partner · 1 January 2024ANCORD developed the ANCORD AGRO 100 certification in partnership with Agrinvest, targeting investment advisors and professionals in the agribusiness sector who want to specialize in the grains market. The certification covers grain market fundamentals, price formation, hedging strategies, and commercial execution tools.
• BlockTrendscoreStrategic or Co-development Partner · 1 January 2024ANCORD developed the CCA-CRIPTO (Certificação em Criptoativos) certification in partnership with BlockTrends, addressing the growing digital assets market. The certification prepares professionals to navigate cryptoasset investment products, blockchain technology, and regulatory frameworks.
• Fórum Brasileiro de Educação Financeira (FBEF)coreStrategic or Co-development Partner · 1 January 2024ANCORD actively supports and participates in the FBEF's National Financial Education Week (Semana ENEF) and Global Money Week initiatives, offering free EAD course enrollments during campaign periods to promote financial literacy across Brazil.
• Ágora AcademyminorChannel Partner/ Reseller/ Distributor · 1 January 2024ANCORD EAD courses were made available through the Ágora Academy platform as an additional distribution channel, expanding access to its educational content to a broader audience of market professionals and investors.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• CFA Institute: CFA Institute is the global standard-setter for investment professional certification (CFA charter) and offers extensive continuing education programs. It is the closest international analog to ANCORD's franchise, though it operates globally rather than within a single national regulator's mandate.
• FINRA: FINRA is the US private-sector financial industry regulator, combining self-regulation with licensing, education, and enforcement. With ANCORD's recent self-regulation authority, FINRA is the closest international structural analog for its expanded mandate.
• CISI (Chartered Institute for Securities & Investment): CISI is a UK-based professional body offering certifications and continuing education for securities and investment professionals. It parallels ANCORD in providing regulated credentials and structured continuous education, but at a UK/European scope.
• CFP Board: The CFP Board oversees the Certified Financial Planner designation in the US. ANCORD's new FK Partners-based CFP preparatory program shows overlap, and CFP Board's role as a national certification authority is structurally similar to ANCORD's.

Regional players

• AMEC: AMEC is the Brazilian association of capital markets investors focused on corporate governance and minority shareholder rights. It is a peer industry association co-signing regulatory letters with ANCORD and serves overlapping institutional members in Brazilian capital markets.
• ABRASCA: ABRASCA is the Brazilian association of publicly traded companies and securities issuers. It is a peer industry association that co-signs regulatory advocacy letters with ANCORD and serves institutional players in Brazilian capital markets.
• IBGC: IBGC is the Brazilian Institute of Corporate Governance, providing certification (CGE) and education for governance professionals. It is comparable to ANCORD as a national certification body in an adjacent finance vertical, also working closely with CVM.

Emerging players

• GARP (Global Association of Risk Professionals): GARP certifies risk professionals (FRM) globally. It is comparable as a niche certification body that monetizes continuing education and credentialing in adjacent finance verticals.

Direct peers

• ANBIMA: ANBIMA is Brazil's main capital markets and investment funds industry association. It is the most direct peer to ANCORD, also providing certification, education, and self-regulation-adjacent functions for capital markets intermediaries in Brazil.
• APIMEC Brasil: APIMEC is the Brazilian association of investment analysts and portfolio managers, with overlapping member base (financial market professionals) and similar roles in continuing education and professional standards. ANCORD co-organizes events like Capital Conecta with APIMEC.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ancord_
• YouTubeyoutube.com/channel/UCZJ3sJX5bO2Q7GnwgZv7ZKg
• Facebookfacebook.com/ancordbr
• LinkedInlinkedin.com/company/ancord
• Instagraminstagram.com/ancord

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ANCORD