Seven-person team had been managing $6.5 billion in client assets, UBS said.
Group of four brokers had been generating $4.6 million in fees and commissions, according to the team leader.
The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.
Morgan Stanley team with $6.5 million and Merrill team generating $3.3 million in revenue bring Rockfeller’s brokerage force to 44 teams.
Biggest brokerage firm by number of advisors says its force fell by more than 100 in fourth quarter, but 2020 revenue and profit grew due to rising markets and expense cuts.
Broker had been managing over $200 million in client assets, according to two sources familiar with his practice.
Wells Fargo has enhanced its already high-end fees for recruiters with performance-based incentives for its most active headhunters.
Revenue generated by the Florida-based firm’s burgeoning brokerage force rose 12% last quarter, but rising legal and compensation costs contributed to an 8% decline in pretax profit at its wealth division.
Emphasize the “big numbers” large producers can earn over a long UBS career and the “unrealistic” sales targets that competitors set when offering back-end bonuses, it says in presentation.
Deal that pays recruiters a hefty 10% of a hired advisor’s 12-month revenue was to have ended in September, but will continue through year-end as Wells pushes to fill seats.