Portfolio

Jon Stein was a pioneer of the robo advice industry, building a $25 billion firm over the past decade.

Brian Truscott oversaw more than $330 million in client assets.

The firm also added a new unit to accommodate its dramatic advisor growth — from one to 140 in seven years.

The new hires generated approximately $5 million in production before making the move.

The deal underlines the bank’s focus on Folio's clearing and custody capabilities, as well as its 450 RIAs.

The scale of the withdrawal indicates that the ETF is both being used by large institutions and a favorite with retail investors, an expert says.

The firm has sought to broaden the range of clients it targets with its wealth-advisory services.

The wirehouse is also tweaking pay related to cash solutions for clients.

Clients have been jolted into engaging with their total wealth, not just their money, says UBS’s Ultra High Net Worth and Private Wealth Management Americas head John Mathews.

The Boston-based boutique oversees the assets of roughly 140 full- service clients and 800 individual households.