How Holistic Advisors Turned Collaboration into Its Greatest Strength

Marcos Villanueva, a founding partner of Holistic Advisors, shares his perspective on the value of collaboration and organic growth in the world of financial advisory services. With an optimistic outlook on the future, Marcos also reflects on his experience at Zonamerica and how Uruguay’s leading financial ecosystem fosters collaboration among companies, making it a benchmark for professional development in the region.

You have a background in international banking. What has your career path been like? How did you get into financial consulting?

It all started at the Boca stadium. While I was studying at the University of Di Tella (Argentina), I used to take foreign tourists to La Bombonera. This was in 2000–2001—unfortunately Boca’s heyday, since I’m a River fan. In 2002, on one of these tours, I met an American who worked at QBE, an Australian insurance company. We had a great conversation, and before he left, he said to me, “Send me your resume.” I joined the company in May 2003, right after graduating, and worked there until 2007. During that time, I lived in São Paulo, developing my skills in the company’s actuarial department.

Are you moving on to Merrill Lynch from there?

Yes, I've always been interested in the world of finance. By that time, I had already passed the first CFA (Chartered Financial Analyst) exam, a fairly rigorous certification program with three levels.

Merrill Lynch, which specialized in international banking, also had offices in the same building as QBE. One day, in the elevator, I ran into a friend who told me they were hiring. I didn’t hesitate—I sent in my resume, had an interview, and got the job. So I moved from the 20th floor at QBE to the 22nd floor at Merrill Lynch, where I worked from 2007 to 2010.

In 2010, Merrill Lynch closed its operations in Argentina and offered us the chance to relocate to Uruguay, where they had been operating in Zonamerica since 2000. I was just about to get married, and the idea of living in Uruguay appealed to me in every way. Plus, it was an opportunity for growth, because they offered me a spot in a program where, if I met certain goals, I could become a Financial Advisor.

Together with Martín Christiansen, who was my first business partner, we managed to make it happen, and in June 2010 we moved to Uruguay.

Was that when the journey toward Holistic Advisors began?

Exactly. In 2013, Julius Baer acquired Merrill Lynch, so we became part of that company.

In 2017, Martín and I began thinking about new challenges. That’s when we saw a great opportunity in Holistic. We founded Holistic Advisors in Uruguay, because it didn’t exist there at the time.

At the same time, we acquired an existing company that held an investment advisor license but was not currently operating. We brought it to Zonamerica, renamed it Holistic Advisors, and integrated it into our organization. The name was derived from Holistic Brokerage, the group’s first company, which had been founded in Panama in 2013.

That’s how we joined Holistic, integrating our operations in Uruguay into the project.

What was the process of setting up operations in Zonamerica like?

At that point, we had to submit a plan to both the Central Bank and Zonamerica in order to move forward with our project. And the truth is, eight years later, I can say that we’ve more than met our goals. Today, we have more than 25 people working at Holistic Advisors.

In addition, we expanded our operations in Panama and opened a broker-dealer in Miami. As a result, the group now consists of a sub-clearing firm in Uruguay, one in Panama, and the broker-dealer in Miami.

This change enabled us to achieve long-term sustainability for the business, as Miami is a more well-known and highly regarded market in the region.

What sets Holistic apart in the market?

What sets us apart is that, at Holistic, our partners are both financial advisors and investment managers. Each of us is fully committed to the financial advisory business. We devote all our resources to providing the best possible service to our clients. The company operates almost like a cooperative, in the sense that we are all focused on allocating resources to serve our clients. We make our living as investment advisors.

At Holistic, we also place a high value on personal chemistry within our teams. The advisors who join the company are often friends or former colleagues. Most of our advisors worked with us at Merrill Lynch, so they share a background and values very similar to our own.

Is this shift toward cooperative work the company's competitive advantage?

Yes, I think we focus on two key things. First, ethics, which is our main value proposition in our advisory services. Since we founded Holistic Advisors in 2017, our goal has been to conduct our business in a professional and transparent manner.

We also place a strong emphasis on teamwork. We meet weekly to discuss investment strategies, share ideas, and create synergies. In an industry that tends to be individualistic, we’ve chosen to work collaboratively because we believe that economies of scale add significant value.

Today, after several years, we can confirm that this approach works. Collaboration not only improves the quality of our advice, but also fosters an environment where knowledge is shared naturally, without expecting anything in return.

Why did you choose Uruguay when you founded the company in 2017?

Uruguay is an exceptional place to live, especially for those of us who are looking for a good quality of life and peace of mind. In my case, I arrived here as a newlywed with the intention of starting a family, and I found Uruguay to be the ideal environment in which to raise my children. It is a safe country with a more relaxed pace of life compared to big cities like Buenos Aires or São Paulo.

Traffic is minimal, people live with less stress, and that translates into a more balanced life. During the pandemic, many chose to move here not only for tax reasons, but because they truly found a place where they could live well. Plus, its proximity to Argentina makes it easy to maintain ties, travel, and stay connected to the region.

Over the years, I’ve had opportunities to move to another country, but I’ve always chosen to stay here. The peace and quiet, the safety, and the quality of life here are unmatched.

What has your experience been like with local talent in terms of human resources?

Although Holistic Advisors is a relatively small company with about 25 employees, 75% of our team is now made up of Uruguayan talent. At first, most of us were Argentine, but over time we’ve brought on more Uruguayan employees, and the experience has been very positive.

Uruguay has a strong workforce, and we have found skilled professionals who have grown within the company, taking on more challenging roles, even at the regional level. We are strong believers in internal development and enjoy nurturing talent. In fact, one of the things that sets us apart at Holistic is that we truly enjoy this process: we find it rewarding to bring people on board, train them, and watch them evolve and grow within the company.

Obviously, I can’t speak for the entire Uruguayan job market, but our experience has been very positive. We hire between 5 and 7 new people each year and have managed to build a strong, constantly evolving team.

How does being located in Zonamerica add value to Holistic Advisors?

At Holistic Advisors, we foster a strong spirit of internal cooperation, and we find that same spirit at Zonamerica. There are many people in the industry here with whom we interact constantly: we meet, have lunch, exchange views, and share ideas about the market. That networking ecosystem is what sets Zonamerica apart from other free trade zones.

In addition, the park hosts events, training sessions, and collaborative gatherings that truly make a difference. It’s not just a physical space, but a community where we’re constantly interacting, exchanging ideas, and creating business opportunities.

What are Holistic Advisors' upcoming challenges and growth plans?

At Holistic Advisors, our growth is organic. We focus primarily on serving our clients, and it is through this commitment that we have seen annual growth of between 10% and 20%.

We receive proposals from new consultants who want to partner with us, but we don’t follow an aggressive growth plan. We prefer a more relaxed approach, where we can enjoy our work and feel comfortable. We don’t want to rush things or commit to plans we can’t fulfill.

So we continue on this path of organic growth, working hard every day and focusing on providing excellent service to our customers, because we know that’s where we make a difference.