Bolton continues NYC expansion with $550m Morgan Stanley team

Independent broker-dealer Bolton Global Capital has ramped up its expansion in New York City with the addition of Morgan Stanley international advisors Ruben Lerner and Manuel Uranga.

After nine years as managing directors at Morgan Stanley, where they advised on an international client book of $550 million, Lerner and Uranga have launched A Plus Capital, which will be headquartered in Manhattan at 515 Madison Avenue, Bolton has announced.

Junior partner Ariel Materin, client associate Jennifer Ramos and office manager Olga Lopez  also join from Morgan Stanley. Materin will manage client acquisition and investment strategy for the team while Ramos will be based in A Plus Capital’s Miami location and Lopez will manage the New York office.

Lerner, originally from Venezuela, and Uranga, from Spain, service clients across Europe, Latin America and the US.

The duo joined Morgan Stanley from Smith Barney, which was then still part of Citi, in 2008 with sales assistants Dolores Alcaide-Mendez and Jennifer Ramos. Alcaide-Mendez remains with Morgan Stanley.

Custody of client assets will be held through BNY Mellon Pershing. Bolton will be providing compliance, back office, and marketing support as well as the wealth management and trading technologies for the A Plus Capital team.

Morgan Stanley confirmed the team’s exit, but declined to comment further.

Bolton’s big plans

The Bolton, Massachusetts-based business is looking to continue to acquire more than $850 million in client assets in New York City market before the end of 2017.

It entered the region in May when former HSBC private banker Ethan Assouline joined the broker-dealer.

Over the last two years Bolton had been targeting advisors in Miami, adding international teams that had left wirehouses and private banks due to internal policy changes during that period. It now has over $4 billion in assets under management from non-US resident clients.

BNY Capital Market Perspectives

Wake me up when September begins

Rather than the late summer doldrums, August has proven unusually active. With various volatility measures starting the month at or near multi-year lows, last week’s geopolitical flare-ups drove some of the largest percentage jumps in these indices since the US election.

In an all too familiar pattern, market fear quickly faded as most asset classes have returned to levels prior to the tete-a-tete between the US and North Korea. As the attached table indicates, the initial movements towards lower yield, falling equity values and a weaker USD have been mostly been erased. Wider credit spreads and weaker commodities have yet to retrace all of last week’s losses.

While we seem to always be just a tweet away from another spike in volatility, looking towards September we provide the following risk guide of significant events for the market.

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$6.4M adviser leaves Merrill Lynch

A Merrill Lynch adviser who oversaw $650 million in client assets left the wirehouse earlier this month to join Bolton Global Capital, his new employer said.

Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.

The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.

His departure comes after Merrill announced it was cutting back on recruiting experienced advisers. The firm will instead focus on growing its brokerage force by training new talent and hiring young advisers from its competitors.

Merrill recently reported its headcount fell by 145 advisers to 14,484 advisers for the first quarter. Some departing advisers have cited concerns over the firm’s plans to cease offeringcommission-based retirement accounts, though Merrill said last week that it would relax those restrictions.

For Moreno, Bolton says it will provide back office, compliance and technical support. Client assets will be custodied through Pershing, the company says.

Bolton has more than $6 billion in client assets and 40 branch offices across the United States, according to the company.

$650 Million AUM Advisor Joins Bolton

Bolton Global Capital is pleased to announce that Euclides Moreno has joined the firm’s Miami office. Mr. Moreno held the position of Managing Director with Merrill Lynch where he worked for the past 17 years. He has built a successful international wealth management practice with $650 million in client assets and $6.4 million in annual revenues. He was among the top producers in Merrill Lynch’s international wealth management complex in Miami.

Mr. Moreno will be operating his business under the name: The Moreno Wealth Management Group Client accounts will be held and maintained through BNY Mellon Pershing, the world’s largest clearing firm. BNY Mellon is the oldest banking institution in the US founded by Alexander Hamilton in 1784 and is the world’ largest custodian with more than $30 trillion in assets held in custody. Through the BNY Mellon Pershing platform, The Moreno Wealth Management Group will have access to markets and exchanges in more than 65 countries and can service their clients on a global basis.

Bolton will provide back office, compliance and technical support to the Moreno team. Through Bolton’s independent business model, financial advisors acquire better ownership and control of their book and are provided with turnkey solutions to set-up, brand and run their businesses with all of the capabilities, services and products of the major wirehouses and private banks. Financial advisors also capture a substantially higher share of the revenues generated from their businesses. Many of the largest teams at the major banks and wirehouses have transitioned to the independent business model over the last few years. Nine teams from the major firms with over $1.5 billion in client assets transitioned to Bolton last year.

“We are proud to have such a top notch professional affiliate with our organization and we look forward to supporting the continued growth of his business.” stated Ray Grenier, CEO of Bolton. Mr. Moreno is a graduate of Babson College in Wellesley Massachusetts. He holds the CIMA designation, awarded by IMCA in conjunction with the Wharton School at the University of Pennsylvania. Prior to joining Merrill Lynch in 2000, he worked in his family’s banking business in Venezuela. He lives Cocoplum with wife Sandra, sons Carlos Alfredo, Juan Diego and daughter Silvana.

Bolton Global Capital has been a broker dealer and FINRA member firm for 32 years with over $6 billion in client assets and 40 branch offices across the US. The firm’s SEC Registered Investment Advisor operates under the name Bolton Global Asset Management.

Bolton Global Capital
579 Main Street
Bolton, MA 01740
(800) 649-3883

BNY Capital Market Perspectives

Resistance is Futile – Volatility at lows Across Multiple Asset Classes

Global risk concerns continue to wane, with elections pushing back on populous revolts, while geopolitical risk have calmed recently, although we have seen nary a blip of concern over geopolitical issues over the past several years. The French elections were almost a textbook example of polling accuracy, as the 2 candidates that were expected to advance to the 2nd round did just that. The ultimate victory for Macron was also as predicted, by some measures many months ago. We have therefore seen anti-Euro candidates falter in Austria, Holland and France over the past 6-months, alleviating much of the concern that another Brexit was lurking on the horizon. As for US politics, we sense that activity from Washington is mostly discounted for the current fiscal year, but not yet abandoned as many still expect some form of tax reform, fiscal stimulus and/or deregulation to emerge in the coming year.

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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.

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.

Ricardo Morean Joins Bolton Global

Bolton Global Capital is pleased to announce that Ricardo Morean has joined the firm. With this addition, Bolton hopes to leverage Mr. 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.

Mr. 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.

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

Mr. 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.

Bolton Global Capital Continues to Grow Market Share

Increasing numbers of advisors are leaving the wirehouse model to join independent firms who have built an infrastructure leveraging leading-edge technology tools. Bolton Global Capital, with headquarters in Massachusetts, is poised for significant growth as a result of this trend. With a compelling value proposition of high-touch service for advisors paired with powerful, flexible technology solutions, Bolton has seen an influx of new advisors joining the firm, most notably from Merrill Lynch. Bolton continues to significantly expand in the Latin American market, which is now underserved by the exit of major firms from the international space. This growing and loyal client base has proven a significant source of growth revenue for the fim as a whole.

Bolton clears through Pershing LLC and and leverages a number of global wealth management solutions from both Pershing and its parent company, BNY Mellon, including; multi-currency reporting, cash management solutions, and asset preservation strategies. Bolton has recently signed an agreement with technology solution provider FolioDynamix for trading, portfolio management, and advisory services. Advisors will be able to leverage the institutional-quality trading interface to manage the entire client lifecycle, from account opening to rebalancing; they will also have access to a series of managed account options that have undergone extensive due diligence review.

“FolioDynamix offered a degree of flexibility that was very attractive to us,” says Steve Preskenis, President of Bolton Global. “The trading interface and overall solution was exactly what our advisors were asking for; many come to us from a wirehouse background, and this technology actually offers a better experience than what they were used to.”

Bolton plans to rollout the FolioDynamix platform over the next two months. As a multi-custodial solution with an integration already in place with Pershing, Folio offers a seamless, efficient onboarding experience.

“We believe strongly that the advisors who leverage technology—and the firms who invest in leading-edge solutions—are going to continue to grow exponentially,” says Joe Mrak, CEO of FolioDynamix. “We are thrilled to partner with a firm like Bolton that is actively seeking new markets and new opportunities, and we look forward to our collaboration.”

About FolioDynamix
FolioDynamix is leading the evolution of the wealth management experience, with an end-to-end technology solution paired with a suite of advisory tools including model portfolios, research, and overlay management services. Through our powerful technology platform, advisors can manage the entire client lifecycle from proposal generation to account opening to account management (trading and rebalancing) to reporting, all through a sophisticated but easy-to-use cloud-based solution. FolioDynamix is an Actua company (ACTA). Visit www.foliodynamix.com. Follow us on Twitter @foliodx.

To learn more, visit FolioDynamix’s Website Here