Firm Breaks Away From UBS to Start $850M Indie RIA
By Justin Berman, Think Advisor – An eight-person, Harrison, New York-based advisory firm with $850 million in assets under management has broken away from UBS to become an independent RIA.
In the News
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Former UBS Advisor Launches N.Y. Independent RIA With $850M AUM
By Joyce Blay, Financial Advisor Magazine – Financial advisor Barry Mitchell has launched Next Level Private, an independent registered investment advisor (RIA) in Harrison, N.Y., with $850 million in client assets, according to a news release.
The ultimate question for advisors: ‘Should I stay or should I go?’
Wendy Leung Quoted – By Katie Kuehner-Hebert, Proactive Advisor Magazine – The COVID-19 pandemic has spurred a wave of financial advisors calling it quits, or at least finally giving serious consideration as to how to go about properly transitioning their firms either to the next generation or to another firm.
Wirehouse Exit: $850 Million Team Quits UBS to Launch RIA
By Andrew Welsch, Barron’s – A top-ranked UBS financial advisor and his team, which oversaw $850 million in client assets, have left the wirehouse to open an independent firm, prompted to do so because of increasing client demand for fiduciary-level advice, the advisor says.
To Score Eye-Popping Offers, Brokers Need the Right Business Mix and a Little Chutzpah, Recruiters Say
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – As the recruiting wars intensify, seasoned advisors have opportunities to entertain multiple offers and engage in horse-trading to try and inflate signing bonuses, recruiters say. Firms hope to forecast the book’s future growth rate by looking at the client mix—a niche focus on dentists, for example, can help, according to Louis Diamond, a recruiter in Morristown, New Jersey.
RBC Recruits Father-Son Team From Merrill Lynch With $500M In Assets
By Jacqueline Sergeant, Financial Advisor Magazine – A longtime Merrill Lynch father-son team with $500 million in assets has left to join RBC Wealth Management in Chicago, according to a news release.
42-Year Merrill Lifer and Son Move Their $500-Mln AUM Team to RBC
By Miriam Rozen, AdvisorHub – RBC Wealth Management on Thursday nabbed a Chicago-area Merrill Lynch Wealth Management father-son team that managed more than $500 million in client assets, according to an RBC spokesperson.
JPMorgan is stepping up its fight to hold onto private bankers with an unusual move — going after a firm an ex-employee founded
Louis Diamond Quoted – By Hayley Cuccinello, Business Insider – Big banks often sue former wealth advisors to stop them from soliciting clients. JPMorgan is upping the ante by taking an RIA to court over its hires. “Private bankers work with a very small number of ultrawealthy individuals, which is the exact type of business that every firm is looking for,” said the executive recruiter Louis Diamond, who has previously recruited for both JPMorgan and Cresset.
UBS Polishes Offers for Private Bankers with Upfront Cash
Louis Diamond Quoted – By Miriam Rozen and Mason Braswell, AdvisorHub – UBS Wealth Management USA has recast its offers for private bank recruits as it looks to make its recruiting deals more attractive to the non-traditional hiring pool, according to two recruiters with knowledge of the firm’s deals. UBS’s willingness to put more money on the table upfront likely signals that its bank recruits have been paying off, said Louis Diamond, an industry recruiter in New Jersey.
Wirehouses Tweak Sunset Plans Amid Wave of FA Retirements
Louis Diamond Quoted – By Peter Rawlings, Financial Advisor IQ – Wirehouses have been sweetening their succession programs in a bid to keep as many client assets in-house as they can. The recent changes can be a boon to outgoing financial advisors, who can cash out at higher rates and to newer advisors who might get the chance to buy a book of business.
