Aqua Advisors provides portfolio management for individuals and small businesses.
Aqua Advisors reports 51 high-net-worth individuals. Of its assets, 6.6% ($19.6M across 12 accounts) are managed with discretion; $279M across 266 accounts are not. Of its clients, 98% are outside the U.S. It advised 51 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 100% | 100% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 51 | $299M | 100.0% | $5.86M |
| Total | 51 | $299M | 100% | $5.86M |
- Clients
- 51
- Regulatory AUM
- $299M
- AUM share
- 100.0%
- Avg. per client
- $5.86M
Total
- Clients
- 51
- Regulatory AUM
- $299M
- AUM share
- 100%
- Avg. per client
- $5.86M
- Clients outside the U.S.
- 98%
- Clients advised without assets under management last fiscal year
- 51
- Private funds advised
- 0
Aqua Advisors is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure.
Milagros Varela owns 50% to 75% of Aqua Advisors. It has 2 employees.
Staff
- 2 employees
- 2 in advisory functions
- 1 state-registered rep
- Owns 50% to 75% of Aqua Advisors LLC
Milagros Varela
Control person · since September 2016
- Owns 50% to 75% of Aqua Advisors LLC
Jose Varela
Control person · since September 2016
Aqua Advisors’ regulatory assets grew 2.2× from $133M (February 2021) to $299M (March 2026); clients rose from 13 to 51 and employees from 1 to 2.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $299M | 51 | 2 | 1 |
| Mar 2025March 2025 | $221M | 27 | 1 | 1 |
| May 2024May 2024 | $148M | 21 | 1 | 1 |
| Mar 2023March 2023 | $122M | 19 | 1 | 1 |
| Feb 2022February 2022 | $148M | 13 | 1 | 1 |
| Feb 2021February 2021 | $133M | 13 | 1 | 1 |
Besides its headquarters, Aqua Advisors has 0 offices, with 1 listed address with no US state reported.
Contact and registration details
- Legal name
- Aqua Advisors LLC
- Headquarters
- Not reported
- Website
- Not reported
- Phone
- 305-877-7593
- SEC file
- 801-120092
- Structure
- Florida LLC
- Fiscal year end
- December
Aqua Advisors’ named custodians for separately managed accounts include Citigroup Global Markets ($54.8M, 32%), Stonex Securities ($36.4M, 21%) and Morgan Stanley ($33.9M, 20%). Aqua Advisors does not have custody of client assets.
- Morgan StanleyMorgan Stanley Smith Barney LLC · Purchase, NY · $33.9M20%
- Citigroup Global MarketsCitigroup Global Markets Inc. · New York, NY · $54.8M32%
- UBS SecuritiesUBS Securities LLC · New York, NY · $19.8M12%
- Santander SecuritiesSantander Securities LLC · Boston, MA · $3.92M2%
- J.P. MorganJ.P. Morgan Securities LLC · New York, NY · $10.1M6%
- OtherCredicorp Capital, Stonex Securities, Sabadell Securities USA, Pershing, XP Investments US, Charles Schwab, Banco Itau Uruguay S.a., D&P Corredores De Bolsa28%
At year end, Aqua Advisors’ separately managed accounts were mostly in funds (72%) and stocks (17%).
What the accounts hold
- Stocks17%
- Exchange-traded equities16%
- Non-exchange-traded equities1%
- Funds72%
- Pooled vehicles56%
- Registered funds16%
- Bonds10%
- Investment grade corporate bonds5%
- U.S. government and agency bonds2%
- High-yield corporate bonds2%
- Sovereign bonds1%
- Cash1%
How many clients does Aqua Advisors have?
Aqua Advisors has 51 clients and manages $299 million for them, as of March 2026. They include 51 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 March 2026
What services does Aqua Advisors offer?
Aqua Advisors provides portfolio management for individuals and small businesses.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Aqua Advisors use?
Aqua Advisors’ separately managed account assets are held at Citigroup Global Markets Inc. (New York, NY), with $54.8M, Stonex Securities Inc. (Birmingham, AL), with $36.4M, Morgan Stanley Smith Barney LLC (Purchase, NY), with $33.9M, UBS Securities LLC (New York, NY), with $19.8M, J.P. Morgan Securities LLC (New York, NY), with $10.1M, Pershing LLC (Jersey City, NJ), with $4.99M, Santander Securities LLC (Boston, MA), with $3.92M, Sabadell Securities USA, Inc. (Miami, FL), with $2.95M, Credicorp Capital LLC (Miami, FL), with $2.01M, D&P Corredores De Bolsa (Montevideo), with $457K, XP Investments US, LLC (New York, NY), with $122K, Banco Itau Uruguay S.a. (Montevideo), with $9.02K and Charles Schwab & Co., Inc. (Westlake, TX), with $2.4K. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 March 2026
How many financial advisors does Aqua Advisors have?
Aqua Advisors has 1 investment adviser representative registered with state securities authorities, out of 2 employees, and 2 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Aqua Advisors invest in?
At the end of its last fiscal year, Aqua Advisors’ separately managed accounts held 56% pooled vehicles (private funds and similar), 16% exchange-traded equities, 16% registered funds (mutual funds, ETFs, BDCs), 5% investment grade corporate bonds, 2% U.S. government and agency bonds, 2% high-yield corporate bonds, 1% non-exchange-traded equities, 1% sovereign bonds and 1% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Aqua Advisors?
Aqua Advisors’ direct owners are Milagros Varela (50% to 75%) and Jose Varela (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 17 March 2026
How does Aqua Advisors get paid?
Aqua Advisors is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Aqua Advisors?
Its phone number is 305-877-7593.