UBS loses 3 advisors with $1B in AUM to Stifel
Stifel won over three ex-UBS advisors who collectively managed $1 billion in client assets, according to a statement by the firm.
Two of the advisors, Gary Bice and Michael Leach, operate as the Bice Leach Group, while the third, John Prebay, is a solo practitioner. All three are based in Southfield, Michigan.
Stifel has hired a total of eight Michigan-based financial advisors from five different firms this year. These latest additions are Stifel’s biggest hires in terms of combined AUM.
In an interview, Prebay said he had considered a career move for many years, but in the end found he was most comfortable with Stifel’s leadership, emphasis on clients and the flexibility that comes with working in a smaller firm — especially in the midst of a global pandemic.
“To me, Stifel exhibited operational excellence. It’s a flat organizational structure that’s efficient,” Prebay says. “Post-COVID, we don’t know what the world will look like, but there are opportunities for companies that are able to adapt. When the pandemic occurred, it magnified the importance of that flexibility.”
Prebay brings 27 years of industry experience to his new firm, having spent the last 16 years at UBS. Bice has 37 years of experience, logging the last 11 years at his former employer, according to FINRA BrokerCheck records. Michael Leach was also at UBS for 11 years, bringing his years of experience up to 13.
UBS had no comment on the move.