Independent broker-dealer Bolton Global Capital plans to expand its Miami office by hiring up five more advisors by the end of the year.
Bolton’s chief executive officer Ray Grenier, told Citywire Americas that his firm’s expansion plans included onboarding ‘two to three teams’ made up of financial advisors and employees to support them this quarter.
Bolton moved to bigger offices in Brickell Avenue’s Four Seasons Hotel in Miami this month to accommodate its growth plans. The group offers turnkey office solutions to advisors to help them convert to the independent business model and allow them to run their own client book and retain most of the revenue they generate.
The firm has also been recruiting high-profile teams from rival banks and wirehouses in Miami, though Grenier said Bolton had not hired anyone for its Brickell Avenue offices in recent months. In total, the group’s Miami-based advisors overseee client assets of $3.5 billion.
In June, Bolton hired an advisor duo from Morgan Stanley, who managed a combined $555 million in assets, for its New York office whom both joined only months after $230 million Morgan Stanley veteran bond strategist Marco Oreamuno enlisted with Bolton’s Miami network of independent advisors.
In April 2018, it also added $220 million Merrill Lynch advisor Ricardo Quiros to its Weston, Florida office.
Bolton Global Capital is one of the largest broker-dealers in the international wealth management market, running $8.5 billion in client assets. Grenier said that although the firm does not have an official target for assets, it typically adds $1 billion in new accounts on an annual basis.
‘We expect growth in the 15% to 20% range over the next 12 months,’ he added.
