How Holistic Advisors Turned Cooperation into Its Greatest Advantage

Marcos Villanueva, founding partner of Holistic Advisors, shares his vision on the value of cooperation and organic growth in the financial advisory world. 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 were involved in international banking. How is your professional career structured? How did you enter the world of financial advisory?

It all started at Boca’s stadium. While studying at Di Tella University (Argentina), I used to take foreign tourists to La Bombonera. This was around 2000-2001—unfortunately, Boca’s best moment, since I’m a River fan.

In 2002, during one of these tours, I met an American who worked at QBE, an Australian insurance company. We had a great conversation, and before leaving, he said: «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, working in the actuarial division of the company.

From there, did you move to Merrill Lynch?

Yes, I was always interested in finance. Around that time, I had already passed the first level of the CFA (Chartered Financial Analyst) exam, a rather demanding certification with three levels.

Merrill Lynch also had offices in the same building as QBE, focusing on international banking. One day, in the elevator, I ran into a friend who told me they were looking for people. I didn’t hesitate—I sent my resume, got interviewed, and was hired. 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 in Argentina and offered us the opportunity to move to Uruguay, where they had been operating in Zonamerica since 2000. I was about to get married, and the idea of living in Uruguay made perfect sense. Plus, it was a growth opportunity, as they proposed a program in which, if I met certain goals, I could become a Financial Advisor.

Together with Martín Christiansen, who became my first business partner, we achieved those goals, and in June 2010, we moved to Uruguay.

Was that the beginning of Holistic Advisors?

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

By 2017, Martín and I started thinking about new challenges. That’s when we saw an opportunity with Holistic. We founded Holistic Advisors in Uruguay because, until then, it didn’t exist here.

At the same time, we acquired a company with an existing investment advisor license, but it wasn’t active. We brought it to Zonamerica, renamed it Holistic Advisors, and integrated it into our organization. The name came from Holistic Brokerage, the first company in the group, founded in Panama in 2013.

That’s how we joined Holistic, incorporating our operation in Uruguay into the project.

How was the process of setting up in Zonamerica?

At that time, we had to present a plan to both the Central Bank and Zonamerica to move forward with our project. And honestly, eight years later, I can say we’ve exceeded expectations. Today, we have more than 25 people working at Holistic Advisors.

Additionally, we expanded in Panama and opened a broker-dealer in Miami. As a result, the group now consists of a sub-clearing company in Uruguay, one in Panama, and a broker-dealer in Miami.

This expansion allowed us to achieve long-term business sustainability, as Miami is a more recognized and valued market in the region.

What makes Holistic stand out in the market?

Our uniqueness lies in the fact that, at Holistic, the partners are both producers and Financial Advisors. Each of us is fully dedicated to financial advisory. We allocate all our resources to provide the best possible service to our clients. The company operates almost like a cooperative, in the sense that we are all focused on directing resources to our clients. We make a living as investment advisors.

At Holistic, we also highly value human connection within our teams. Advisors who join our company are usually friends or former colleagues. Most of our advisors worked with us at Merrill Lynch, so they share a similar background and values.

Is this cooperative work model your company’s key differentiator?

Yes, I believe we focus on two key things. First, ethics—it is our main differentiator in financial advisory. Since founding Holistic Advisors in 2017, our goal has been to operate professionally and transparently.

Second, we emphasize teamwork. We meet weekly to discuss investment strategies, share ideas, and create synergies. In an industry that is often individualistic, we chose to work collaboratively because we believe economies of scale add significant value.

After several years, we have confirmed that this approach works. Cooperation not only improves advisory quality but also creates an environment where knowledge sharing happens naturally, with no expectations in return.

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

Uruguay is an exceptional place to live, especially for those seeking quality of life and peace of mind. I moved here just after getting married, with the idea of starting a family, and I found the perfect environment to raise my children. It’s a safe country with a more relaxed pace 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 people chose to move here not just for tax reasons but because they genuinely found a great place to live. Additionally, its proximity to Argentina makes it easy to maintain connections, travel, and stay involved in the region.

Over the years, I’ve had opportunities to move elsewhere, but I’ve always chosen to stay here. The tranquility, security, and quality of life it offers are unmatched.

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

Although Holistic Advisors is a relatively small company with around 25 employees, 75% of our team is now composed of Uruguayan talent. Initially, most of us were Argentine, but over time, we hired more Uruguayans, and the experience has been very positive.

Uruguay has excellent human resources, and we have found skilled professionals who have grown within the company, taking on more challenging roles, even at a regional level. We strongly believe in internal development and enjoy training talent. In fact, something that defines Holistic is that we genuinely enjoy this process—we love recruiting, training, and watching people grow within the company.

Of course, I can’t generalize about the entire Uruguayan job market, but our experience has been great. We hire about 5 to 7 new employees each year and have built a solid, constantly evolving team.

How does being in Zonamerica add value to Holistic Advisors?

At Holistic Advisors, we foster a strong spirit of internal cooperation, and we find the same at Zonamerica. There are many industry professionals here with whom we regularly interact—we meet, have lunch, exchange opinions, and share market insights. This networking ecosystem is a key advantage of Zonamerica over other free zones.

Moreover, the park hosts events, training sessions, and collaborative meetings that truly add value. It’s not just a physical space—it’s a community where we constantly interact, exchange ideas, and create business opportunities.

What are Holistic Advisors’ next challenges and growth plans?

At Holistic Advisors, our growth is organic. We focus primarily on serving our clients, and through this commitment, we’ve seen annual growth of 10% to 20%.

New advisors often express interest in joining 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 rush or commit to plans we can’t fulfill.

So, we continue on this path of organic growth, working daily to provide excellent service to our clients because we know that’s where we truly make a difference.