UBS picked up a former Wells Fargo team that oversaw $400 million in client assets, a sign that the firm is still selectively hiring financial advisors three months after leaving the Broker Protocol.
The firm's newest hires generated $3.2 million in annual revenue and joined UBS in San Jose, California, a spokeswoman confirms. They will report to Eric Weider, a UBS branch manager.
The move represents the
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In a concession to the advisor, he can still respond to client emails and calls, even though he may not initiate contact.
December 13 -
Breakaway uncertainty is forcing the RIA to re-evaluate its growth strategies.
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Despite Merrill Lynch’s recent decision to stay in the Broker Protocol, Greg Fleming sees a long struggle ahead.
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Morgan Stanley and UBS's exit from the accord spurred a number of advisors to move up their planned career changes.
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Wells Fargo recently disclosed it was investigating possible sales misconduct within its wealth management division, which includes both wirehouse and independent advisors. This prompted some recruiters to suggest the latest regulatory headaches
UBS, meanwhile, has pursued a reduced recruiting strategy since 2016. President Tom Naratil has said he wants to shift resources back to advisors at the firm and away from what some perceived as a too-expensive recruiting market.
The firm's newest team made the move February 14, indicating that even a firm that has left the protocol can still recruit advisors.
The new hires include Brad Frederickson, his son Jeff, Rhett Hall and Tricia Flanagan.
Frederickson is an industry veteran, having joined E.F. Hutton in 1985, according to FINRA BrokerCheck records. He joined Wells Fargo in 1993.
Frederickson and his son are the third and fourth generations of their family to work in the business, according to UBS.
The younger Frederickson started his career at Wells Fargo in 2013. Hall, a senior wealth strategy associate, and Flanagan, senior client service associate, has been in the business since 2002.
