UBS Recruiting Sweep Nets Brokers, Private Bankers with $29.6 Mln
UBS Wealth Management USA hired advisors with a combined $29.6 million in annual revenue in the past two months, according to a recruiting update distributed to the field on Tuesday.
Of the ten teams or individual advisors outlined in the memo, three came from private banking units of UBS competitors or from discount brokerages. Earlier this month, UBS hired Danielle Guerra from Charles Schwab & Co., although she was not mentioned in the recruiting memo from Michael J. McVicker, UBS Wealth’s head of business and change management.
While the bulk of the hires continue to come from traditional competitors, UBS’ reach into private banks and discount brokers indicate a growing wirehouse trend recruit people amenable to selling loan-and-deposit products with compensation tied less directly to production, some recruiters said.
Morgan Stanley earlier this month hired a $2.3-million team from Wells Fargo Advisors’ bank-based brokerage channel.
UBS’s latest sweep includes Marc Howard & Steven DaBoub, a South Carolina team who generated $1.6 million in revenue on $190 million in client assets at Wells Fargo’s private bank group, according to the memo. The team is based in Daniel Island, South Carolina.
Howard joined Wells three years ago from BNY Mellon Wealth Management, according to his LinkedIn profile, and DaBoub was a commercial banker at PNC Financial Services before joining Wells’ private bank in 2014, according to his LinkedIn profile. Neither are registered with the Financial Industry Regulatory Authority, according to a search of the BrokerCheck database.
In Washington D.C., Blair Ege, a $1.5 million producer at Bank of America Private Bank (formerly U.S. Trust) joined UBS last quarter. She had managed $300 million in assets, the memo said. Ege, who joined November 21, has 33 years of experience, with stints at Citigroup Global Markets, MSBC Securities, MML Investors Services and Merrill Lynch, according to her BrokerCheck record.
UBS reached into Fidelity Brokerage Services to hire Boston-based broker William Danforth, who generated $600,000 in revenue on $80 million in client assets, according to the memo. He joined UBS on December 2, according to BrokerCheck, after spending his five-year brokerage career with the discount broker arm of Fidelity Investments.
UBS’s U.S. wealth arm slashed its budget for recruiting experienced advisors from competitors in mid-2016, but has been encouraging managers recently to fill empty seats. The firm’s advisor force has fallen 0.4% to 6,049 in the U.S. from around 6,320 a year ago, according to internal rankings cited by brokers.
Hires in the last quarter are “[i]n line with our overall strategy to recruit and retain the most productive advisors,” McVicker wrote in the memo. “Our recruiting pipeline continues to trend up and we are in discussions with franchise teams across the country looking to join, grow and retire at UBS.”
In a regional brokerage hire, UBS on January 17 welcomed Jason Schlesinger from Robert W. Baird in Mill Valley, California. He generated $2.4 million in annual revenue in 2019 and managed $274 million in client assets, according to the memo.
UBS also lured Reuben A. Fink, a Boston broker at Morgan Stanley with $1.1 million in production on $139 million in assets, the memo said. He joined on December 13 after 11 years at the rival wirehouse, according to BrokerCheck.
In Atlanta, Merrill Lynch broker James Malatos, who produced $1.1 million on $137 million in client assets, joined UBS, the memo said. He arrived on December 6, after spending his entire seven-year career with Merrill, according to his BrokerCheck record.
In San Jose, California, UBS hired Gregory Scott Smith who produced $1.6 million in revenue on $177 million in assets, the memo said. He arrived after 26 years with Morgan Stanley and its Smith Barney predecessor, according to his BrokerCheck history.
Jordan McLendon, an ‘international’ broker at Morgan Stanley in New York also joined, the memo said. He generated $2.2 million in annual revenue from $270 million in client assets. He arrived on December 6 after only three years of registration with Finra, according to BrokerCheck.
Some of the recent UBS hires are bringing down the high average production numbers that UBS executives have boasted about. The Swiss bank said in its fourth-quarter earnings report that U.S. brokers averaged $1.4 million in annual fees and commissions from clients.
In Oklahoma City, UBS recruited Kurt Elliott, an $800,000 producer from Edward Jones & Co. who had managed $147 million in client assets, according to the memo. He joined on December 5th after spending his 10-year career with Jones, according to his BrokerCheck record.