UBS is facing an ongoing exodus of advisory talent, with multiple prominent teams exiting for rival firms, including Morgan Stanley, Raymond James, and Rockefeller Capital Management. As reported by FinancialPlanning, the steady stream of departures underscores the shifting dynamics in the competitive wealth management space.
For example, Morgan Stanley has added two well-established advisory teams formerly with UBS. Vista Wealth Management, based in Purchase, New York, and the Karstadt Lavigne Wealth Management Team, located in Shrewsbury, New Jersey, have officially changed their FINRA registrations.
In Pennsylvania, FinancialPlanning reports that Raymond James attracted the Bartholomew Wealth Group, composed of Arthur W. Bartholomew III and Jeffrey King. Both advisors transitioned from UBS, where they had worked since 2013.
Separately, Raymond James welcomed advisors Katrina Consiglio and Kristen Mahan from Wells Fargo. The duo, who managed roughly $300 million in assets, now operate as Consiglio Mahan Wealth Management in Latham, New York.
Likewise, Rockefeller Capital Management scored what FinancialPlanning characterized as a major win by bringing over the Entrepreneurs Group, an eight-person team managing approximately $2 billion. Advisors Emily Rubin, Thomas Livacarri, and Kenneth Shapiro lead the team.
Former Raymond James advisors Jay Hack and Lowell Weiss launched Waycrest Wealth in Michigan, with support from Elevation Pointe. According to FinancialPlanning, the new firm supervises $1 billion in assets and includes industry veterans Paul Hack and Leonard Weiss. Clients include physicians, business owners, and philanthropic families across Michigan and Florida.
Notably, as UBS contends with advisor turnover, the firm has made key hires to bolster leadership. Jack Heiss, formerly with Bank of America Private Bank, has joined UBS Global Wealth Management as market director for several Gulf Coast offices in Florida.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
