UBS Loses $6.3B Team to Wells Fargo
In another significant blow to UBS, Wells Fargo has successfully recruited a team of advisors from Hingham Street Partners, who were considered some of the most respected in the industry. The 16-advisor team, with $6.3 billion under management and nearly $39 million in annual revenue, has joined Wells Fargo’s private client group, marking one of the largest losses for UBS in a year filled with high-profile departures.
Highly Respected Advisors
Hingham Street Partners, founded in 2012 in Boston by Peter Landry, Lawrence DePaulis, and Timothy Fortune, has garnered a reputation for excellence in the financial advisory field. According to Phil Waxelbaum of Masada Consulting, the team members are highly respected in greater New England and were sought after by many firms.
Waxelbaum noted that Wells Fargo’s ability to provide the necessary resources and economic incentives played a key role in attracting Hingham Street Partners to join their platform.
Distinct Organizational Structure
One of the key factors that set Hingham Street Partners apart is its unique organizational structure. Advisors have the autonomy to manage their own books of business while having access to support from a team of specialists. The firm’s expertise spans across various financial areas such as tailored portfolios, estate and tax planning, retirement planning, business valuations, and risk mitigation.
The firm caters to a diverse client base including executives, business owners, families, corporations, nonprofits, and family offices. This approach allows Hingham Street Partners to provide personalized services and attract high-net-worth clients.
Experienced Founders
The founders of Hingham Street Partners, all with backgrounds at Merrill, bring a wealth of experience to the team. Peter Landry, Lawrence DePaulis, and Timothy Fortune have deep roots in the industry, with each having started their careers at Merrill before transitioning to UBS.
UBS’s Struggles
UBS has faced challenges in retaining large advisor teams following changes to its compensation policies in late 2024. Despite announcing revisions to the policy in 2026, the firm continues to experience advisor departures. The shift from the Combined Team Grid to a new payout structure has been cited as a factor in the departure of teams like Hingham Street Partners.
According to Waxelbaum, the team’s departure was a result of UBS’s inconsistent leadership and treatment of advisors. He believes that under different circumstances, Hingham Street Partners might have remained with UBS for the long term.
Overall, the move of Hingham Street Partners to Wells Fargo represents a significant loss for UBS and highlights the competitive landscape in the wealth management industry.
Source: Financial Planning
