Bolton Global Or Why The Advisors Reinvent Themselves As Independents

This past year, Bolton Global, one of the 50 largest independent broker dealers in the United States, has seen its team of financial advisors grow substantially throughout the country, and especially in Miami, an important place in the international wealth management industry. The firm has announced the appointments, which, in turn, served as a call for other advisers contemplating, or in the process of, a change. From November 2015 to December 2016 the digital version of Funds Society has published such a series of appointments – The Perez Group, Eduardo Robson, Daniel Aymerich, Soraya Batista-Gracía, Eddie Moreno, Alex Astudillo, Ángela Canas, Tanya Duarte and Archivaldo Vásquez, Felipe Ballestas, Oscar Guevara, Samuel Nunez, Ricardo Morean, and Christian Felix – that we wanted to speak with Ray Grenier, CEO of the firm, to discover the keys to this firm’s irresistible model.

Bolton Global is one of the 50 largest independent broker dealers in the US. With 32 years of track history and 45 branch offices, it ranks among the top of independent firms in annual revenue and AUM per producing FA, across the US. This last year, Bolton Global has seen more than 15 advisors with international clients join the firm, many of whom are based in Miami.

What is the key? Why do financial advisors choose to join Bolton Global? How do they arrive at the firm and what does it offer them? “We do not have an FA recruiting team, we have grown fundamentally through word of mouth.” The best tool to attract new teams of financial advisors are the FAs that already work in Bolton, who refer other teams with quality assets and extensive experience. “A happy team that has the full support of the organization to carry out its work is the best ambassador to attract new talent to the firm,” says its CEO.

Ray Grenier, CEO explains: “Our platform allows FAs to establish their own brand name, capture the equity in their book of business and generate a substantially higher net income after expenses. Bolton provides turnkey solutions to incorporate the business, develop a company logo and company promotional materials, develop and establish a professional website, set up office infrastructure and train staff. We also provide all of the back office and compliance support to process the business efficiently and effectively in accordance with industry rules and regulations.

Through Bolton, FAs have access to all of the capabilities, products and services available through the major wirehouses and private banks.”

We are talking about Financial Advisors who had prior successful careers at the major US wirehouses in 90% of cases, with a client book of over $100 million and 15 or more years of industry experience. Most of them are US citizens or visa holders. Bolton also has several affiliated financial advisors operating from offshore locations in a fully registered capacity.

When talking about attracting clients, Grenier says the financial crisis of 2008 highlighted the importance of financial institution safety and security. BNY Mellon is a global financial institution with the highest safety rankings among the largest US banks. This provides clients with the security that their assets are held through a solid financial institution which also supports international business.

He adds: “BNY Mellon is the oldest US bank, founded by Alexander Hamilton in 1784 and is the world’s largest custodian with more the $30 trillion in assets under custody. It’s clearing subsidiary, Pershing is the world’s largest clearing firm servicing over 100,000 financial advisors working at financial institutions in over 60 countries.

In addition to providing clients with superior safety and security, the BNY Mellon companies furnish Bolton with all of the capabilities, products and services of the major wirehouses and private banks for both domestic and international clients.

As an independent firm, Bolton offers clients a pure wealth management play as the firm does not engage in investment banking or underwriting and generally avoids illiquid products.”

Bolton has a wide mix of customers from the United States, Latin America and Europe. Among the international clients, the firm has a strong representation in Argentina, Spain, Uruguay, Mexico and Panama.

The average account size is over $500,000 with the average relationship over $1 million. Portfolios hold a mix of stocks, bonds, ETFs and mutual funds managed either by the FA or by third party asset managers.

In the international business, around 40-50% of the assets are in mutual funds. Bond portfolios also prevail, as is customary in Latin American clients. Ray Grenier also points out that some of its representatives work with portfolios of UCITS ETFs domiciled in Europe, which represent a tax advantage over US-based ETFs.

Although Pershing is able to carry out the full range of services its clients require, Bolton’s financial advisors (FAs) can also work with a number of local banks that offer advantageous conditions for leveraging their asset portfolios, including international mutual funds. Thus, the FAs that join the Bolton platform can carry out the transition of the assets of their clients without losing functionalities over the broker dealers in which they worked previously.

Bolton provides FAs with a complete set of research tools to manage their client portfolios including recommended buy-sell lists, model portfolios, analytics, and performance reporting. Financial advisors have the flexibility to advise clients on the composition of their investment portfolios in accordance with the client’s objectives and risk profile. “In addition, FAs can use our Separately Managed Account (SMA) platform with access to more than 100 major asset management firms with multiple investment styles to construct and rebalance portfolios on a discretionary basis.” The CEO says. Approximately 40 percent of the business is fee based with 60 percent conducted on a commission or transactional basis.

In addition to portfolio management, Bolton offers clients the full range of account services including on-line account access, BNY Mellon VISA card, check-writing, ACH and bill payment, portfolio lending, multicurrency holding and reporting as well as trustee services. Bolton also provides access to execution and clearing on exchanges in 45 countries.

Por Qué los Asesores se Reinventan Como Independientes

Este último año, Bolton Global, uno de los 50 mayores broker dealer independientes de Estados Unidos, ha visto cómo su equipo de asesores financieros ha crecido sustancialmente en todo el país,y especialmente en Miami, una plaza importante en la industria del wealth management internacional. La firma ha ido anunciando sus últimas incorporaciones que, a su vez, han servido de llamada para otros asesores contemplando, o en proceso de, un cambio.

Entre noviembre de 2015 y diciembre de 2016, la versión digital de Funds Society ha publicado una serie de nuevas incorporaciones a la firma, entre ellas The Perez Group, Eduardo Robson, Daniel Aymerich, Soraya Batista-Gracía, Eddie Moreno,  Alex Astudillo, Ángela Canas, Tanya Duarte y Archivaldo Vásquez, Felipe Ballestas, Oscar Guevara, Samuel Nunez, Ricardo Morean, Christian Felix, Henrique Pinheiro y Diogo Scelza. En esta ocasión, hemos querido hablar con Ray Grenier, CEO de Bolton Global, para descubrir las claves del irresistible modelo de esta firma.

Bolton Global es uno de los 50 mayores broker dealers independientes de Estados Unidos, con más de 32 años de historia y 45 sucursales, Cuyos ingresos y activos bajo gestión por asesor financier en active lo sitúan entre las firmas independientes líderes del país. En el último año, Bolton Global ha visto como  más de 15 asesores con clients internacionales se han unido a su plataforma, muchos de ellos en Miami.

Pero, qué explica este éxito. La primera pregunta para el CEO de Bolton Global es clara: ¿Por qué los asesores financieros eligen ligarse a Bolton Global?

“No contamos Con un equipo de captación de FAs, hemos crecido fundamentalmente mediante el boca a boca”. Su major herramienta para captar nuevos equipos de financial advisors son los propios FAs que ya trabajan en Bolton, que les refieren a otros equipos con activos de calidad y amplia experiencia. “Un equipo contento y que cuenta con todo el apoyo de la organización para desempeñar su trabajo es el mejor embajador para atraer nuevo talento a la firma”, dice Ray Grenier.

“Nuestra plataforma permite a los FAs establecer su propia marca, el equity en sus cuentas de resultados y generar ingresos netos ustancialmente mayores,después de los gastos. Ofrece soluciones llave en mano para crear un modelo de negocio independiente, desarrollar la marca y el logotipo de la compañía, la página web y material promocional, para configurar la infraestructura de la oficina y plataformas tecnológicas,así como soluciones para capacitar al personal. También proporcionamos todo el respaldo administrativo de cumplimiento normative y supervisión para procesar el negocio de manera eficiente y efectiva, de acuerdo con las reglas y regulaciones de la industria”, explica Grenier. “A Través de Bolton, los FAs tienen acceso a todas las capacidades, productos y servicios disponibles a través de los principals wirehouses y bancos privados”, resume. Se trata de asesores que, en el 90% de los casos, se unen a Bolton después de una exitosa experiencia en alguno de los grandes broker dealers estadounidenses, cuyas carteras superan los 100 millones de dólares y cuentan con una experiencia professional de más de 15 años en la industria. En su mayoría son ciudadanos estadounidenses o profesionales que cuentan con los pertinentes visados para residir en el país, aunque la enseña también cuenta con varios asesores de inversion afiliados que operan desde otros mercados con capacidades registradas plenas.

 

JP Morgan Securities duo with $200M in AUM joins Bolton Global Capital ​

A JP Morgan Securities team that managed more than $200 million has joined Bolton Global Capital, according to the independent hybrid firm said.

Agustin De Estrada and Manuel Lecour are working as Aurora Partners and operating from Miami, the Boston-based Bolton said in a press release. Bolton clears and custodies securities with Pershing.

Agustin De Estrada began his career as a financial adviser with Merrill Lynch in 2002. He moved to JP Morgan in 2008. Manuel Lecour joined Citigroup Global Markets in 2008 and moved to JP Morgan Securities in 2012, where he and Mr. De Estrada began working as a team. They serve clients in Latin America, Europe and the U.S.

Marcela Aroyave, who also transferred from JP Morgan, manages client service operations for the team.

JP Morgan Team with $200 Million in Client Assets Joins Bolton Global

Bolton Global Capital is pleased to announce that Manuel Lecour and Agustin De Estrada have joined the firm’s Miami office. This team, formerly with JP Morgan Securities, manages over $200 million in client assets.

Agustin De Estrada began his career as a financial advisor with Merrill Lynch in 2002 and then moved his book to JP Morgan in 2008. Manuel Lecour first became licensed with Citigroup Global Markets in 2008 and joined JP Morgan Securities in 2012 where he and Mr. De Estrada began working as a team. Since then, they have built as broad based international business serving clients from Latin America, US and Europe.

Marcela Aroyave, who also transferred from JP Morgan, will manage client service operations for the team.

We are proud to have such well respected professionals affiliate with our company and look forward to supporting the continued growth of their wealth management business.

The team will operate under the trade name Aurora Partners.

Christian Felix Joins Bolton Global Capital

Christian Felix has joined Bolton Global Capital. Felix, formerly with the Merrill Lynch office in Coral Gables, Florida, manages client assets worth more than $120 million. This latest transition continues Bolton’s success this year in converting Miami based financial advisors from the major wirehouses to the independent business model. The advisors joining the firm’s Miami office in 2016 collectively manage over $1.2 billion in client assets.

Christian Felix was born in Ecuador and began his career in 2002 with Lloyds Bank in Ecuador and was later transferred to Miami. In 2006, he moved to Santander Private Bank International as Vice President where he remained until joining Merrill Lynch in 2010 as First Vice President in the firm’s international wealth management complex. He services high net worth clients primarily from Ecuador, Colombia, Bolivia and Venezuela.

To bolster its footprint in international wealth management, Bolton recently hired Ricardo Morean, who has managed major complexes in Miami, New York and Latin America for Merrill Lynch, Wells Fargo and RBC. The firm expects continued robust growth in its business in 2017.

Christian Felix se une a Bolton Global Capital

Ayer lunes, Bolton Global Capital anunció que Christian Felix se ha incorporado a su equipo de Miami, proveniente de la oficina de Merrill Lynch en Coral Gables.

La firma detallaba -en la misma nota- que los clientes a los que da servicio Felix proceden principalmente de Ecuador, Colombia, Bolivia y Venezuela y sus activos en cartera superan los 120 millones de dólares.

De esta manera, la cifra total de activos que Bolton ha sumado este año gracias a la incorporación de nuevos asesores, en Miami, supera los 1.200 millones de dólares.

Christian Felix inició su carrera en el Lloyds Bank de Ecuador –país en que nació-  para más tarde ser transferido a Miami. En 2006 se unió a Santander Private Bank como VP y de ahí pasó, en 2010, a Merrill Lynch como First VP en la división de International Wealth Management Complex.

Bolton Nets Another Merrill Advisor With $120m Client Book

Bolton Global Capital is showing no signs of slowing down its recruitment drive after hiring yet another advisor from Merrill Lynch, Citywire Americas has learned.

The Bolton, Massachusetts-based broker-dealer is continuing its offshore expansion with the hire of Christian Felix from the US wealth management giant’s Coral Gables office in Florida.

He will join other former Merrill advisors in Bolton’s Miami office which so far this year has added advisors managing over $1.2 billion in collective client assets.

Bolton Global also said in its statement that it expects ‘continued robust growth in its business in 2017’. Felix joined Merrill Lynch in 2010 as first vice president in its international wealth complex and managed client assets worth more than $120 million. During his time at Merrill he catered to clients primarily from Ecuador, Colombia, Bolivia and Venezuela.

Ecuadorian-born Felix started off his career in 2002 with LloydsBank in Ecuador before later being transferred to Miami. In 2006 he joined Santander Private Bank International as vice president where he remained until joining Merrill Lynch.

New recruits

In October, Bolton Global announced the hire of Ricardo Morean, a 24-year wealth management veteran, as the head of its business development as well as for GEA Capital, a Bolton affiliated advice firm based in Miami.

Morean and Felix’s hire follows a wave of new advisor teams joining Bolton over the last year, with its Miami office adding over nine teams with more than $1.2 billion in client assets since November 2015.

A large portion of these new teams are former Merrill Lynch advisors, which are understood to have left after the US group decided to scale back its global advice unit in July 2015.

Ricardo Morean Joins Bolton Global

Bolton Global Capital has announced that Ricardo Morean has joined the firm. With this addition, Bolton hopes to leverage Morean’s successful career of growing the international wealth management businesses of Merrill Lynch, Wells Fargo, and RBC where he was in charge of major branch complexes in New York, Miami and Latin America.

Morean will be responsible for business development for Bolton Global as well as GEA Capital, an affiliated advisory group based in Miami specializing in asset management for institutions and high net worth clients.

More recently, Morean was Senior Managing Director of RBC’s International Advisor Group, covering Latin America and Europe, as head of the company’s offices in Miami, New York and San Diego until the RBC closed its non-US client business in 2015.

Morean began his career as a financial advisor with Merrill Lynch in 1992. After holding senior positions in business development and branch management with Merrill Lynch’s Latin American operations, he was promoted in 2005 to Regional Managing Director for the firm’s international financial advisors in the New York, Miami and San Diego offices. After Merrill Lynch was acquired by Bank of America in 2008, he joined Wells Fargo as Regional Managing Director responsible for the firm’s international advisors in Miami and New York.

He is a graduate of Ohio State University and holds a Masters in International Management from the Thunderbird School of Arizona State University.

Antiguo ejecutivo de RBC y Wells Fargo se une a Bolton como director de desarrollo

El ex director de RBC Wealth Management Ricardo Morean se ha unido a Bolton Global Capital como su nuevo jefe de desarrollo de negocios.

Morean, quien ha trabajado en varios equipos de gestión a través de un número de unidades internacionales de riqueza en su carrera de 24 años, se unió a Bolton y GEA Capital, una empresa de asesoría afiliada a Bolton con sede en Miami, la semana pasada.

Bolton espera aprovechar la experiencia de Morean de hacer crecer los negocios internacionales de gestión de la riqueza de Merrill Lynch, Wells Fargo y RBC donde estuvo a cargo de los complejos de sucursales en Nueva York, Miami y Latinoamérica, según un comunicado de la firma.

Él será responsable del desarrollo comercial de Bolton Global así como de GEA Capital, un equipo que RBC que se lanzó en 2013.

Morean comenzó su carrera como asesor financiero con Merrill Lynch en 1992. Con el tiempo tomó posiciones en desarrollo de negocios y la gerencia de sucursales con operaciones en América Latina de Merrill Lynch y supervisó los asesores financieros internacionales de la firma en New York, Miami y San Diego.

Después de que Merrill Lynch fue adquirido por Bank of America en 2008, se unió a Wells Fargo como director ejecutivo regional responsable de los asesores internacionales de la firma en Miami y Nueva York hasta 2010.

Su rol más reciente en esta capacidad fue como jefe de las oficinas del grupo asesor internacional de RBC en Miami, Nueva York y San Diego hasta que RBC cerró su negocio de clientes fuera de Estados Unidos en 2015.

Tras el cierre de RBC, Morean se incorporó al Banco Santander como banquero privado.

Wells Fargo Team Joins Bolton

Bolton Global Capital is pleased to announce that Henrique Pinheiro and Diogo Scelza have joined the firm’s Miami office at 801 Brickell Avenue. Formerly with Wells Fargo Advisors, the team has $185 million in client assets. Mr. Pinheiro began his career in 2000 at Merrill Lynch and later joined Wells Fargo Advisors where he has worked for the last 23 years in Sao Paulo and Miami. Mr. Scelza has been affiliated with Wells Fargo Advisors in Miami since 2008. He first became FINRA licensed in 2008 with Wachovia Securities in Rio De Janeiro. The Pinheiro-Scelza Team focuses mainly on servicing high net worth clients from Brazil.