Wells Fargo Taps UBS Vet Goldfader for L.A. Management Post
Michael Goldfader, a veteran complex manager for UBS in Los Angeles, has joined Wells Fargo Advisors to oversee three offices focusing on $5-million-and-up clients.
Goldfader is a 28-year industry veteran who was among many managers displaced by a series of UBS wealth management reorganizations last year and early this year. He had managed eight offices for the wirehouse, including a Beverly Hills branch.
Reached at his new desk in Beverly Hills, Goldfader said he welcomed the chance to build the new unit with advisors eager to offer integrated wealth management, banking, lending, estate planning and trusts to wealthy clients.
His remit includes managing what Wells Fargo calls “hub” bank branch offices in Beverly Hills, Los Angeles and Brentwood, with outreach to support high net worth clients across the greater Los Angeles area north to Santa Barbara, according to an internal memo from Kevin Kitchin, head of the private wealth business, which includes about 700 advisors.
“It’s a big job,” said Randall Grossblatt, a former UBS manager who helped place Goldfader and said there was substantial competition. “There are a lot of managers looking for jobs right now with so much consolidation.”
Goldfader began his brokerage career with Merrill Lynch in 1991 and moved to UBS seven years later.
Wells has been offering premiums to headhunters who bring in advisors to replace more than 1,100 who have left since the bank disclosed fake account scandals three years ago, and prior to the outbreak of the coronavirus pandemic in the U.S. had recruited at least a dozen $750,000-and-above producers in January and February from wirehouses.
UBS, for its part, has been revamping its global wealth management organization amid a wave of departures from its U.S. wealth force.
The Swiss banking giant hired Iqbal Khan to co-run its global wealth business along with Tom Naratil, the U.S.-based PaineWebber veteran who also runs its Americas operations. They have restructured the upper-high-net-worth business, and made field management changes throughout the U.S.
Ron Meraz, another veteran UBS Wealth manager in southern California, is scheduled to leave the firm next month. A UBS spokesman did not immediately return a request for comment on whether it has named a replacement for Meraz.
Goldfader’s position running the west Los Angeles market has been filled by Jaron Singletary, the former manager of a Century City branch.
Separately, J.P. Morgan Securities earlier this week hired Phil Sieg, a marquee former Merrill Lynch manager to run practice management and products for its wealth management group.
Sieg, a former head of Merrill’s private banking and investment group whose brother Andy is president of Merrill Wealth, began his career with the firm in 1982. He left in April 2017 shortly after Andy took the reins, his brother became head of the brokerage.