UBS Wealth Management USA
A three-person arbitration panel sided with UBS for the majority of the award against a broker who joined Wells in 2017 but also said the firm had misrepresented its loan program and agreed with the broker’s constructive discharge claim.
Among several new hires, Wells plucked three UBS brokers with a combined $3.7 million in annual revenue, including a New England duo and solo producer in Boca Raton.
One panel awarded two couples who had lost nearly $700,000 on their investments in UBS’ Yield Enhancement Strategy their money back plus prejudgement interest, while the wirehouse notched its ninth YES victory with another panel.
A producing manager for Merrill in Grosse Pointe, Michigan jumped to UBS Wealth Management USA on Sept. 17 along with a four-year broker and support staffer.
Two veteran advisors, including a team founder, did not join in the defection.
To Score Eye-Popping Offers, Brokers Need the Right Business Mix and a Little Chutzpah, Recruiters Say
Top producers can take advantage of the ultra-competitive market by horse-trading among firms, provided they have an in-demand book of business, recruiters say.
The wirehouse has an established track record for hiring advisors from private banks, but recently refashioned its offers by adding more to upfront loans, when they previously offered mostly guaranteed salary and performance-based awards, recruiters say.
Joel East and John Farrell, who left J.P. Morgan’s private bank in the spring to join UBS Private Wealth Management in Fort Worth, Texas, agreed to stop soliciting customers pending the outcome of an arbitration case.
A boat moving through waters near the Bahamas? A Harley-Davidson at the Sturgis motorcycle rally in western South Dakota? Or just beside your pool? In the remote era, the next frontier is still a question mark.