$4-Mln UBS Broker in Boston Sets Up RIA, Wells Lands Morgan Stanley Vet in Tulsa
UBS lost a big-producing Boston broker who has established an independent advisory firm on the eve of last week’s long holiday weekend while Wells Fargo Advisors hired a veteran advisor in Tulsa from Morgan Stanley on the same day.
Brian Mulvey, who two sources said produced around $4 million in annual revenue at UBS Wealth Management USA in the past 12 months, has established a registered investment advisory firm called Minot Wealth Management in Westwood, Massachusetts.
Mulvey, whose UBS website says he serves clients that include corporate executives and professional athletes, had been managing $672 million in client assets, according to a UBS source.
He launched Minot Wealth Management with two partners—former JPMorgan private banker Patrick E. Donovan and William J. Corcoran Jr., a former recruiter at Charles Schwab & Co.’s Advisor Services RIA division—according to the firm’s website and ADV filing with the Securities and Exchange Commission. Also joining the firm are Kaitlyn M. Carlson, an advisor who was on Mulvey’s UBS team, and investment associate Jennifer Forsyth.
Kevin Thurston, the third adviser on Mulvey’s UBS team with eight years of industry experience, remains with the wirehouse, said a person answering the phone at his office. Neither he nor Mulvey—who had been with UBS for almost 12 years of his 25-year brokerage career— returned requests for comment.
Minot, which is named for a storied lighthouse near Boston Harbor, will direct clients to custody their assets with Schwab and Fidelity Clearing & Custody Solutions, according to the ADV.
In Oklahoma, Wells Fargo Advisors on Thursday signed Michael Alsup, an advisor with 35 years of industry experience to join its 23-advisor private client group branch in Tulsa. Alsup had generated trailing-12 revenue of about $750,000 at Morgan Stanley, where he had worked for almost nine years (including one year at predecessor firm Smith Barney), according to a person familiar with his solo practice.
Alsup did not return a request for comment on the reason for his move, but it follows the expiration of retention bonuses earlier this year that Morgan Stanley had paid to Smith Barney brokers as it began integrating the broker-dealer ten years ago. Morgan Stanley Chairman and Chief Executive James Gorman said last week that the firm has not suffered from attrition as a result of the runoff of the awards.
Wells Fargo Advisors, for its part, has fattened its recruiting deals to replenish a brokerage force that has diminished by close to 1,000 advisors since revelation of its bank partner’s fake account scandal two-and-a-half years. It also has kept in place premium fees for headhunters to promote their introduction of advisors to the company’s various brokerage channels.
Wells reported 13,828 brokers across its private client, independent broker and in-bank-branch models at the end of March, down 4% from one year earlier.
UBS Wealth Management USA, which has been on the sidelines of broker recruiting for almost three years and now has a U.S. advisory force of about 6,300, last summer urged its managers to more aggressively market the firm’s value to advisor prospects. It also has added retention as a performance metric for managers, even as it is cutting support-staffing budgets.
Mulvey, who joined UBS in Boston in January 2001, began his brokerage career in 1992 at New England Securities, and also worked at Deutsche Bank Alex. Brown for 12 years before joining UBS, according to his BrokerCheck history.