A UBS team that managed $178 million in client assets left the wirehouse to open a new office for
Jeffrey Tolbert and his eponymously named team made the move last week, according to FINRA BrokerCheck records.
Tolbert generated $1.4 million in annual production while at UBS, according to Baird. He is an industry veteran, having started his career at Prudential Securities in 1983, according to FINRA BrokerCheck. Tolbert transitioned to UBS in 1994.
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The wirehouse will offer commission-based retirement accounts under limited circumstances.
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Some brokers who recently left the wirehouse cited differences over its policy to cease offering commission-based retirement accounts.
April 18 -
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
April 17
Also moving with him are senior client specialist Susan Bronzell and client specialists Matthew Tolbert and Anthony Capitani.
Raymond James, RBC and Ameriprise were among the industry players to lure away talent from Merrill Lynch.
The group opened a new office for Baird in Oak Brook, Illinois. The affluent Chicago suburb is also home to McDonald's headquarters.
Tolbert will act as resident manager for Baird's new office. The Milwaukee-based firm has about 880 financial advisors operating at 88 locations in 29 states, according to Baird. The firm has $117 billion in client assets.
A UBS spokeswoman could not be reached for immediate comment.
The wirehouse's adviser headcount has ticked down in recent quarters, falling by 176 year-over-year to 6,969. But that's still within its target range of 6,500 to 7,000 advisers.
UBS has not entirely cut back on recruiting. The wirehouse
