Morgan Stanley scores $1B team from UBS: Advisor Moves

March 28, 2025 3:49 PM

The Gottlieb Rose Wealth Management team has joined Morgan Stanley Private Wealth Management from UBS.

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UBS has proved happy hunting grounds for recruiters so far this year, with Morgan Stanley, LPL and RBC all recently announcing teams picked off from their wirehouse rival.

Meanwhile, Ameriprise and LPL Financial used their annual proxy filings to announce hefty pay increases for their top executives. Read about it below.

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Morgan Stanley Private Wealth reels in $1B UBS team

Morgan Stanley is bringing over a six-member team formerly at UBS to its wealth management center in Midtown Manhattan.

Gottlieb Rose Wealth Management, led by a pair of longtime advisors, is joining Morgan Stanley Private Wealth Management at its offices at 55 E. 52nd St. in Manhattan. The team had formerly managed roughly $1 billion and produced $10 million in annual revenue at UBS.

Gottlieb Rose Wealth Management is led by the private wealth advisors Rachel Gottlieb and William Rose. At Morgan Stanley, they'll also have the designation of global sports and entertainment directors and will specialize in working with professional athletes and entertainers with plans related to retirement, education, insurance, charitable giving and wealth transfers.

They'll report to George Manuelian, the market executive for Morgan Stanley Private Wealth Management New York City East. Joining them in the move are Kayla Gayle Gager, director of investments and vice president; Kasten Randolph Carter, director of business strategy; Julia Lajeunesse, business development associate; and Mary Zwaan, registered client service associate.

Gottlieb began her career at UBS in 2002. Rose started at UBS in 2000 before moving to Smith Barney in 2007 and then returning to UBS in 2010. Both have worked with Grammy-winning entertainers and professional athletes as institutional financial advisors with the National Football League Players Association.

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LPL recruits ex-UBS advisor to its employee channel

LPL Financial has recruited an advisor formerly managing roughly $600 million for UBS to its Linsco channel for direct employees.

Austin Greer, who has 17 years in the industry, is starting a practice called Oxford Oaks Capital of LPL Financial in LPL's office in Franklin, Tennessee. His affiliation is with Linsco by LPL Financial, a channel for advisors who want to work as direct employees. Joining him are wealth advisor John Dunahoo and registered service associate Stephanie DePriest.

Greer originally planned to be a high school English teacher before deciding to follow his father into the financial services industry. He started at UBS in 2007, according to BrokerCheck.

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Raymond James pulls advisor managing $365M

Raymond James has brought to its channel for direct employees an advisor formerly affiliated with CUSO Financial Services.

Jason Torrey-Payne is joining Raymond James in the firm's offices in Pasadena, California. He had formerly managed roughly $365 million at CUSO Financial, a dually registered brokerage and advisory firm.

Torrey-Payne is joining Raymond James & Associates, the firm's channel for employee advisors. He specializes in working with active and retired firefighters and their families.

Torrey-Payne has more than 27 years of industry experience. He started at H&R Block Financial Advisors in 1997 before moving to UBS in 2001 and CUSO Financial in 2004.

Raymond James pulls $312M advisor from Merrill

Raymond James has brought over an advisor formerly affiliated with Merrill in Louisiana.

Davis Brister has started the Brister Advisory Group of Raymond James under Raymond James & Associates, the firm's channel for employee advisors, in Madeville, Louisiana. He comes from Merrill, where he had previously managed more than $312 million in client assets.

Joining him are senior registered client service associate Margaret Arndt and client service associate Julie Stempel. They specialize in working with endowments and foundations, families and individual clients coming into sudden wealth or nearing retirement.

Brister started his career at Merrill in 2008, according to BrokerCheck.

RBC recruits ex-UBS advisor managing $300M

RBC Wealth Management has turned to UBS for an advisor addition to its Las Vegas branch.

Jordan Grangard has joined RBC after more than nine years at UBS, where he managed roughly $300 million in client assets. His new practice, Grangard Private Wealth, also includes senior business associate Jelena Draganic and registered client associates Derek Smith and Cheyeanne Escanuela. The team specializes in working with ultrahigh net worth business owners.

Ameriprise raises CEO’s pay by 12%

Ameriprise bumped its top executive's total compensation by just over 12% last year to almost $29 million.

CEO and chairman James Cracchiolo received $28.75 million last year, up from $25.62 million in 2023, according to a proxy statement the firm filed on March 21. Cracchiolo's compensation consisted of a $1.25 million base salary, $8.5 million in cash incentives and $19 million in long-term incentive awards.

Ameriprise's compensation and benefits committee praised Cracchiolo in the proxy statement for his "exemplary and essential leadership."

"Through his vision and oversight of the Company's strategy and execution, Ameriprise continued to generate superior shareholder value with significant financial and strong metric results, while expertly navigating a fluid operating environment," according to the proxy.

The statement notes that the median salary for employees last year was $134,226. That meant that Cracchiolo outearned them at a ratio of 210 to 1.

Other Ameriprise executives also enjoyed substantial increases in their total compensation. Ameriprise Chief Financial Officer Walter Berman saw his rise 7% year over year to $9 million; William Truscott, global asset management head, saw a 14.5% increase to just over $8 million; Joseph Sweeney, president of advice and wealth management products and service delivery, saw a 15.5% raise to $6 million; and Global Chief Investment Officer William Davies got a 9.5% bump to just over $4 million.

LPL pays CEO Steinmeier $12M as promised

LPL Financial has made good on its plans to pay its new CEO Rich Steinmeier just over $12 million.

In a proxy statement filed earlier this week, LPL said it had paid Steinmeier a $900,000 base salary, $2.7 million in cash bonuses and $8.4 million in long-term incentive awards, which were granted in February this year. LPL laid out its plans for Steinmeier's compensation in the fall, when announcing his appointment as permanent CEO following the firing of former top executive Dan Arnold for cause earlier that same month.

LPL's proxy statement praised Steinmeier for "guiding the Company, its leadership team and its stakeholders through the Executive Officer Transitions while preserving key strategic, operational and business results." The statement says the median pay for LPL employees other than the CEO last year was $91,783, meaning that Steinmeier outearned them at a ratio of 131 to 1.

Former CEO Arnold made $26 million in his last year on the job, according to the proxy statement. That included $13 million in redeemed stock awards granted in previous years. Arnold signed a settlement with LPL last year allowing him to retain $12 million worth of stock options but requiring him to forfeit roughly $80 million in long-term incentive awards.