$2.6-Mln RBC Vet Returns to Wirehouse Realm with UBS in New Jersey
UBS Wealth Management USA has nabbed a RBC Wealth Management-U.S. broker in Red Bank, New Jersey who had been generating $2.565 million in annual revenue, according to a person familiar with his practice.
He moved along with client associate, Mary Gracy Guastella, and had managed $500 million in customer assets for RBC, the person said. His hiring was highlighted internally in a memo on Monday from UBS’s Northern New Jersey complex manager John E. Geoghan.
Andreach’s shift follows a move in the opposite direction after UBS in May lost a $7.6-million team to RBC in Princeton, New Jersey.
UBS in June sued the team’s lead broker, Michael Gara, in effort to block him from contacting his former customers but agreed to drop its case after the two sides came to a resolution on an outstanding promissory note balance.
A spokesperson for RBC did not return a request for comment on Andreach’s departure or whether it could take legal action. RBC remains a member of the Protocol for Broker Recruiting, but UBS withdrew from the agreement–which allows brokers to solicit their former customers–in 2017.
Andreach, who appeared in 2015, 2016 and 2018 on the “Financial Times’” list of the Top 400 advisors in the U.S. and in the Forbes’ ranking of the best-in-state wealth advisors in 2020 and 2021, did not return a call for comment.
He started his career as a credit analyst in 1984 for a large commercial bank, according to his UBS biography, and registered as a broker in 1994 at Merrill.
His career success may be heartening to other brokers who have found themselves under the compliance microscope for attempting to take a shortcut for clients.
When he left Merrill in 2004, the firm said it had discharged him for signing the names of third parties to a letter of authorization in order to complete an asset transfer to the firm. While no funds were misappropriated and no clients complained, the issue violated firm policy, according to the U5 filing.
Andreach served out a 30-day suspension and paid a $20,000 fine to resolve the matter with the Financial Industry Regulatory Authority’s NASD predecessor, according to BrokerCheck.