Goin’ Up? Wells Fargo Team Moves Seven Floors to UBS in San Diego
(Updated with team assets in the third paragraph.)
A 37-year industry veteran has moved his San Diego-based team from Wells Fargo Advisors to UBS Wealth Management USA, but the only part of his commute he’ll have to change is the number on the elevator.
The team, which joined UBS in February, includes Edward’s son, Kyle, and associates Adrianne Hoy, Patty Bribiesca and Katherine Tawoda, according to an announcement from UBS on Wednesday. The group had overseen $400 million in client assets, according to a source familiar with their practice.
Dawson’s individual production had won him a “premier advisor” designation at Wells from 2006 to 2019, and he has the top corporate title of managing director at UBS, according to his new team page.
The move underscores UBS’s return to selective recruiting since it cut its hiring budget in 2016 and exited the Protocol for Broker Recruiting the following year. The wirehouse, which has fewer than 6,000 brokers in the U.S., has been focusing on some traditional brokerage competitors but also targeting bank-based brokers and private bankers.
Its deals can reach around 250% for a high-end team, according to an industry recruiter who spoke on condition of anonymity. That’s below the 300%-plus offered by some competitors, including Morgan Stanley Wealth Management, but UBS’s ‘back end’ bonuses are paid as guaranteed salary over 12 years and not contingent on hitting sales or asset growth targets as at other firms, the person said.
A spokeswoman at UBS declined to comment.
Dawson and his team were attracted to the Swiss bank’s U.S. wealth unit for “access to worldwide resources offered by a global firm, comprehensive research, close working relationships with branch leadership, and comprehensive wealth management platforms,” they said in a prepared statement.
Dawson started his brokerage career in 1983 at Boettcher & Co. From 1984 to 2001, he worked at Dean Witter Reynolds, Kidder, Peabody & Co., and UBS predecessor PaineWebber & Co. as well as Sutro & Co.
Kyle Dawson, joining as an advisor, spent seven years in sales and marketing roles prior to joining UBS, according to the UBS announcement. He had registered with Wells in March of 2018, his BrokerCheck report said.
A Wells Fargo spokeswoman declined to comment on the move.
Wells ended last year with 13,513 advisors, down 6% year-over-year despite the addition of around 900 “financial and wealth advisors” merged from bank units that it merged into its private client brokerage group in the fourth quarter. Some of those departures included layoffs of lower producing bank brokers in the third quarter.