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.
A clear division is emerging between smaller independent RIAs and their larger billion-dollar competitors, as some firms aggressively pursue a "one-stop shop" model for their clientele.
New research from the National Council on Aging found that wealth plays a major role in longevity, a factor financial advisors say can dramatically alter retirement plans.
Advisors cited better liquidity, lower expenses and higher tax efficiency as among the reasons they like ETFs, the market for which has topped $11 trillion.
JPMorgan Chase's absorption of First Republic after the 2023 regional banking crisis has finally dealt its last blow to the giant custodian's asset flows.
