May 11, 2021
By Andrew Foerch
A UBS breakaway team has formed an independent wealth management firm in Farmington Hills, Mich. with backing from Summit Financial.
Vardhan Wealth Management is led by founder Monish Verma, who spent 12 years at UBS as senior vice president of wealth management and 14 years before that at Morgan Stanley Smith Barney as vice president of investments. Joining him at Vardhan are Renee Wahl as director of operations and Kory Frost as director of planning and strategy. The group had a book of $375m at UBS, according to Summit.
The name ‘Vardhan’ is derived from Sanskrit words meaning ‘bestower of wealth.’