Transition Announcement: Three UBS Teams Pursue Different Paths Toward Growth and Control

In three separate transitions this month, advisor teams managing more than $1B in combined client assets left UBS in pursuit of something increasingly common across the industry: greater flexibility in how they grow, operate, and build for the future.

What makes these moves notable is not that the advisors all chose the same destination, but that they didn’t.

One joined a growth-oriented, culture-centric firm. One launched an independent business. One selected a model offering a longer-term path toward ownership and optionality.

Across all three transitions, the advisors expressed growing frustration with bureaucracy, compliance complexity, changing compensation dynamics, and limitations they felt made it harder to grow their businesses and serve clients the way they wanted. At the same time, each team was highly focused on the future: growth, autonomy, succession, technology, and building businesses designed for longevity—not just stability.

Diamond Consultants was proud to guide each team through a disciplined due diligence process tailored to their specific goals, priorities, and vision for what came next.

The Banks Carter Group Joins RBC Wealth Management

Bill Banks, alongside Sean Carter and Rory Banks, joined RBC Wealth Management in Mount Laurel, New Jersey, bringing approximately $449mm in client assets from UBS.

After 14 years at UBS and more than four decades in the business, Bill and his team began reevaluating whether their environment truly supported the next generation of the practice. Growth was a central theme, particularly the creation of a long-term home where younger advisors could continue expanding the business without the restrictions and bureaucracy they increasingly felt at UBS.

The team explored several regional firms before selecting RBC, which they viewed as offering the right combination of culture, platform strength, economics, and advisor support.

Diamond Consultants helped manage the process from start to finish, serving as an objective resource while helping the team navigate complex questions, negotiations, and strategic decision-making along the way.

Brad Desormeaux Launches Iron North Private Wealth with Sanctuary Wealth

After nearly two decades at UBS, Brad Desormeaux decided to pursue independence by launching Iron North Private Wealth with Sanctuary Wealth in Spokane, Washington.

Managing approximately $300mm in client assets, Brad had become increasingly drawn to the independent space as he learned more about the freedom, ownership, and flexibility available outside the traditional wirehouse environment. As he described it during the process, once he saw independence, he “couldn’t unsee it.”

His goals extended beyond economics. Brad wanted the ability to build his own brand, control how he served clients, create his own office environment, and grow the business on his terms.

Sanctuary ultimately emerged as the right fit because it combined infrastructure and transition support with the autonomy and entrepreneurial culture Brad wanted for the next phase of his business.

Throughout the process, Diamond Consultants helped Brad maintain a disciplined evaluation process, serving as both coach and strategic sounding board as he weighed his options.

Evan Bloomberg Joins Raymond James

Evan Bloomberg joined Raymond James after 13 years with UBS Private Wealth Management in Short Hills, New Jersey, where he built a sophisticated high-net-worth practice managing approximately $375mm in client assets.

Like the other teams, Evan had grown frustrated with increasing bureaucracy and limitations around growth. But he was also thinking several years ahead—particularly around technology, artificial intelligence, and how advisors can better scale and enhance client service over time.

Raymond James stood out because of its advisor-friendly culture, ownership flexibility, and multi-affiliation structure, which aligned with Evan’s long-term vision for continued growth and future optionality.

Diamond Consultants worked closely with Evan throughout the process, helping him think strategically about platform structure, long-term positioning, and the broader implications of the move for both his business and clients.

One Firm Left Behind. Three Different Definitions of the Right Fit.

These transitions reflect a broader trend across wealth management: advisors are evaluating their options through a much wider lens than recruiting economics alone.

The conversations today are more nuanced and more strategic than they were even a few years ago. Advisors are thinking about long-term growth, ownership, flexibility, succession, technology, and whether their current environment truly supports the businesses they want to build going forward.

And increasingly, the “right move” is not about arriving at the same destination. It’s about finding the structure, platform, and partnership best aligned with an advisor’s specific vision for the future.

Diamond Consultants is grateful to have advised Bill Banks and team, Brad Desormeaux, and Evan Bloomberg throughout these important transitions and wishes each continued success in their next chapters.