Citywealth Forum USA 2026 speaker spotlight: Nina Heindel Baumbach, Senior Manager, Tax Services, RSM US

Date: 22 Apr 2026

Karen Jones

From Bogotá to Buenos Aires: Leading the Conversation on Latin America’s Wealth Evolution.

Overview

Nina Heindel Baumbach brought a tax perspective to the discussion, with particular focus on Brazil and the practical realities of cross border planning.

Her remarks reinforced the shift outlined by other speakers, but in more direct terms: the scope for complex structuring has narrowed, and planning now operates within clearer limits.

Key Themes from Nina Heindel Baumbach

1. From Local Wealth to Global Structures

Baumbach described a clear shift in how Latin American wealth is held. Where assets were once concentrated locally, they are now increasingly spread across jurisdictions.

This reflects both global mobility and the fact that families themselves are no longer based in one place. Beneficiaries may be living in the US, Europe or elsewhere, requiring planning that works across borders.

2. Less Room for Structuring

From a tax perspective, Baumbach was direct. Many of the things that used to be done simply are not possible anymore.

She noted that a number of arrangements now end up being “circular” and do not achieve any real tax benefit. The scope for structuring has narrowed, with clearer limits on what works.

She described the result as “paradoxically more complex but simpler”, with fewer options available but more defined boundaries.

3. Brazil as a Case Study

She pointed to the country’s highly developed digital banking infrastructure, noting that a significant share of financial transactions are now fully digital. This has increased transparency and reduced flexibility in how wealth can be structured.

She also referenced the instant payment system, PIX, as an example of how integrated and advanced the system has become. Pix is the Central Bank of Brazil’s instant payment system, launched in 2020, that allows 24/7, near-instant bank transfers and payments in Brazilian Real (BRL). It is used by over 90% of the population and for over 90% of bank transactions.

4. The Role of the Adviser

Baumbach also highlighted the importance of personal relationships in the region. Latin American clients tend to rely heavily on individual advisers and place a high degree of trust in specific people rather than institutions.

She noted that this often requires advisers to meet clients in person and build those relationships directly.

Closing Perspective

Baumbach’s contribution provided a practical counterpoint to the broader discussion.

Her message was that while wealth planning remains complex, the range of options has narrowed. The focus is now on approaches that are workable and aligned with the realities of a more transparent system.

Key Points from the Discussion

• Wealth is increasingly spread across jurisdictions rather than held locally
• Many traditional structuring techniques no longer deliver tax advantages
• Brazil illustrates the impact of digitalisation and transparency
• Personal relationships remain central to how clients work with advisers

Fellow Panelists

• Marina Cristiani, Senior Director and Head of Client Solutions at JTC USA Private Client Services (Moderator)
• Francesca Boschini, Director and Head of International Wealth Planning and Head of Insurance Solutions for the Americas at Deutsche Bank Wealth Management

For more information, click here.

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