Summary of ¿Invertimos en PIAS? Debate con Diego Costa Garcia y Salva Duque

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In this YouTube video debate titled "¿Invertimos en PIAS? Debate con Diego Costa García y Salva Duque," the participants discuss the pros and cons of investing in PIAS (Individual Systematic Savings Plans). Salva Duque, a financial consultant, emphasizes the costs associated with PIAS, including management fees and possible retrocessions, and argues that investors should carefully consider these expenses before investing. Diego Costa García, an individual investor, sees PIAS as a viable investment choice, highlighting the tax advantages and ease of contracting. However, he also acknowledges the importance of evaluating the risks and expected returns of PIAS. The debate touches on transparency, the nature of PIAS as an investment product, the impact of commissions on profitability, and the contrasting viewpoints on the benefits and drawbacks of PIAS. Ultimately, the participants urge investors to be mindful of costs and seek the guidance of a trustworthy advisor to make informed investment decisions.

00:00:00 In this section, the host introduces the guests, Salva Duque and Diego Costa, who will be debating about PIAS (Individual Systematic Savings Plan). Salva is a financial consultant and director at a protection group, while Diego is an individual investor and author. The host mentions that the debate will be more relaxed and open, allowing the participants to freely discuss the topic. He also emphasizes the importance of respectful dialogue and warns against any insults in the chat.
00:05:00 In this section of the video, the participants discuss what a PIAS (Plan Individual de Ahorro Sistemático) is. Salva Duque explains that a PIAS is a systematic savings plan, specifically a life insurance investment product, that is regulated by both the Dirección General de Seguros (General Directorate of Insurance) and the Comisión Nacional del Mercado de Valores (National Securities Market Commission). It is designed to complement retirement, allowing individuals to access their contributions at any time in the form of capital or income. However, if certain conditions are met and the contributions are withdrawn as a life annuity, both the contributions and the capital gains are exempt from taxes. While there are both good and bad PIAS products in the market, Duque mainly focuses on discussing the advantages and benefits of PIAS.
00:10:00 In this section, the debate focuses on the nature of PIAS (Insurance Savings Plans) as an investment product. The speakers clarify that PIAS is a type of investment insurance where the insurer manages the contributions of thousands or even millions of policyholders and invests them in various assets, usually through a diversified portfolio of funds. While the customer makes contributions to the policy, it is the insurer who ultimately invests in the funds. It is emphasized that there are costs associated with the fund management, which are deducted from the returns before the customer receives their net profitability. Furthermore, the insurer may also charge a separate management fee. The speakers highlight the importance of understanding the costs and fees associated with PIAS and ensuring they are reasonable before considering investing in them.
00:15:00 In this section, Diego Costa García and Salva Duque are discussing whether to invest in PIAS (individual savings insurance plans). Diego argues that for him, PIAS is just another vehicle to invest in, similar to a pension plan or buying stocks. He mentions that the availability of different PIAS options, such as indexed PIAS with low costs, and its tax advantages and ease of contracting, make it an interesting investment choice. However, he also points out the importance of considering the risks and expected returns of PIAS. Salva disagrees with Diego's view and emphasizes the costs associated with PIAS, stating that even though the insurance company may charge a commission of 1%, the total costs can be closer to 3%. He explains that if the promised return is based on an index, the investor ends up paying for those costs and it affects their overall return. Salva also mentions the possibility of retrocessions, where part of the commission that the fund charges is given to the insurance company, potentially resulting in higher costs for the investor. Ultimately, Diego concludes by stating that until a better option is demonstrated, PIAS can still be considered a good investment choice.
00:20:00 In this section, the speakers discuss the text that insurance companies are required to mention when promoting this type of product, specifically the risk of losing the entire invested amount. However, the reality is that the insurance company's actions matter more than the text. They also point out that the client is not simply giving 100 euros to the insurance company to manage and invest in funds, while deducting fees and only returning 90 euros. Instead, the insurance company invests and manages the full 100 euros, and the client receives the net benefit. They use the analogy of an airplane needing a pilot to fly, emphasizing that the cost of management is necessary for the desired outcome. They agree that clients are paying someone to manage their money and invest in funds, and that there is a double commission involved, as both the person managing the funds and the funds themselves charge a commission. They also clarify that PIAS (individual systematic savings plans) are not suitable for clients who prefer to actively buy and sell fund shares. Instead, it is designed for clients who want a product where they don't have to spend time on investment and want tax benefits.
00:25:00 In this section, the speaker discusses the benefits of investing in a diversified portfolio managed by an active fund manager rather than investing directly in individual funds. They argue that the active management provides better results because the fund manager strategically allocates investments across different funds, sectors, and countries. Additionally, they mention that not every individual investor has access to invest in multiple funds, making the expertise of a professional fund manager valuable. The speaker also mentions the importance of understanding the regulations and policies outlined in the fund's documentation.
00:30:00 In this section, the speakers discuss the different classes of participations in a PIAS and how they can impact the profitability. They explain that the same fund can have different classes with varying commissions, and the more expensive classes can affect the net profitability. They also mention that some classes have higher minimums or are only available for institutional investors. They agree that investing in more expensive classes is not beneficial for the investor and can negatively impact the returns. The speakers mention an example of a PIAS with a costly class, indicating that such situations exist within the market.
00:35:00 In this section, the participants discuss the issue of commissions and how some financial products take advantage of loopholes in the system to charge higher fees. They emphasize that this does not mean that all investment funds or PIAS (individual systematic savings plans) are bad, but rather that consumers need to be aware of these practices and seek the guidance of a good advisor. They also highlight the importance of looking at the costs of contracting and maintaining a PIAS, as well as the track record of returns. The participants mention that it may be difficult for clients to know exactly which funds their money is invested in within a PIAS, but they can request this information from their advisor. However, they caution that if every client were to constantly monitor their funds, it could increase the overall costs of the PIAS.
00:40:00 In this section, the speakers discuss the transparency of investment products like PIAS (Individual Systematic Savings Plans). They mention that unlike mutual funds, where investors can see the full details of the fund's holdings and transactions, PIAS operates more like a black box. With PIAS, investors receive quarterly reports of the portfolio's performance, but they don't have access to the specific investments or how they are managed. This lack of transparency may make it difficult for some investors who prefer to have more control and understanding of their investments. However, the speakers also acknowledge that for certain types of investors, such as those who prefer a hands-off approach, the simplicity of PIAS may be appealing.
00:45:00 In this section, there is a debate between Diego Costa Garcia and Salva Duque regarding retrocessions in investment funds. Diego raises concerns about the transparency of these fees and provides an example of a fund with different classes and associated expenses. He questions whether a specific class with lower expenses indicates the absence of retrocessions. Salva responds by stating that it is difficult for individual clients to investigate and determine if retrocessions are present in a fund. He emphasizes the importance of looking at the overall profitability of the product. Diego then brings up an article he wrote, clarifying that his views on PIAS (Individual Systematic Savings Plans) are consistent in both his video and written content. Salva notes that while retrocessions can be applied, it is challenging for clients to verify their presence in a particular fund.
00:50:00 In this section, the participants discuss the concerns of clients regarding packaged products such as PIAS (Individual Systematic Savings Plans). They explain that clients entrust the management of their money to a company that invests it in funds. If the management is not satisfactory, clients can easily switch to another company. The debate also touches on the topic of investment in funds versus other options like pension plans. One participant mentions the importance of transparency and criticizes the negative attitude towards PIAS, stating that they have brought value to the industry. The discussion includes examples of negative aspects of PIAS, such as investing in funds from their own company, which some perceive as misleading. However, both participants acknowledge that whether or not a company engages in such practices is irrelevant if they can hide it from the client. Overall, the section highlights the contrasting viewpoints on PIAS and the importance of transparency in the investment industry.
00:55:00 In this section, the discussion revolves around the issue of commissions and how they affect the net profitability of PIAS investments. Salva argues that these commissions, which are taken by fund managers and not clearly disclosed, can significantly impact the returns for investors. Diego agrees with this point, stating that while the overall management of PIAS may be excellent, the client may experience a decrease in their net profitability due to excessive commissions. However, Salva argues that as a client, it is not his concern where the commissions go, as long as he sees a positive return on his investment. The debate highlights the importance of transparency and the need for clients to have a clear understanding of the potential impact of fees and charges on their investment returns.

01:00:00 - 02:00:00

The YouTube video titled "¿Invertimos en PIAS? Debate con Diego Costa Garcia y Salva Duque" discusses the pros and cons of investing in PIAS (Individual Systematic Savings Plan). The participants debate various aspects such as the comparison to other investment options, costs and commissions associated with PIAS and other funds, past performance as an indicator of future success, the importance of a good fund manager, and the regulation and taxation of PIAS. They conclude that while PIAS can offer tax advantages and potential returns, it is important for investors to have a good understanding of their investments and consider alternative options. They also highlight the uncertainty surrounding future tax regulations and the need for careful planning when investing in PIAS.

01:00:00 In this section, the discussion revolves around the comparison between PIAS (Spanish Personal Insurance Investment Plan) and other investment options. The participants clarify that they are not comparing PIAS to a fraudulent investment scheme, but rather using an exaggerated example to highlight the importance of clients having knowledge about their investments. One participant argues that some clients may not be interested in understanding the details and simply want a product that offers managed investment with tax benefits. The conversation then shifts to the topic of costs associated with different investment options, with one participant stating that PIAS have higher costs compared to individual investments, but others mention that this discussion should be concluded without causing controversy.
01:05:00 In this section, the speakers discuss the costs and commissions associated with investment funds. They mention that some funds have different classes with varying levels of fees, and one of the speakers argues that it is "dirty" for the underlying funds to have higher fees that are then passed on to the insurance company. They also touch on the argument that high costs can be justified by higher returns due to superior fund management, but the other speaker expresses concerns and asks for a graph to further explain their point.
01:10:00 In this section, the debate focuses on a graph comparing the accumulated profitability of PIAS (Individual Systematic Savings Plans) against three indexes. One participant expresses concerns that the graph is designed to deceive, as it doesn't include dividend inclusion or insurance costs for PIAS. The other participant argues that the comparison is not deceptive because index investments also don't include costs. However, it is pointed out that when buying an index, costs can be included, so it's not a complete comparison. The debate then shifts to the issue of past performance as a measure of future success. One participant argues that past performance is irrelevant and that basing investment decisions on it is flawed. Another participant counters by mentioning examples of pension plans and investment funds with high historical returns. The discussion ends with a mention of blocking a person who was promoting another channel.
01:15:00 In this section, the discussion revolves around a user who claims to have been blocked on another channel and the debate shifts to the topic of investing in pension plans. While one person argues that a specific pension plan offered by BBVA has historically provided good returns, the other person questions the validity of past performance as an indicator of future success. They point out that even if the plan has performed well in the past, it might be more beneficial to invest in an ETF or sector-focused mutual fund. The debate becomes complex and ultimately concludes that relying solely on past performance is not a foolproof strategy for investing.
01:20:00 In this section, the discussion focuses on the decision to invest in PIAS (Individual Systematic Savings Plan). Diego argues that it is important to consider the historical performance and profitability of a product, even if it comes with higher costs, as it may indicate that the fund manager has a good track record. However, Salva counters this by stating that there are cheaper alternatives to achieve similar results and that past performance does not guarantee future success. They also discuss the importance of analyzing the fund manager's expertise and the difficulty of recommending or giving instructions on a product one doesn't have or fully understand. The moderator agrees that relying solely on past performance or predicting future returns is not reliable when it comes to investing in funds or PIAS.
01:25:00 In this section, the discussion revolves around the importance of having a good fund manager when investing in funds or PIAS. One participant argues that the only factor that should matter is the track record and expertise of the manager, while the other participant emphasizes the size and reputation of the insurance company or entity managing the funds. They also discuss the possibility of achieving higher returns by investing in other options and the importance of transparency in costs. Ultimately, they conclude that trusting a reputable multinational entity with a proven track record can be a valuable factor in making investment decisions.
01:30:00 In this section of the debate, the participants discuss the investment strategy of individual investors in PIAS (Individual Systematic Savings Plan) compared to investing in funds independently. They debate whether an individual investor would fare better investing in funds directly or through a PIAS, considering the additional costs associated with the PIAS. They also touch upon the topic of the fiscal advantages of a PIAS, mentioning the tax exemptions and regulations surrounding it. The participants deliberate on the weight allocation in different indices and the cost associated with making these decisions. They briefly mention the benefits of a renta vitalicia (life annuity) and how it is taxed based on age.
01:35:00 In this section of the video, the speakers discuss the regulation of lifetime income in PIAS (Individual Systematic Savings Plan). They mention that according to the law, if the plan is withdrawn before 5 years, it is subject to taxation. However, if it is withdrawn after 5 years, it can generate a tax-free lifetime income. They emphasize that PIAS is not a speculative product and is intended to complement retirement savings rather than generate quick profits. The amount declared and taxed depends on factors such as age and the chosen payout period.
01:40:00 In this section, the YouTubers are discussing the pros and cons of PIAS (Individual Systematic Savings Plan) as an investment option. They mention that PIAS is not meant for short-term savings or for funding annual vacations, but rather for generating a capital that can provide a retirement income. They also highlight the tax advantages of PIAS, such as the ability to defer taxes on capital gains. However, they caution that if PIAS is not used properly, such as by not considering the timing of withdrawals, it could result in higher tax liabilities. Additionally, they compare the tax implications of PIAS with other investment strategies, such as creating a dividend portfolio, and note that the tax treatment can vary significantly. Overall, they suggest that PIAS can be a worthwhile investment option if used correctly and with proper understanding of its tax implications.
01:45:00 In this section of the article titled "¿Invertimos en PIAS? Debate con Diego Costa Garcia y Salva Duque," Diego Costa Garcia and Salva Duque engaged in a debate regarding the attractiveness and minimalism of pension earnings. Despite the legal obligation, Costa Garcia questioned whether clients would be willing to purchase life annuities, and whether there were alternative investments to consider. The article mentions the 38.2 or 38.3 tax code, which states that if a person has patrimonial gains of at least 240,000 euros in a year, they can invest them in a life annuity with no tributable income payment. Costa Garcia believed the valuation of the life annuity would convert it into the best product with the best fiscal treatment. Despite Costa Garcia's assertions, there were are concerns about the public pension system being insustainable and the need for a complement to retirement income.
01:50:00 In this section, the debate touches on the topic of investing in PIAS (Individual Systematic Savings Plan). The participants discuss the maximum limit for capital gains to be converted into a lifetime income, which is set at 240,000 euros. They also mention the possibility of optimizing the tax efficiency by strategically selecting the investments with the highest capital gains. The conversation then shifts to the argument that the public pension system may collapse, leading to the need for private pension plans. However, one participant argues that investing in such plans may be counterproductive, as it indicates that future taxation will likely increase. They suggest that it may be better to have investments that are more liquid and can be easily moved out of the country to minimize the impact of potential tax hikes. The conversation concludes with a discussion about the fiscal differences in other countries and how changing tax regulations in the future could affect investments made today.
01:55:00 In this section, the discussion revolves around the decrease in the percentage of contributions to PIAS (individual systematic savings plans) due to changes in tax incentives. The speakers explain that the reduction in contributions is because the tax benefits no longer make it beneficial for investors to contribute. They mention that the current tax advantages have been cut, and now the government does not incur any costs associated with the plans. However, they clarify that the regulations for existing contributions and capital gains will not change. They also discuss the potential changes in the taxation of annuity income and highlight that the article specifically mentions that PIAS are the only product with certain tax advantages. Overall, the speakers highlight the uncertainty surrounding future tax regulations and acknowledge the tendency for taxes to worsen over time.

02:00:00 - 02:45:00

In this section of a YouTube video titled "¿Invertimos en PIAS? Debate con Diego Costa Garcia y Salva Duque", Diego Costa Garcia and Salva Duque discuss their investment preferences for PIAS (Personal Insurance and Savings Plans). Costa Garcia mentions that he views the fiscal benefits of PIAS as irrelevant, while Duque considers them to be the best in the market. They debate the potential for making significant profits and the age at which one can access the funds. They also discuss the option of converting the investment into a lifetime income or keeping a portion as a regular investment to be inherited. The speaker emphasizes the importance of choosing the right investment concepts and strategies to maximize the benefits of PIAS.

02:00:00 In this section, the speakers discuss their investment preferences for PIAS (Personal Insurance and Savings Plans). One speaker mentions that their first 8,000 euros will be invested in PIAS due to their physical extension being taken away. However, they view the fiscal benefits of PIAS as irrelevant, while the other speaker considers them to be the best in the market. They debate the potential for making significant profits and the age at which one can access the funds. They also discuss the option of converting the investment into a lifetime income or keeping a portion as a regular investment to be inherited. The speaker emphasizes the importance of choosing the right investment concepts and strategies to maximize the benefits of PIAS.
02:05:00 In this section of the video, the topic of investing in pies (PIAs) is explored by the two guests, Diego Costa Garcia and Salva Duque. Those who invest in pies can enjoy a guaranteed life-long income of over 240.000 if they make the investment before the age of 65. To make this investment, individuals must do their own calculations and take into account both the potential earnings and the necessary fees and taxes. When comparing the returns on pies, the guests consider both the potential rewards and the necessary fees and taxes, and discuss whether this investment is suitable for individuals who may sacrifice higher returns in favor of a more stable and predictable investment.
02:10:00 In this section, the speakers discuss inversions with profesional football players. According to one speaker, players can sometimes lose more money by forcing a release or a transfer as compared to not exercising their option. Additionally, it's important to note that there are scouting teams that have been in charge of finding young players for years, but the pricing can vary greatly, with players costing anywhere from 40% to 60% of their yearly salaries. The cost of such contracts can also be justified if explained properly to clients, but if not done so, it can lead to poor relations with players and the club. Other options, such as moving to a new team, should also be considered carefully before making a decision based solely on short-term gains.
02:15:00 In this section, Diego Costa Garcia and Salva Duque discuss the cost of opening a private investment (PIAS) and the importance of informing and instructing clients on how to make a complaint. They emphasize the strict regulation of commercialization of these products by the European Directive and the importance of transparency, risks, and costs. According to Diego, when a client is not aware of the product's details or its costs, they should seek a new advisor. He explains that he offers his contact information and services on his website and chat platforms, allowing clients to ask questions and request information without any hesitation. When a client asks to add their phone number, Diego is happy to provide it, even if it's outside of office hours.
02:20:00 This section of the video features a debate between two individuals, Diego Costa Garcia and Salva Duque, regarding investment products. They speak at length about the cost and benefits of a particular product, which costs over €80,000 and provides a rentability of 89% in the first year. They argue about the long-term returns of the product, and Diego stresses the importance of transparency and providing accurate information to clients. The discussion also touches on the customer support provided by the company, with Diego expressing dissatisfaction with the amount of attention given to clients. Salva mentions the complexity of the issue and suggests that the solution lies in using pios, a type of investment. The speakers ultimately agree that customers should be cautious and research thoroughly before making any investment decisions.
02:25:00 In this section, the participants discuss the issue of financial literacy and how it relates to investing in PIAS (Individual Systematic Savings Plan). The argument is made that many Spanish investors lack financial knowledge, leading them to fall prey to scams and make poor investment choices. It is emphasized that even though PIAS may not necessarily be a scam, it can still be a bad product if it is not properly advised or informed. The debate also touches on the cost of investing in PIAS, with one participant arguing that the impact on the final capital is much greater than simply dividing the cost over the number of months. Another point mentioned is that some claim that PIAS offer the best return on investment compared to other similar products, although the context and validity of this statement are questioned.
02:30:00 In this section, the speakers discuss the risk level of PIAS (Individual Systematic Savings Plan) investments. They explain that a risk level of four does not necessarily mean that the investment is dangerous, as it is just a designation. They note that PIAS has four different strategies, and starting with the aggressive strategy is logical in a market where prices are low. They also mention that it is reasonable to change strategies in the years prior to retirement to protect the accumulated capital. Furthermore, they clarify that the risk level of four in PIAS is not the same as the risk level of four in other types of investments, such as deposits or other funds, as the calculations and indicators differ. They argue that comparing them directly is not fair or accurate.
02:35:00 In this section, the speakers discuss the implications of an insurance company going bankrupt and how it affects investments in PIAS (Individual Systematic Savings Plan). They explain that insurance companies operating in Spain must demonstrate a higher level of solvency than banks, and their activities are supervised by the General Directorate of Insurance. In the rare event of a bankruptcy, the Consortium for Compensation of Insurance would step in to cover any losses that the insurance company cannot fulfill. The speakers assure that there have been very few cases of insurance company bankruptcies in the past, and customers have not lost their money as another insurer takes over the portfolio. They also mention that PIAS investments involve multiple layers of assurance, likening them to the lights on a Christmas tree: if one fails, the others will still work. However, they acknowledge that investing in PIAS carries a slightly higher level of risk due to the potential failure of multiple components.
02:40:00 In this section of the transcript, Diego Costa Garcia argues that having two supervision channels is not necessarily more secure than having one. He contends that the different roles of companies like the Comisión Nacional del Mercado de Valores (CNMV) and the Dirección General de Seguros in relation to fund solvency and supervision of the entity of the insured do not require two separate channels. He also states that having multiple supervisors does not necessarily translate to added security. Costa argues that the non-targeted nature of some fiscal products means that high taxes cannot be used to tempt investors into investing their money in the country. Despite his disagreements with Elías's approach, Costa states that he appreciates their efforts and capabilities.
02:45:00 In this section, Diego Costa Garcia argues that cost is not a significant factor when evaluating the value of a Platform Investment Securities (PIAS). He believes that PIAS are a simple and accessible tool that offer a significant return, despite their relatively low cost. He encourages businesses to consider investing in PIAS like Indexado al MSC World despite the high amount of money already invested in it, as it could potentially help solve problems and benefit many people. He also references a similar viewpoint held by Álvaro Menéndez, who has spoken about this topic on multiple occasions.