UBS Teams Jump to RBC and Ameriprise in West and Southwest
UBS Wealth Management USA lost two teams of million-dollar producers in the Southwest to regional firms, continuing a slow drain of its brokerage workforce since its decision almost two years ago to pull back from recruiting experienced brokers.
In Beverly Hills, California, the father-son team of Leonard and Adam Kreutner moved to RBC Wealth Management-U.S. last Thursday, an RBC spokeswoman confirmed. The two, who moved with client associates Maria Voskanyan and Patricia Farrell, generated around $1 million in annual fees and commissions in the past year, according to a source familiar with their business.
Neither Lenny Kreutner, who began his career at Morgan Stanley Dean Witter Inc. in 1984, nor Adam, who joined his father at Morgan Stanley in 2007, returned calls for comment. They had been with UBS since January 2009.
In Henderson, Nev., a pair of brokers who a well-placed source said produced over $1 million of fees and commissions in the past 12 months, left UBS for Ameriprise Financial’s employee brokerage channel. They had been managing $284 million in client assets, according to an Ameriprise spokeswoman.
Matthew W. Shaughnessy, who until last year also served as branch manager of the UBS office, confirmed that he moved last Thursday along with Joe Hollis Jr.
Hollis has 46 years of experience beginning with his rookie year in 1971 at Merrill Lynch, and Shaughnessy has worked as a broker for 24 years, beginning at Piper Jaffray, according to their BrokerCheck histories.
UBS’s advisor force in the Americas (including a small group in Latin America) as of June 30 was 6,937, less than half the size of wirehouse competitors Morgan Stanley Wealth Management, Merrill Lynch Wealth Management and Wells Fargo Advisors. Earlier this month, it began encouraging its managers to polish their recruiting pitch to prospects.
Ameriprise in May boosted its deal for established upper-quintile producers to as much as 320% of their trailing-12 month revenue. The aggressive recruiting deal was unveiled as UBS, Morgan Stanley and Merrill began reducing their hiring budgets.
Shaughnessy and Hollis joined UBS in 2008 and 2009 respectively, according to BrokerCheck. In addition to his rookie years at Piper Jaffray, Shaughnessy also has worked at Smith Barney and Morgan Stanley. Hollis’s career encompasses stints at Blyth Eastman Dillon & Co, E.F. Hutton, and Smith Barney on his way to UBS and Ameriprise.
A spokeswoman for UBS said she could not immediately comment on the moves.
RBC, meanwhile, also continued its reach into Wells Fargo Advisors last week. Michael Greth, who was managing around $170 million in client assets from a Wells private client group office in Des Moines, Iowa, joined RBC last Thursday. His entire 14-year brokerage career had been with Wells and its A.G. Edwards predecessor, according to his BrokerCheck history.
Greth declined to comment on his reasons for moving.
In San Francisco, RBC hired a three-person team from Wells led by Bruce Rosen, who it said was managing $390 million in client assets. Rosen, a 35-year industry veteran who also has worked at PaineWebber Inc. and Smith Barney, joined with client associates, Maru DuSablon and Mia Manahan, last Wednesday, RBC said.
“Our team decided to join RBC Wealth Management because of the firm’s longstanding reputation of putting clients first,” Rosen, who had been with Wells for 18 years, said in a prepared statement.
Merrill Lynch also lost a team in Media, Pa. last Thursday to Philadelphia-based Janney Montgomery Scott. Michael Kernicky and his sons Michael J. and John were managing $235 million of client funds at Merrill Lynch, Janney said.
The senior Kernicky, who had spent all but three of his 35-year brokerage career at Merrill Lynch, could not be reached for comment.
A spokeswoman for Merrill Lynch did not immediately return a request for comment.