Fundsociety - January 29, 2024
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- “We anticipate that we will grow our business by 15-20% and add 6 to 10 new affiliates, primarily from the wire house world,” Preskenis responded
- Bolton will continue its management structure in addition to the recent addition of John Cataldo, who arrived from Integrated Partners, to join as Chief Administrative Officer & Chief Legal Officer
- On the other hand, the firm is in the process of recruiting for the new position of Head of Business Development, following the announcement of Michael Avarett’s departure
Bolton Global is forecasting 15% to 20% growth in its US Offshore business this year going forward and are confident of achieving these goals through recruiting “top-tier” financial advisors, the firm’s president Steve Preskenis told Funds Society.
“We anticipate that we will grow our business by 15-20% and add at least 6 to 10 new affiliates, primarily from the wire house world,” Preskenis responded when asked what Bolton’s goals were for 2024 in the US Offshore market.
“Over the past decade, Bolton has invested significant resources and focused our efforts on raising our presence in Latin America and other parts of the world where investors seek access to the US financial markets. We are honored to be the Broker-dealer of choice of leading international financial advisors and their clients, ” he added.
In addition, on a more general level, Bolton expects “continued profitable” growth by adding advisors for both domestic US and international business, expanding capabilities to meet market demand, and adopting the ever-evolving technologies required by top-tier advisors, he added.
“Bolton is a uniquely balanced firm with strong domestic and offshore advisory practices. We have built brokerage and advisory platforms to accommodate a wide variety of client engagements for our advisors,” Preskenis noted.
Separately, Bolton will continue its existing management structure, enhanced by the addition of John Cataldo, who arrived from Integrated Partners, as Chief Administrative Officer & Chief Legal Officer. “John brings a wealth of legal, risk management and operational experience to our team.” Preskenis commented.
The firm is in the process of recruiting for the new position of Head of Business Development, following the announcement of Michael Avarett’s departure.
In reference to the trends that Bolton expects to resonate in 2024, “technology will continue to dominate the evolution of our space and lead the way in 2024,” summarized Bolton’s president.
He expects that as technology becomes more entrenched in financial services, advisors who learn how to leverage those resources while still providing personal white-glove service to investors, will gain the advantage over those who rely too heavily on technology or shun it altogether. “Technology is a resource. Like any other tool, it requires skill and expertise to use it effectively to the client’s advantage. Bolton provides its advisors with access to industry-leading technology and platforms that they can deploy at their discretion. Independent advisors seek us out specifically for the flexibility that we provide them.”
In addition, Preskenis anticipates that “the ESG frenzy will continue to subside, interest rate fluctuations will impact investment decisions, and markets will continue to look for signs of frothy, overvalued sectors.”
2024 will also be marked by national elections, and that has the industry on its toes.
“A lot of people make predictions about the impact of elections on the financial markets. In fact, these predictions change faster than the polls,” observed the Bolton president who noted that “in general a republican administration tends to generate a more positive business climate. It is too early to anticipate how the election will impact the US and global financial markets, but, as the Republican party coalesces around one candidate, a picture will come into focus on the strength of Biden against his competitor. One thing that is certain is that it will be a hard-fought campaign.”