Flavio Hojda, Managing Director, Safra National Bank

In an interview with Invest:, Flavio Hojda, managing director of Safra National Bank, discussed the bank’s milestones, evolving client needs, and its approach to wealth management. He also shared insights on private banking trends in Latin America, philanthropy, and Safra’s long-term growth strategy in the U.S.

What have been the most significant milestones for Safra National Bank over the past year?

If you look up Safra National Bank today, or the entire Safra Group, you’ll see it is likely one of the largest privately owned financial institutions in the world, ranking among the top in size.

Recently, the bank has focused on expanding its domestic private banking platform in the U.S. The liquidity issues some U.S. banks faced in early 2022 and 2023, following interest rate shifts, created opportunities for well-capitalized banks like ours to attract top talent. Private banking is, after all, about having the right professionals.

Safra National operates under a U.S. charter, is FDIC-insured, and has grown steadily for years. Historically, we served primarily international clients, particularly from Latin America. While we always had the ability to serve domestic clients, we hadn’t actively pursued that market. Instead, domestic growth happened organically, often through international clients becoming U.S. residents or needing domestic financial structures.

However, in the past 18 to 24 months, expanding our domestic private banking services has become a strategic priority. We’ve hired teams nationwide and opened offices in Palm Beach, Boston, Palo Alto, San Francisco, and other locations in California — aligning with our broader efforts to grow our domestic private banking business.

What are some key trends shaping clients’ needs, and how are private banking services evolving as a result?

Like any service-based industry, banking is undergoing a significant transformation. Technology, especially AI, is redefining how institutions interact with clients. The biggest challenge today is adapting to evolving expectations and enhancing the client experience.

A major focus for us is the ongoing generational transition. Many long-term clients are transferring wealth to their children, who have vastly different financial needs and expectations. Their interaction with banks is also changing. Traditionally, private banking relied on personal relationships between bankers and clients. While still important, this dynamic is becoming less central.

Many younger clients prefer digital-first interactions. Rather than speaking to a banker, they want to manage finances via their phone, AI tools, or online platforms. Banks that fail to recognize this shift will struggle to attract and retain clients over time.

Additionally, financial information is now more accessible than ever. Clients can research and make informed decisions independently, reducing reliance on traditional banking advice. Years ago, clients would call their bank for investment guidance; today, they can educate themselves in just a few clicks.

This shift presents both opportunities and challenges. Banks must rethink how they provide value in an era where information is readily available. Those that evolve successfully will maintain their competitive edge.

How does Safra National Bank approach wealth management in times of market uncertainty, and what principles guide its long-term strategy?

Capital preservation has been Safra’s philosophy for 180 years, ensuring longevity and stability. When clients deposit money with us, it’s for the long term — not short-term gains. They continue growing their wealth through their businesses or professions while we safeguard their capital.

Market downturns are inevitable, and maintaining positive returns without excessive risk is nearly impossible unless betting against the market, which is not our approach. Instead, we provide guidance, reassure clients, and emphasize that financial markets operate in cycles — eventually returning to normality.

Most of our clients align with our long-term stability philosophy. Over the past three to four years, despite some volatility, the S&P 500 has risen about 60%, nearly doubling returns for index investors with little effort.

That said, today’s economic landscape is complex. Geopolitical instability, policy shifts, and the upcoming U.S. presidential transition add uncertainty. Given the dollar’s role as the global reserve currency, decisions in Washington affect investors worldwide.

The market has generally responded well to new policies, but our message remains unchanged: Patience is key. I’ve never seen anyone lose money by staying patient. Those who stay disciplined and avoid emotional reactions to short-term fluctuations ultimately succeed.

How has private banking for Latin American clients evolved, and what are the biggest challenges today?

Latin America presents an interesting case. Historically, offshore private banking had a different connotation than it does today. For years, economic instability led many individuals to move money offshore, often in ways that were not fully accounted for locally. While some countries still face instability, the region is far more stable than 20 years ago.

A major shift came with the FATCA (Foreign Account Tax Compliance Act), which required foreign banks, including those in Brazil, Argentina, and Mexico, to disclose American account holders. The U.S. government used its control over global dollar transactions to enforce compliance, leading to bilateral agreements and financial amnesty programs that integrated offshore wealth into legitimate portfolios.

This change allowed Latin American clients to transfer funds more freely, making offshore wealth more transparent. However, it also shifted expectations. Previously, clients relied on Miami-based bankers for both onshore and offshore assets. Now, they increasingly prefer a local relationship manager in their home country who can handle both aspects of their finances.

For example, a client in S£o Paulo with wealth in both Brazilian reais and U.S. dollars may now want a single point of contact in S£o Paulo rather than calling a banker in Miami. This trend is putting pressure on international private banks that primarily serve Latin American clients.

In response, major banks, including Safra, are establishing local structures to serve clients onshore and offshore. This marks a significant shift from 10 to 15 years ago and is transforming international wealth management today.

How does philanthropy align with Safra National Bank’s values, and how does the bank engage with charitable initiatives?

The Safra family is deeply philanthropic. The Safra Foundation has a long history of significant donations to various causes. While they contribute heavily to Jewish charities, their philanthropy extends to the arts and broader cultural initiatives worldwide.

Philanthropy is central to our identity. Many clients bring us innovative ideas and seek support from the family. I am proud to work for an institution whose ownership truly believes in giving back. The world is not perfect, and those with the means to help have a responsibility to do so. The Safra family embraces this principle, and their commitment to philanthropy reflects that belief.

What is Safra’s long-term vision for its growth and position in the U.S. market?

Our goal is clear: while competing with massive U.S. banks is challenging, we aim to be one of the country’s most significant wealth managers over the next decade. We want Safra to be recognized as one of the largest financial institutions in the U.S.

Safra has a strong track record of expansion through acquisitions. Much of our growth has come from acquiring other institutions and hiring the best professionals in the industry. Unlike banks that diversify into different banking services, we stay dedicated to Wealth Management..

Over the past several years, the J. Safra group, which Safra National Bank is part of, has acquired several Private Banking operations worldwide, mostly from financial Institutions not interested in this business anymore. And we will continue to integrate institutions where private banking is not a core business. Many banks offer these services as a complement, but for us, it is the foundation of what we do.

How must Miami adapt to sustain its appeal amid rapid population growth?

Miami and the broader South Florida region are at a pivotal moment. Having lived here for nearly 25 years, I’ve seen many changes, but this one feels different. The city must step up before new residents start regretting their move. I don’t think enough is being invested to support this influx.

Historically, Miami attracted wealthy Latin American immigrants who bought property while splitting time between here and their home countries. Now, the dynamic has shifted, with people moving from New York, California, and Texas — bringing different expectations and benchmarks.

Some wealthy newcomers are shocked by Miami’s shortcomings, saying, “I didn’t know the school system was so bad,” or “I didn’t realize public transportation was this limited.” They’re surprised by the underdeveloped infrastructure.

If Miami doesn’t address these issues, the current boom may be short-lived. Many may decide that, despite higher taxes elsewhere, better public services make it worth the cost. Right now, Miami isn’t offering that level of return, and if it doesn’t step up, some new residents may reconsider staying.