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.
Several panels and presentations last week at Future Proof focused on the idea of advisors growing their businesses through offering specialized, family office-style services.
In its third suit in as many months, JPMorgan is accusing a former advisor of using its banking referrals to build a book of business and then trying to abscond with those clients to a rival firm.
The numbers look gaudy, but potential estate taxes and prohibitions on future strategies make the big retirement accounts much less appealing, two experts said.
A vast majority of plan sponsors say that actively managed funds can beat the market, according to a new BlackRock survey. Research suggests otherwise.
