Stifel Lands $1.75-Million Husband-and-Wife UBS Team in New Mexico
Stifel Financial has hired two financial advisors from UBS Wealth Management USA who had overseen $181 million in client assets in Santa Fe, New Mexico, the company said.
The husband-and-wife team of John and Mary Macukas joined on Tuesday and had generated $1.75 million in annual revenue, according to a person familiar with their practice. They are opening a new office that will be St. Louis-based Stifel’s first in New Mexico, the company said.
Stifel had progressed from having no offices west of Colorado 13 years ago to more than 70 in every Western state except New Mexico, according to Western division director John Lee.
“The gap is now closed, and we are open for business,” Lee said in a prepared statement about the New Mexico hires.
Jon Macukas started his career at UBS in 2000, followed in 2008 by his wife’s registration with the firm.
They worked at the same UBS complex that lost a team in Scottsdale, AZ, team earlier this month led by Jason Zilveti to Rockefeller Capital Management. It had managed $300 million of client assets for UBS.
In the other direction, UBS’s Scottsdale complex hired Jennifer Lucovich, a former advisor with BMO Harris Bank who produced $1.1 million in annual revenue on $196 million in client assets on July 31.
UBS’s headcount has been steadily declining to fewer than 6,000 brokers in the U.S., according to brokers citing internal rankings. UBS has 6,410 advisors in the Americas, which also includes a small contingent in Canada and Latin America, down 4%, or about 268 from a year earlier, according to its second quarter earnings report.
UBS, which cut its vetearn broker recruiting targets in 2016 and withdrew from the Protocol for Broker Recruiting a year later, has been selectively refilling some empty seats.
On Tuesday, it said it hired a junior broker William “Will” J. Connolly to join a large private wealth team in Boston. Connolly, who was most recently registered for less than a year with Goldman Sachs, is joining a $6 billion-asset former Goldman group led by Denis J. Cleary and Gregory M. Devine who joined UBS in May after a garden leave.
“He is a rising talent, with a natural ability for understanding his clients’ in-depth needs, making him a great addition to our team,” UBS private wealth Boston complex manager Max Bardeen said in a prepared statement.
Connolly, who was also registered with Merrill Lynch between 2014 and 2017, according to BrokerCheck, could not be reached for comment.
In addition, UBS continued to look outside of its traditional wirehouse hiring pool and brought on Terone “Terry” Carter from PNC Investments in Columbus, Ohio. Carter, a 16-year brokerage veteran, joined UBS on September 15, according to his BrokerCheck record.
He is teaming up with an eight-person group, the James, Hull & Ford Wealth Management practice, according to his LinkedIn profile.
Carter first registered as a broker 17 years ago at A.G. Edwards & Sons in Ohio, leaving after a year for Park Avenue Securities and shifting in 2009 to Fifth Third Securities in Columbus. He remained with the bank-owned broker for six years, then joined PNC, another bank-affiliated broker in June 2016. He left PNC in April, and did not re-register as a broker until this week when he joined UBS, according to his BrokerCheck history.