Skip to Main Content
SUBMIT A TIP RECEIVE DAILY NEWS
Menu AdvisorHub
  • News
      • Latest News
          • Advisor workingThis Week’s Top Stories: Morgan Stanley Sues RBC Team, Finra Raps Broker over A-Shares, and More
          • Merrill Lynch Exterior Sign and LogoMerrill’s New Household Growth Fell 40% in 2020–Sources
          • Wells FargoWells’ Wealth Profit Climbs Despite Continued Broker Attrition
          • (Left to right) Gregory Ernst and Todd Stark moved to RBC from UBS along with client associates Amy McGuire, Marnie O’Brien, Trudy SoperRockefeller, RBC Lure Merrill, UBS Teams in Midwest
        • Close
      • Advisor Moves
          • Morgan Stanley, UBS Advisor movesMorgan Stanley Rehires $3.3-Mln UBS Team in North Carolina
          • Lars Olson of Sanctuary Wealth Partners in Marion, OHSanctuary Hires $435-Mln Merrill Team, Snowden Lures Another from Retirement
          • Stifel Investment CompanyStifel Hires 33-Year Brokerage Vet from Jefferies in Dallas
          • (Left to Right) Merrill West Fort Worth producing manager Brad Bruce, Michael Coody, Aaron Gutierrez, David Cepeda and Dana Lewis.Merrill Hires $2-Mln JPMorgan Bank Team in Texas
        • Close
      • Enforcement
          • Businessman in prison, fraudWells Fargo Claws Back $3 Million from Jailed Ex-Broker
          • Finra signFinra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares
          • Barred from the securities industry.SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin
          • FINRAFinra Fines LPL $6.5 Million over Broad Supervisory Failures
        • Close
      • Markets
        • `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge
        • ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls
        • ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says
        • ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says
        • Close
      • Opinion
          • Opinion-How-Will-The-Coronavirus-Affect-The-Stock-Market-Opinion: Coronavirus – What Advisors Need to Know
          • opinion-investors-conquered-fees-next-up-is-their-own-behaviorOpinion: Investors Conquered Fees but Not Their Own Behavior
          • Investor-Confidence-In-Stocks-Rightly-Declines-Opinion-772x485Investor Confidence in Stocks Rightly Declines: Opinion
          • Opinion-Schwabs-Zero-Commission-Decision-Challenges-Its-Ria-ClientsOpinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients
        • Close
      • Fintech News
          • System outageMerrill Systems Hiccuped on Thursday as Stocks Slid
          • 7 dollar rolls‘The Rock’ Invests in Finance App Acorns, and New Users Get $7
          • TraderHigh-Frequency Traders Love Business With Robinhood
          • EtheriumJay Z, Charles Schwab-Backed Ethereum App Opens Doors to Public
        • Close
      • From the Publisher
          • 2021 PredictionsFrom the Publisher: Sirianni’s Predictions for 2021
          • Josh Rogers – 772×485Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth
          • Phil Hildebrandt — 772×485Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill
          • Christian Hyldahl, President of Varium Investment Partners-772×485An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners
          • John Peluso – 772×485Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni
          • Louis Dworsky Coronacrash Interview-772×485Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni
          • Stratos_Jeff pic.jpg-772×485Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni
          • coronacrash ben harrison – 772×485Coronacrash Update: BNY Mellon | Pershing’s Ben Harrison & Tony Sirianni
        • Close
    • Close
  • Deals & Comp
  • Recruiting Wire
  • Breakaway Center
  • Resources
    • resources-home-menuResources Home
    • PRACTICE MANAGEMENT RESOURCESPractice Management Resources
    • Transition ResourcesTransition Resources
    • Fintech ResourcesFintech Resources
    • menu fintechFintech Product Directory
    • Menu-Institute-772×485Institute
    • Boutique Wealth AdvisorsBoutique
    • EventsEvents
    • Asset Manager Hub
    • Close
  • Podcasts
  • RIA Center
  • Virtual Summit
close X
June 5, 2020

UBS Brokers with $15-Mln Production Leave for Rockefeller, RBC and RayJay

by Vicky Ge Huang and Mason Braswell
|
News
|
Raymond James, RBC, Rockefeller Capital Management, UBS
|
Comments (9)
Share This
SUBMIT A TIP
Financial brokers leave UBS

UBS Wealth Management USA this week lost three multi-million dollar teams, including a trio who left on Friday, who were generating a combined $15 million in production.

In Houston, Texas, Rockefeller Capital Management on Friday lassoed a three-broker team led by Shay Scruggs, a 19-year industry veteran, that generated $5  million in revenue, according to a person familiar with the move. The group, which includes junior partners Kevin Wright and Trenton Hollas, who have four and five years of experience respectively, oversaw $500 million in client assets, the source said. 

The team, which will move into a new Houston office when it opens later this summer, is Rockefeller’s fifth in Texas and its second in Houston following its hiring last month of $4.5 million broker David Frankfort from Raymond James Financial’s Alex. Brown unit.

Rockefeller, whose Texas operations are overseen by former Merrill complex manager Michael Armondo, last week hired a six-million-dollar Merrill team in Dallas. Scruggs, a managing director at UBS, began his career at Merrill in 2000, shifted to UBS in 2005 and worked from 2010 to 2014 at Deutsche Bank Securities before returning to UBS, according to his BrokerCheck. 

Under the leadership of former Morgan Stanley wealth president Greg Fleming, New York-based Rockefeller has hired 32 teams since it was recapitalized in 2017 under private equity firm Viking Global Management.

On Wednesday, a family practice managing $341 million left UBS in Clayton, Missouri to join Raymond James Financial’s independent broker channel.

Led by Mike Brown, a 30-year industry veteran who ranked #14 on Forbes’ 2020 Best-In-Missouri Wealth Advisors list, the team produced $3.1 million in annual revenue, according to two sources.

In addition to Brown, who was a managing director at UBS, the group includes his wife, Tammy, and son, Adam, who are each wealth strategy associates. Mike and Tammy Brown had been with UBS since 2000.

Brown began his brokerage career in 1990 as an independent contractor with Royal Alliance Associates, shifted to Prudential Securities in 1994 and joined UBS in 2000, according to his BrokerCheck record. He worked as a personal finance and investing journalist in St. Louis prior to his brokerage career, according to his UBS biography.

The advisor did not return a call for comment on his motivation for returning to independence after two decades with UBS.

Adam Brown had been with the wirehouse for his entire 12-year brokerage career. Tammy worked for three years at Prudential Securities before shifting to UBS in 2000.

The Browns have no customer complaints or other “disclosure” events on their records.

Separately, Mark Bilski, a 35-year industry veteran who was managing over $650 million in client assets at UBS in New York City, joined RBC Wealth Management U.S. on Thursday with four client associates, according to the Royal Bank of Canada unit.

“Culturally, it’s a great fit for me and my practice,” said Bilski in a prepared statement.

The adviser, who joined UBS in 2012 from Credit Suisse, generated $7.2 million of fees and commissions in the past 12 months, according to a source familiar with his book of business.

Bilski, who began his career in 1984 at Loeb Partners, did not return a request for comment. Theodore Papadopoulos, a 27-year brokerage veteran who was Bilski’s partner at UBS, remains with the wirehouse, according to their team website. Papadopoulos did not return a request for comment.

Bilski worked for 12 years at Advest, where he managed a multi-strategy hedge fund and served on the Connecticut-based firm’s board until November 2005, when it was sold to Merrill Lynch, according to BrokerCheck and his UBS biography.

The exits follow those of three other UBS teams in the past two weeks who were managing more than $1.8 billion in client assets and producing almost $10 million in annual revenue.

The Swiss bank-owned wealth management firm, the smallest of four wirehouses, recently saw its U.S. broker count fall to just below 6,000 from about 8,700 a decade ago, according to UBS insiders.

A UBS spokesman declined to comment.

Like this article? Let AdvisorHub come to you!  Sign up

Share This
Comments (9)
  • on Jun 5 2020, Chaz says:

    Good for all involved. With quotas coming to a firm near you , the waste of money will be epic

    > Reply to Chaz
    • on Jun 6 2020, Dutch says:

      merit based quotas dont exist.

      > Reply to Dutch
  • on Jun 5 2020, Freedom says:

    Congratulations Shay! Good luck.

    > Reply to Freedom
  • on Jun 6 2020, Ron Edde says:

    One can either point to Rockefeller’s success in attracting large teams right now, or UBS’s pretty dismal attempts to hold on to the ones that they have (had), but UBS senior management has got to be very concerned. This is close to becoming an exodus and despite the vitriol that is predictably thrown by jealous compatriots at nearly every wirehouse team that moves for a check or to escape onerous oversight and control, at some point people are going to wonder if they’ll be the last ones left to turn out the lights.

    > Reply to Ron Edde
  • on Jun 6 2020, Freedom from the madness and loving it says:

    It’s all a sham unless you leave the wires. Trading checks and prisoners of the lack of creativity and one size fits all for at best half of your revenues.

    > Reply to Freedom from the madness and loving it
  • on Jun 8 2020, Glad-I'm-Gone says:

    Same old story at UBS. The Swiss bought PW at the top of the market and then never invested in PW over the next 10 years. The only advisors who will be left there by the end of this year, have no control over their clients or signed the ridiculous agreements to acquire retiring advisor’s books.

    > Reply to Glad-I'm-Gone
    • on Jun 8 2020, Peter Varckay says:

      Correct, most of the senior brokers just collected dismal accounts of brokers who long left. It’s a 9-5 job checking mutual fund trailers.

      > Reply to Peter Varckay
  • on Jun 8 2020, Sick says:

    Instead of reducing payouts etc, firms should spend their money rewarding loyalty not paying out tons of doe to advisors who are only going to hop again when they can.

    > Reply to Sick
    • on Jun 9 2020, Glad-I'm-Gone says:

      Hi Sick, Too sick and old and tired to leave? Oh, maybe you inherited all of you $200,000 accounts. Good luck.

      > Reply to Glad-I'm-Gone

Leave a Reply Cancel reply

Tony Sirianni Podcast Banner

CORONACRASH NEWS

  • Raymond James Slashes CEO Pay 17% in Turbulent Year

    Raymond James Slashes CEO Pay 17% in Turbulent Year

    Jan 8, 2021
  • Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year

    Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year

    Jan 5, 2021
  • J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim

    J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim

    Dec 4, 2020
  • Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth

    Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth

    Nov 5, 2020
  • Merrill Wealth Slowly Eases Out of Covid Slump

    Merrill Wealth Slowly Eases Out of Covid Slump

    Oct 14, 2020

NEWS

  • This Week’s Top Stories: Morgan Stanley Sues RBC Team, Finra Raps Broker over A-Shares, and More

    This Week’s Top Stories: Morgan Stanley Sues RBC Team, Finra Raps Broker over A-Shares, and More

    Jan 16, 2021
  • Merrill’s New Household Growth Fell 40% in 2020–Sources

    Merrill’s New Household Growth Fell 40% in 2020–Sources

    Jan 15, 2021
  • Wells’ Wealth Profit Climbs Despite Continued Broker Attrition

    Wells’ Wealth Profit Climbs Despite Continued Broker Attrition

    Jan 15, 2021
  • Rockefeller, RBC Lure Merrill, UBS Teams in Midwest

    Rockefeller, RBC Lure Merrill, UBS Teams in Midwest

    Jan 14, 2021
  • Fired Merrill Broker in Beverly Hills Barred by Finra

    Fired Merrill Broker in Beverly Hills Barred by Finra

    Jan 14, 2021

FINANCIAL INDUSTRY PODCASTS

AllIndependenceSuccess
The must listen-to podcast for financial advisors by Tony Sirianni. Guests to include:
-Ron Kruszewski
-Shirl Penney
-Penny Pennington
-Eric Clarke
and many more
Michael Kitces and Carl Richards discuss financial advising topics.
Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal.
The “new advice value stack,” and how firms can use it to help maximize their own value propositions for their clients.
The Brighthouse Financial Insights Panel is a group of leading, independent experts providing powerful insights into the big challenges facing you and your clients.
Equipping independent financial advisors with the tips, insights, and knowledge needed to evolve in every aspect of his or her life
Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry.
As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more.
Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century.
Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters.
Go behind the scenes with registered investment advisors and other related independent business model experts
As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space.
The must listen-to podcast for investors, venture capitalists and financial advisors, with Tony Sirianni and Paul Dietrich.
An Introduction to Independence: 5 Key Episodes to Jumpstart Your Knowledgebase
Jay is an investment strategist, CERTIFIED FINANCIAL PLANNER™ and business consultant to financial advisors.
In this podcast business owners, entrepreneurs and executives reveal their top tips for success.
We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives.
A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more.
Join Sound Financial Group CEO Paul Adams and President Cory Shepherd every week, as they help you Design and Build a Good Life™.
The Kuderna Podcast, focusing on wealth in it's original meaning- a state of well being.
Timeless wisdom, actionable information you can use right now to make smarter investment decisions.
Made for and dedicated to those folks serious about their financial plan.
Latest News 
Advisor Moves 
Enforcement 
Opinion 
  • About Us
  • Contact Us
  • Advertise
  • Events
  • Careers

 get our newsletter

Industry focused content and breaking news.

SIGN UP

Contact Us

EMAIL US

PO Box 253
Middleburg, VA 20118

311 W. 43rd St.,
12th Floor
New York, NY 10036

© 2021 AdvisorHub
  • |Terms of Use
  • |Privacy Policy
  • |Advertise
  • |Careers
  • Facebook
  • Linkedin
  • Twitter

Back to top