UBS recruited two RBC advisers who managed $290 million in client assets, according to the firm.
Advisers Deborah Johnston and Erica Frantz joined the wirehouse in Minneapolis, where they report to Christopher Watkins, Minnesota market head and branch manager. Johnston and Frantz had worked at RBC Wealth Management.
Johnston, who got her start in the business in 2000, had spent her entire wealth management career at the regional firm, according to FINRA BrokerCheck records. She had been a member of RBC's Chairman's Council, according to UBS.
An illuminated sign hangs above the entrance to the UBS Group AG headquarters in Zurich, Switzerland, on Thursday, July 6, 2017. Switzerland is tightening capital requirements for PostFinance AG, Raiffeisen Schweiz and Zuercher Kantonalbank, three systemically important domestic banks, forcing them to set aside more funds to absorb losses and avoid government bailouts. Photographer: Michele Limina/Bloomberg
UBS, however, continues to attract high profile teams.
Earlier this month, four veteran Merrill Lynch advisers who oversaw about $1 billion in combined client assets joined UBS. In June, another team, also from Merrill, that generated more than $5.4 million in annual revenue joined the Swiss firm. The group, based in Ponte Vedra, Florida, managed about $900 million in client assets.
Michael Bonevento and his team left Ameriprise in 2019 to join LPL Financial. He says too much time has elapsed for him to now be accused of misappropriating client information.
A court of appeals agreed with Commonwealth's contention that a jury should decide if investors were harmed by investment disclosures allegedly withheld from them.
Advisors have all the most sophisticated cybersecurity applications available on the market, but experts say they can't stop the biggest weakness out there.
