Multimillion-Dollar UBS Teams in Ohio Join Wells Fargo
Wells Fargo Advisors has convinced two teams from UBS Financial Services in Ohio cumulatively producing more than $7 million to join its private client group franchise, a retort to the heightened exodus of brokers it has been experiencing.
In Columbus, brokers Ryan Bibler, Vincent Finney, Joseph Panfil, Myron “Mike” Shaffer and two client associates made the move from UBS on November 2. The advisors, who had been with UBS since 2009, generated $5 million of fees and commissions in the previous 12 months, said a person familiar with their practices.
Bibler, who began his brokerage career in 2001 at Merrill Lynch, declined to comment on the team’s reasons for moving, citing Wells Fargo’s restrictions on speaking with the press.
In the Columbus suburb of Dublin, James Medsker and Laith Khalaf joined Wells on October 26, along with two client associates, according to their BrokerCheck records. They were generating around $2 million in annual production, according to the person who was also familiar with the Dublin team’s practice.
Khalaf, an 18-year brokerage veteran who joined UBS along with Medsker 10 years ago from Morgan Stanley, declined to comment on the move. Medsker began his 34-year brokerage career in 1984 at Chubb Securities, and worked for 14 years at Merrill Lynch prior to hitching up with Morgan Stanley in 2000.
The teams knew each other well and also were long-time friends with local management at Wells Fargo, the source said.
Amid the swelter of scandal that has surrounded Wells Fargo & Co. for the past two years, and that has recently expanded from its retail lending business into investigations of its wealth management sales culture, UBS has been something of a gift horse to its brokerage unit.
In July, two teams of UBS brokers in California who together produced more than $3 million joined Wells Fargo.
The moves reflect attractive signing deals that Wells Fargo Advisors has prepared in the wake of losing more than 1,000 brokers since its parent’s first settlement with state and federal regulators was disclosed two years ago, according to headhunters.
The recruiters themselves are responding to sweetened fees that Wells Fargo Advisors has been offering to incentivize hiring efforts.
UBS, for its part, has retreated from the ardent recruiting of experienced advisors in a bet that the more efficient path to client-asset growth will come from compensation programs aimed at retaining large producers until they pass their books to younger colleagues as they near retirement.
A spokeswoman at Wells Fargo Advisors confirmed the arrival of the Ohio teams but declined further comment. A spokeswoman at UBS said she could not immediately comment on the departures.