Wells Sweeps Nine Brokers from UBS, Morgan Stanley in Past 10 Days
Wells Fargo said it landed five brokerage teams managing about $570 million from rivals UBS Wealth Management USA and Morgan Stanley Wealth Management in the past ten days.
Both Morgan Stanley and UBS exited the Protocol for Broker Recruiting two years ago, severely limiting customer contact information brokers can bring with them to new employers.
The largest producers in the migration, Don Wyse and David Trent, moved Friday and were producing more than $2 million on more than $350 million of assets under management at UBS in Los Angeles, where they had worked for 11 years, according to a Wells spokeswoman. They joined the private wealth “hub” office of Wells Fargo in Beverly Hills, which is managed by Michael Goldfader, who himself left UBS last December.
Wyse and Trent’s BrokerCheck records say they worked at Deutsche Bank Alex. Brown and Deutsche Bank Securities for nine years until leaving for UBS in 2009. Neither Wyse, who began his brokerage career 32 years ago, nor 26-year veteran Trent returned calls for comment.
The four other teams, who collectively produced $5.3 million in the last 12 months for their former employers, joined traditional private client group offices of Wells Fargo Advisors.
In New York City, veteran advisors Brendan Bruder and Daniel McLoughlin left UBS last Thursday, where they had worked for 26 and ten years, respectively. They were jointly generating more than $1.5 million on about $218 million of client assets, the Wells spokeswoman said.
Neither Bruder—who began his brokerage career with E.F. Hutton in 1977—nor the 28-year veteran McLoughlin returned calls for comment.
The Morgan Stanley emigrants included Mario Faustini and Christopher Cavallaro, who left a New Haven, Conn., office of the firm on Thursday for Wells Advisors’ Westport office, according to their BrokerCheck histories. They jointly produced more than $1.4 million on about $200 million of customer assets, the Wells spokeswoman said.
The shift was the first active transfer by Faustini, who began his 28-year career at Lehman Brothers, remaining in his seat as it was merged into Smith Barney and then Morgan Stanley. Cavallaro began his career with independent broker-dealer Securian Financial in 2005, and also worked at Waddell & Reed and UBS before joining Morgan Stanley in 2012.
In Ponte Vedra, Fla., Brad Rude left Morgan Stanley on June 5 to join Wells Advisors in Jacksonville. He was producing more than $1.3 million on more than $125 million of customer assets at Morgan Stanley, the Wells spokeswoman said.
Rude, who had earlier worked at Wells for six years before joining Morgan Stanley in 2012, began his brokerage career in 1998 at Smith Barney, according to BrokerCheck. He did not return a call for comment on his move.
On the West Coast, the father-son team of Patrick P. Shannon Sr. and Patrick Jr. joined Wells in San Francisco last Wednesday from Morgan Stanley’s Oakland branch, according to their BrokerCheck histories. They had produced $1.1 million in the previous 12 months on about $140 million of client assets.
The elder Shannon, who began his brokerage career in 1987, had been with Morgan Stanley since November 1995. His son worked for mutual fund distributors Franklin Templeton and Blackrock for five years before joining his father at Morgan Stanley in Oakland in February 2017. They did not return calls for comment on the reasons for their move.