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.
Processing Content
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.
A sign sits on a wall outside the King Edward Street entrance to the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg
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.
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.
Six advisors reflect on what they wish they'd known earlier — from speaking up sooner to thinking longer term to learning that the best question beats the best answer.
SEI may not be the first firm that comes to mind when thinking about the industry's custodians, but the firm has built a substantial client base of financial advisors over more than 30 years.
Schwab directly or indirectly manages only 2% of the $37 trillion in U.S. wealth that could be in the hands of advisors, according to CEO Rick Wurster. The size of the opportunity means there is no need to compete with the firm's RIA clients.
The firm isn't discussing the news reports suggesting it's for sale. Here's how it has built such a close relationship with so many planners over the years.
