UBS Adds Advisors with Combined $8 Million Production
Despite its slimmed-down recruiting efforts, UBS Wealth Management USA last month hired at least four advisors who generated a combined $8 million in revenue, according to a UBS official.
Three of the four new advisors came from Bank of America’s wealth management businesses.
The largest influx occurred in Dallas, where two advisors who were producing about $5.5 million at the BofA unit formerly known as U.S. Trust joined UBS Wealth’s branch system. The brokers, Troy Swaner and Fowler Hatley, had been overseeing around $876 million of customer assets, the UBS official said.
Prior to joining U.S. Trust (which has been rebranded Bank of America Private Bank) in 2013, Swaner’s 19-year career included stints at Citigroup and Wells Fargo & Co., according to his BrokerCheck profile. Hatley began his career with USAA in San Antonio, and worked as a nonregistered portfolio manager at U.S. Trust, according to his LinkedIn profile. Neither advisor, who joined UBS three weeks ago, returned calls for comment.
The duo works with wealthy families and also helped private equity firms in the central U.S. with capital markets, treasury and banking services, according to Swaner’s LinkedIn profile, which shows he worked as a private banker at Citigroup and Wells Fargo & Co. before joining U.S. Trust in 2013. Hatley describes himself on LinkedIn as a portfolio manager and began his career as an analyst at USAA in San Antonio, according to LinkedIn.
In New Albany, Ohio, UBS last week hired Patrick Ford, who has been a broker at Merrill for his entire 31-year career as a registered representative.
Ford produced $1.2 million in fees and commissions for Merrill in the previous 12 months and worked with around $104 million in client assets, the UBS official said.
He has joined the |Columbus- and Marietta-based team of William E. James II and Jason J. Hull, each of whom have more than 20 years’ experience as brokers, according to a UBS press release. Ford was visiting prospects and unavailable to comment on his reasons for leaving Merrill, said a person answering his colleagues’ office phone.
In San Diego, UBS lured Dustin Rief from Mercer Global Advisors, a large Denver-based registered investment advisory firm, on March 12.
Rief was generating about $1.4 million of revenue on about $200 million of customer assets at Mercer, the UBS official said. According to his public regulatory filings as of Monday, he is registered with the Securities and Exchange Commission as an investment adviser but not as a broker with Finra.
Rief did not return a call for comment.
UBS more than two-and-a-half years ago deliberately pulled back recruiting of experienced brokers in an attempt to whittle down the more than $3 billion of forgivable loans on its balance sheets from recruiting bonuses.
In an attempt to offset attrition during the recruiting drought, it pulled out of the Protocol for Broker Recruiting at the end of 2017. Despite the deterrent effect that the Prexit decision was expected to have, headcount at the firm declined to around 6,300 brokers as of the end of 2018 from around 6,600 one year earlier, according to brokers at the firm.
In addition to the teams that UBS hired in Texas, California and Ohio, it also last month recruited Adrienne and Beau Hart, who had been producing around $742,000 at a Merrill branch in Indianapolis.