Ex-UBS Star Lures More Former Teammates to $3.7 Billion RIA
Five UBS Wealth Management advisors in Ohio left on Wednesday to join a $3.7 billon-asset registered investment advisory firm founded last year by Craig Findley, a former colleague.
Since registering his new firm, Venture Visionary Partners (VVP), Findley has attracted more than 80% of the 36-person, three-state team he co-led at UBS. Last year, 11 members of the team known as Touchstone Wealth Partners joined within three months of his departure.
“Craig plowed the runway for us,” said John D. Spengler, who followed this week with fellow UBS advisors Robert S. Loeb, James J. Porea, Bradford G. Dolgin and Craig A. Warnimont.
Reuniting with Findlley was part of a succession plan that will allow Spengler to more easily transition his book and, in the shorter term, hire junior team members, he said.
Spengler, 61, began his brokerage career more than 33 years ago at Prudential-Bache Securities.
Findley, a former co-chair of UBS advisors’ committee to senior management and a nine-year Barron’s Top 1200 Advisor, had personally managed around $1 billion of customer assets and was producing $6.5 million in revenue when he left the wirehouse in April 2019. He acknowledged that he inadvertently allowed an assistant to complete a required training module, according to his BrokerCheck record.
In a regulatory filing, UBS said his trespasses involved “training, outside activities and reporting of business travel.”
Touchstone Wealth, which Findley founded with Kenneth J. Wise, his longtime partner, currently has one advisor in Sylvania, OH, two in New York City and three in Florida—in addition to Wise and his son, Kenneth II, who are listed as working in both Ohio and Florida on the team website. The senior Wise did not immediately return a call for comment about the departures.
Findley said he is now in a hiring hiatus as his new team members strive to transition several hundred clients from UBS.
“We’re always looking for great people, but right now we’re going to take some time to digest,” he said.
Spengler had been with UBS and regional predecessor McDonald Investments since 2002, according to BrokerCheck. Loeb, 58, is a 30-year veteran of UBS and McDonald, where he began his career.
Porea, 61, worked at the two firms for 29 years of his 37-year brokerage career, which began at regional firm Butler, Wick.
Dolgin, a 36-year industry veteran, joined UBS in 2003 from Prudential Securities, while Warnimont registered with UBS in 2016 and has worked intermittently in the securities industry since 1998, according to his BrokerCheck history.
The new arrivals bring to 37 the number of advisors that Dynasty has helped move this year to new or existing RIAs that contract with it for platform and other services, said Dynasty CEO Shirl Penney. The advisors were cumulatively managing $7.1 billion at their former firms.
Dynasty last year facilitated moves by 40 advisors managing $10.6 billion.
“We will end the year very close to last year, which will be ahead of budget and a bit Herculean in this environment,” said Penney.
The St. Petersburg, Florida-based firm earlier this week appointed John Sullivan, who had worked with Penney at Smith Barney as a regional manager, as head of “network development” to recruit new advisors and teams. Sullivan had run recruiting in Dynasty’s central division.