Wells Fargo Recruits UBS Team Managing $480 Million in Assets
Wells Fargo has once again made a strategic recruiting move, this time attracting a team of three advisors from UBS who were previously overseeing nearly half a billion dollars in assets in northern Alabama.
Jason Schrimsher, David “Andrew” Mann, and Miles Stumb officially joined Wells Fargo Advisors on Feb. 12 in Huntsville, Alabama. This trio had a combined total of $480 million under their management at UBS.
Wells Fargo’s recent success in attracting talent from UBS is part of a trend where advisors are leaving UBS following changes to the Swiss firm’s compensation policies in late 2024.
Recent Recruiting Wins from UBS by Wells Fargo Include:
- Hingham Street Partners, a team of 16 in Boston with $6.3 billion under management and nearly $39 million in annual revenue production at UBS.
- The Frost Saler Coles Wealth Management Group at UBS led by advisors Brad Saler, Steven Kalodner, and Michael Coles, managing $687 million in client assets in Marlton, New Jersey.
The latest team to join Wells Fargo from UBS was previously part of UBS’ Huntsville Wealth Management Group. Schrimsher, Mann, and Stumb bring years of experience and expertise to their new roles at Wells Fargo.
Wells Fargo commented that the trio has built a strong reputation as trusted advisors by focusing on a thoughtful, goals-driven approach with their clients.
UBS’ Focus on Profit Margins
UBS has been vocal about its efforts to improve profit margins in its U.S. wealth management business, even at the risk of losing advisors. Speaking at the UBS Financial Services Conference, CEO Sergio Ermotti highlighted the importance of balancing shareholder returns with advisor compensation.
The firm’s advisor headcount in the Americas unit has been declining, but UBS has seen a significant increase in pretax profit in its U.S. wealth management unit.
UBS aims to further improve its profit margins, currently below its competitors like Morgan Stanley, which boasts a pretax margin of over 30%.
UBS’ Strategy in the U.S. Market
UBS recognizes the need to enhance its banking capabilities in the U.S. market to better support its wealth management business. The firm has applied for a national bank charter, which would allow it to offer a wider range of banking products to its clients.
Despite these challenges, UBS continues to focus on recruiting top talent. Recently, the firm welcomed two financial advisors with a combined $1 billion in assets under management to its Puerto Rico market.
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