Merrill Hires $525 Mln-Asset UBS Team in Texas
Merrill Lynch has hired a five-person team that had been managing around $525 million at a UBS Wealth Management branch in Waco, Texas.
“It is a big deal for us,” said James Holley, the Waco branch manager, who said he has been close with the two brokers for years.
The new Merrill team includes James H. Lane, who spent almost half of his 33-year brokerage career with UBS (and predecessor Rotan Mosle), as well as less experienced advisors Nita Tucker and Kristin Renee Chamblee.
The move is notable because Merrill has had a close-to-ironclad freeze on hiring experienced brokers for two years. However, the firm categorizes Waco as a “community” market, a segment of branches distant from a Bank of America branch that has potential for wealth management growth. Just over 50 advisors, about a quarter of the 221 mostly neophyte brokers Merrill hired in 2019, work in community markets.
Shaffer and Mosley-Guy, 34-year industry veterans, joined Merrill with Chamblere and Tucker on February 14, before the coronavirus crisis put a freeze on most broker moves. Lane, who a source said worked as a wealth strategy associate at UBS, joined on March 12.
Members of the team did not return requests for comment on the reasons for the switch.
Mosley-Guy began her career as a registered rep in 1985 at Merrill, according to BrokerCheck, and remained there until joining UBS in 2009. Shaffer started at Merrill in 1986, before making the 2009 shift to the rival wirehouse.
Lane spent his rookie year at Merrill before moving in 1987 to E.F. Hutton & Co and in 1991 to UBS, according to BrokerCheck. He also did a 2005-2008 stint with Edward D. Jones, according to BrokerCheck.
Tucker had spent her entire ten-year career at UBS before last month’s move, while began her brokerage career in 2016 at UBS, according to their BrokerCheck records.
None of the advisors has a disclosure mark on their records.