Wells Fargo Names 30-Year UBS Manager to Run Arizona Complex
Wells Fargo Advisors has recruited a veteran wirehouse manager to rally its troops of private client group brokers in Arizona and fill some empty seats.
Roger W. Burton, who has spent all but 17 months of his 32-year brokerage career with UBS Financial Services, will manage its branches in Mesa, Tempe and Sun Lakes, according to several advisors and associates at the branches. The small complex houses about 20 brokers, according to the branches’ websites.
Burton is moving from Los Angeles, where he has been assistant head of UBS Wealth Management’s five-branch L.A. market and, according to his corporate and LinkedIn profile, manages a book focused on retirement planning. He has been based in the firm’s Century City branch.
The new Wells manager, who was in Mesa on Thursday morning meeting his charges, did not return calls for comment on his decision. Craig Sullivan, Wells’ Arizona regional head who accompanied Burton on his inaugural day at the branch, did not immediately return a call for comment left at his office in Scottsdale.
Wells Fargo has been attempting to staunch an outflow of brokers amid its extended reputational crisis by offering a premium fee to recruiters who land candidates as well as enhancing signing bonuses for selected recruits.
Its force of about 14,200 brokers at its private client, bank and independent channels has nevertheless shrunk by almost 6%, or 860 advisors, since its parent disclosed in September 2016 that bankers opened fake retail bank accounts to meet sales quotas and earn bonuses.
Wells Advisors’ recruiting efforts have borne some fruit, however. Burton’s arrival follows the move of a UBS California branch manager to Wells in April and a Merrill broker in New Jersey in May. Last month, it lured a Morgan Stanley veteran in Omaha.
Burton’s arrival comes on the eve of a reorganization of Wells’ wealth management businesses that a company executive said will require them to exercise “discipline, fortitude, integrity and compassion” as details are unveiled.
On his UBS webpage and his LinkedIn website, Burton indicates that he began his career with a crash course in exercising those qualities.
“I began my career at UBS in one of the equity market’s most tumultuous months on record, October 1987,” he wrote, adding that he has strived subsequently to help customers and brokers manage through fluctuating markets and to focus on personal goals.
“I became a branch manager in order to partner with financial advisors and aid them in building their own unique wealth management practices,” he added.
Burton, who joined UBS after less than two years at The Stuart-James Company and at First of Michigan Corp., according to BrokerCheck, has managed UBS branches in Ohio, Kentucky, Minnesota and Arizona. He is a graduate of Purdue University, where he majored in agriculture economics, his LinkedIn profile says.