Wells Lures 25-Year Veteran from UBS in Michigan
Wells Fargo Advisors’ private client group office in Birmingham, Michigan, on Thursday lured a quarter-century brokerage veteran out of UBS Wealth Management USA.
The bank-owned broker-dealer has been trying to replenish a brokerage force that has declined by more than 1,000 since disclosure of fake-account scandals in other parts of Wells Fargo three years ago.
“I didn’t consider anyplace else,” Hall said in a brief interview on Thursday about joining Wells. “I know a ton of people here, a lot of old friends. It’s kind of like coming home.”
Hall began his brokerage career with a brief stint at Merrill Lynch in 1984, but worked from 1985 to 1990 at Prescott, Ball & Turben, a ‘legacy’ unit of the Wells Fargo Advisors amalgam of regional firms. In addition to working as a broker, Hall spent more than a decade managing high net worth portfolios at trust companies, according to his UBS biography.
He joined UBS in late 2007, and most recently was a senior vice president on the father-daughter Trudeau Wealth Management team that remains at the firm’s Birmingham office along with a third financial advisor and three associates.
Stephen Trudeau, the team’s other senior vice president, did not immediately return a call for comment on what one staffer was Hall’s unexpected departure.
“I have nothing negative to say about UBS,” said Hall. “They were very bummed when I told them, but they are very helpful in moving my license.”
Wells Fargo Advisors has been dangling recruiting packages that can reach as high as 325% of a $500,000-and-higher producer’s trailing-12-month revenue in some geographies, according to headhunters. Hall said he generally manages accounts of $10 million and higher.
Wells brokerage force across its private client group, independent and bank-branch and private banking “hub” channels still recorded a net decline of 29 during the second quarter. At 13,800 advisors, the number was off 427 from the end of June 2018.
A Kentucky team said to have been generating $4 million of fees and commissions left Wells Advisors’ private client group of freestanding brokerage offices on Friday to join Morgan Stanley.
On the flip side, a Morgan Stanley broker in Dallas generating $1.8 million in annual revenue moved the same day to Wells’ private client group.
UBS, for its part, has been losing more experienced advisors than it has been hiring. It added 22 brokers shepherding around $10.3 billion of client assets and producing about $47.1 million in the first five months of 2019, U.S. wealth head Jason Chandler told managers in June. That contrasts with a net loss of 101 advisors in this year’s second quarter in the Swiss bank’s Americas wealth unit.
A UBS spokesman declined to comment on Hall’s departure.