February 8, 2023


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UBS loses two advisor groups with $4.3B to Wells Fargo, RBC

3 min read
UBS Group AG and Julius Baer Group Ltd. Bank Branches Ahead of Earnings

Swiss financial institution big UBS is aiming excessive with plans to develop within the U.S. and seize extra of the extremely excessive internet value market, however huge rivals are blunting its momentum. 

The financial institution misplaced two giant advisory groups in as many weeks, with a mixed complete of $4.3 billion of property managed by 9 brokers defecting to wirehouse Wells Fargo and to regional agency RBC. UBS declined to touch upon the strikes. 

Within the first and newer transfer, Margate Wealth Administration Group of Quick Hills, New Jersey, joined Wells Fargo on Nov. 4, bringing $2.6 billion in shopper property underneath administration. The workforce consists of advisors Andrew Perry and Todd Perry, who’re brothers, and Heather Molin and Matthew Giugliano, in addition to shopper efficiency analysts Mark Franciotti and Ashley Lefler. The group can have a second workplace in New York Metropolis. 

“I’ve recognized them for a few years and look ahead to working with them,” stated Barry Sommers, the CEO of Wells Fargo Wealth & Funding Administration, in a press release. “Our expansive vary of excessive internet value companies and assets will assist their shoppers and develop their enterprise.” 

The jumps come as Wells Fargo ramps up its advisor recruitment with an early announcement about sweetened compensation grids and RBC’s wealth administration unit grew profits 4{ea427812d292796d43f6107322c46d91551ec67d4677c1598049e824cbcae998} year-over-year and elevated its advisor headcount, a vivid spot in its usually grey earnings final quarter. 

At UBS, the six-person Margate group was half of a powerhouse extremely excessive internet value workforce, ViewPoint Partners, that cut up within the transfer and is now all the way down to seven staff. The present chief of ViewPoint, Sharon Sager, is a Barron’s Corridor of Fame advisor. Based on a brochure on the uswebsite from 2019, ViewPoint specialised in serving Forbes 400 households, entrepreneurs, household places of work, rich ladies, hedge funds and different international institutional shoppers. 

Margate advisor Andrew Perry stated in a press release that the transfer would “allow us to service the demanding wants of our extremely excessive internet value shoppers with a broader, extra strong funding and business lending platform.” 

“We’ve numerous shoppers throughout Wells Fargo Advisors who’re additionally enterprise homeowners,” a Wells Fargo spokesperson stated in an e mail. The Margate advisors would have the ability to join them to the wirehouse’s business financial institution for enterprise banking and lending, the spokesperson added. 

Margate’s newly launched advisor site says it additionally helps shoppers with “investing, retirement, property planning and wealth preservation.”

Todd and Andrew Perry every have pending buyer disputes on their FINRA BrokerCheck data that revolve round making unsuitable investments for shoppers associated to choices overlay methods. Moreover, three of the 4 Margate advisors, together with every of the Perry brothers and Molin, have settled buyer claims up to now seven years. “I disagree with and deny all allegations. I’m comfy that this buyer was handled pretty, the account was dealt with correctly, and, as at all times, I acted in the perfect pursuits of the shopper always,” Andrew Perry stated in his BrokerCheck profile, relating to a 2019 settlement for $300,000.

Requested if Wells Fargo was involved in regards to the incoming workforce’s BrokerCheck data, the corporate spokesperson stated in an e mail, “We’re thrilled that this workforce is becoming a member of Wells Fargo.” 

Within the second transfer, UBS final week misplaced the Indianapolis-based Promus Wealth Administration Group, with $1.7 billion of property underneath administration, to RBC Wealth Administration. Promus is a 16-person workforce together with 5 advisors, targeted on company retirement plan consulting, in addition to excessive internet value people and households and foundations. 

David W. Bartz, a frontrunner of Promus, stated in a press launch that RBC’s “merchandise, instruments and built-in know-how platform will allow us to greatest serve our shoppers and develop our apply.” 

The Promus Wealth Administration Group at RBC.

Promus Wealth Administration Group

“It’s also an excellent match for our workforce culturally, with a well-respected native management workforce that locations a powerful emphasis on creating a superb expertise for our shoppers.” 

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