$3.5 Million UBS Broker Goes Indy, RBC Nabs Wells Vet with $250-Mln Book
Diamond Consultants Mentioned
By Vicky Ge Huang
UBS Wealth Management, Wells Fargo Advisors and Merrill Lynch lost veteran brokerage teams cumulatively managing over $1 billion in client assets in the past few days to non-wirehouse rivals.
In Pittsburgh, five UBS advisors led by Ahmiel “Ahmie” Baum left on June 12 to start a registered investment advisory firm called Interchange Capital Partners. They had been generating about $3.5 million in annual revenue on about $400 million in client assets, according to Baum, who is contracting with Dynasty Financial Partners to support his business.
Baum, who launched the new venture last week on his 65th birthday, worked at wirehouses for 40 years, including 27 years with UBS and the rest with E.F. Hutton and successor firm Lehman Brothers.
Working with recruiting firm Diamond Consultants, he considered several independent business models before casting his lot with Dynasty, he said, but had no interest in remaining with a big brokerage firm where his customer relationship management and other technology choices are limited.