UBS Loses Team in Pa. to RBC and a Veteran Manager in Long Island
Repercussions of UBS Wealth Management’s decision to pull out of the Protocol for Broker Recruiting continue to come to light as more advisors and firms confirm that brokers accelerated moves last week rather than become potential restraining order test cases.
In Sewickley, Pa., the team of Mark Santia and Edmund (Ned) Foster left their UBS office in nearby Pittsburgh to join RBC Capital Markets on November 30. The brokers, who had been at UBS for eight years and had previously been with Smith Barney, had managed $366 million of customer assets at UBS, an RBC spokeswoman said.
Santia and Foster, who have 32 and 22 years of experience as registered representatives, respectively, and who joined RBC along with two client service associates, did not reply to requests for comment about their decision. They report at RBC to complex managing director Ken Ross, who now oversees 11 advisors in Sewickley and 52 throughout his Pittsburgh-area branches.
In another move on Thursday, the last day in which UBS was a member of the Protocol, financial advisors Jason Bratt and David Nanson left their office in Salem, Oregon, along with client service associate Ashley Colvin to join registered investment advisory firm TRUE Private Wealth Advisors.
With the new team’s arrival, True expects to be managing more than $900 million, triple its size when its former Merrill Lynch founders set up shop in 2012, according to Dynasty Financial Partners, which helped the original and new members set up their independent practice in Salem and Portland.
“Bratt & Nanson were careful to leave under protocol procedures,” said Sally Cates, a Dynasty spokeswoman.
Bratt began his career at First Union Securities in 1997, remaining for ten years through its evolution into successor firms Prudential and Wachovia Securities before joining UBS in 2008, according to his BrokerCheck history. Nanson’s career moves paralleled those of his business partner, although he joined First Union in 1998.
In an unrelated move, 31-year industry veteran Robert F. Limmer has retired from his role as branch manager of UBS’s approximately three-dozen brokers in Melville, New York, according to people answering his phone number at the branch. Limmer, who several sources said was a popular manager, declined to comment about his departure when reached at a personal number in New Jersey.
A rival in the Long Island locale where he has worked for UBS since 2008 said brokers at the office expect him to join another firm, but were perplexed by his unexpected departure about two weeks ago and speculated that it might involve some recent departures of brokers he supervised.
Michael Blueweiss, who had been with UBS for more than 20 years, was discharged in mid-October for violating trading and customer-signature policies, according to his BrokerCheck record, and veteran advisor Robert H. Davis in the Melville office joined Ameriprise at the end of November. Blueweiss, now registered as an advisor with independent broker-dealer National Securities, did not immediately respond to a request for comment. Davis also did not immediately respond.