Millares Asset Management, LLC (Coral Gables)

Name: Millares Asset Management, LLC
Address: 500 South Dixie Highway, Suite 201, Coral Gables, FL, 33146
Telephone: 305-662-9649

Millares Asset Management, LLC is a large advisory firm based in Coral Gables. It manages $125.16 million of regulatory assets for 142 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdiction of Florida.

Millares Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and consulting. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Millares Asset Management: assets under management

The assets under management (AUM) of Millares Asset Management, LLC is $125.16 million, all of which is managed in discretionary accounts. The firm's AUM has gone down by -45% since the beginning of its operation, and $1.55 million of the total AUM is attributable to clients outside of the United States.

The firm manages $125.16 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $881.39 thousand each.

Millares Asset Management has custody of $768.79 thousand in cash and securities for 2 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in state and local bonds the most. They account for 40% of the total AUM. The second-largest asset type is investment and business development companies, which make up 23% of the firm’s portfolio. Investments in investment grade corporate bonds form 22% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Millares Asset Management, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Millares Asset Management serves?

The firm provides services to individuals, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Millares Asset Management is high net worth individuals with 22 clients and $118.74 million of assets under management. Among the 7 most similar advisory firms, Millares Asset Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $125.16 million for 41 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 2% of the firm’s clients are foreign persons or businesses.

Millares Asset Management doesn't advise any private funds.

Careers at Millares Asset Management, LLC

The company employs 3 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 3 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Maria Romagosa Millares	Managing member	1 Feb 2005	25% - 50%	5395040
Ruben Manuel Millares	Managing member	1 Feb 2005	25% - 50%	5395045
Daniel Rene Orona	Chief compliance officer	1 Dec 2008	Other	5089596
Javier Manuel Millares	Managing member	1 Jan 2010	25% - 50%	5874217

Based in Coral Gables

The principal office where Millares Asset Management, LLC performs its advisory services is located at 500 South Dixie Highway, Suite 201, Coral Gables, FL 33146, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 305-662-9649 or by fax 305-666-9549. The normal business hours are 9am to 6pm on Monday - Friday. You can find more information about the New York firm at millaresam.net.