UBS Husband-and-Wife Team Producing $2.6-Million Joins RBC
Three family members who were producing about $2.6 million for UBS Wealth Management USA from branches in Tucson, LaJolla and Kansas City jumped to RBC Wealth Management last week, according to an RBC official.
The advisors and two associates, who jointly were overseeing about $455 million of customer assets, focus largely on fixed-income investments, said Schafer, who knew the couple from their previous decade-long sojourn at RBC Dain Rauscher. About 60% of the revenue they generate comes from fee-based accounts, he said.
“I’ve known them for years,” Schafer said of the couple, who began their careers in Kansas City, “and I’ve actively been recruiting them for about eight months.” Although UBS has exited the Protocol for Broker Recruiting, the team has told Schafer that they have received transfer commitments from more than 75% of their UBS customers.
A UBS spokesman declined to comment.
The couple split their time between their Arizona and California offices, while Dalen is working from RBC’s office just outside of St. Louis in Clayton, according to their BrokerCheck records.
Fox declined to comment and Penner did not return a request for comment.
Penner, a former economist at Kansas City-based MRI Global, also worked at Phillips Petroleum’s corporate merger and acquisition group and ran Sprint’s regulatory department before becoming a registered rep with Lehman Brothers in 1987, according to her UBS biography and her BrokerCheck record. She shifted to Stifel, Nicolaus & Company in 1990 and joined Dain Rauscher in 1996, prior to arriving at UBS in September 2007, according to her BrokerCheck history.
Fox, who practiced law for 25 years in Kansas City, started in the brokerage industry in 1997 with Dain Rauscher Inc. prior to joining UBS in March 2008. Dalen, who worked as a tax lobbyist for the Civic Council of Greater Kansas City and has also been a trial lawyer, first registered as a broker with UBS in March 2015.
RBC now has 23 brokers supervised by its Tucson office, Schafer said, including another UBS team hired in late 2017 and two Wells Fargo teams who joined in December 2017 and early 2018. The new team ranks as the fourth-largest in the branch, he said, asserting that the U.S. brokerage arm of Royal Bank of Canada has the biggest market share in Tucson.
In another UBS exit in Arizona, Jules Freeman, a 36-year industry veteran joined Ameriprise Financial Services’ employee channel in Scottsdale on Friday. Freeman, who began his career at Dean Witter and joined UBS in 2008, said he had generated over $500,000 in fees and commissions in the previous 12 months.
—Jed Horowitz contributed to this story.