UBS Hires $7.5 Million Goldman Sachs Team in Philadelphia
UBS Wealth Management continues to dip its toes into recruiting at the expense of Goldman Sachs.
Led by 20-year veteran Scott Belveal and his 10-year colleague Adam Lambert, the five-person team had been generating $7.5 million in annual revenue at UBS, according to a person familiar with its practice. UBS disclosed the size of the assets the team was managing at Goldman.
Belveal and Lambert could not immediately be reached for comment on their decision.
Goldman’s unusual wealth management garden-leave policy and supply of investment banking deals to fuel advisors hungry for unique allocations has long made it a difficult place to recruit from. But that has been changing in the past few years, and the pace of recruiting from its cadre of fewer than 500 private wealth advisors has picked up.
UBS in August hired three Goldman advisors in Washington D.C. who were managing $3 billion in assets. They are now part of the same Northeast Private Wealth market led by Julie Fox, an 18-year UBS veteran.
“We are focused on growing our team of productive financial advisors,” Fox said in a prepared statement.
A Goldman spokesman declined to comment on the UBS hires.
The moves out of Goldman began picking up speed in 2017 when Morgan Stanley recruited a Washington team said to have been producing $10 million from their wealthy customers. Goldman earlier this year said it was intent on building its force of high-end client advisors, but revised its plans amid the pandemic.
It also has broadened its target clients to less affluent investors. The New York investment bank last year bought United Capital Financial Advisers, a consortium of small registered investment adviser practices that it has now renamed Goldman Personal Financial Management. Earlier this year it purchased Folio Financial, an RIA custodian whose discount brokerage business Goldman is selling to Interactive Brokers Group.
UBS, while hiring few experienced brokers from rival wirehouses over the last three years, has been selectively recruiting from wealth management “boutiques,” such as Goldman, and from private banks. Two weeks ago, it recruited Christopher Pitzak from Bernstein Private Wealth Management in La Jolla, CA. He had been managing $616 million in client assets.
In October, UBS hired a multi-billion-dollar-asset team of J.P. Morgan Private Bank advisors in Atlanta.
UBS’s core group of financial advisors in the U.S. has declined to 6,000 from over 8,000 a decade ago as it retains a tight control on expenses, according to brokers at the firm citing internal rankings. A New York-based team managing about $4.5 billion of client assets broke away two weeks ago to start a registered investment advisory firm.
Goldman earlier this month shuffled its wealth management ranks, appointing James Mallory and Meena Flynn co-heads of global private wealth management. In September, it named Stephanie Cohen to co-head its consumer and wealth division alongside longtime division head Tucker York.