Another UBS Team Shifts to Wells Fargo Advisors
Wells Fargo Advisors has landed another team from UBS Financial Services, this time in New York City.
Marc M. Cohen and Benjamin N. Cohen, a father-son team who have 51 years of combined experience, jumped to Wells on May 11, according to registration records and people familiar with the move. They managed around $180 million in assets, a Wells spokeswoman said.
The Cohens, who declined to comment on their shift, were at least the third big-city team to jump from UBS to Wells last month. The moves are a mere dent in a steady outflow from Wells Advisors since disclosure of the fake-account scandals at its sister bank in September 2016.
Marc Cohen, a 36-year industry veteran, was a senior vice president at UBS, a corporate title indicating around $1 million in production. His son, who began his career at UBS PaineWebber in 2002 and also has worked at Bear, Stearns, had been with his father at UBS from January 2008 until last month, according to their BrokerCheck records.
UBS has itself been steadily slimming its broker count, which now stands below 7,000, as a result of pulling back from recruiting and exits both voluntary and forced. Two UBS teams in Chicago with a combined $516 million in assets also joined Wells Fargo in May. Wells also lured a California UBS branch manager and a team of producers in the state in April.
A UBS spokesman declined to comment on the recent moves.
Wells has sweetened hiring bonuses and is offering an enhanced deal to third-party recruiters who bring brokers to its private client, bank or independent channels through the end of September. Some recent recruits have been lured as well with promises of being ripe to inherit books from retiring brokers, according to recruiters and brokers who spoke on condition of anonymity.