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The grief of Merrill Lynch’s advisors comes not as a single spy, but in this case as two battalions.
The wire transfer behemoth on Friday sent its ultra-high net worth team, which manages more than $1.3 billion in customer AUM, and its high-net-worth team, which manages $340 million in AUM, to Swiss rival UBS, according to people familiar with the matter. lost to Together, the four advisors target exactly two asset segments. Merrill plans to prioritize Recruiting.
Both teams also offer expertise in estate planning and retirement. This reflects UBS’s interest in prioritizing this service as large-scale intergenerational asset transfers begin. October, UBS Created a survey Percentage of global wealthy investors who rated their real estate planning and inheritance concerns.
This move is what UBS is aiming for. Gain more market share in the USwhere CEO Ralph Hammers said “the largest pool of wealth” lives, and super high net worth segment.
As part of this, last fall Advisor Hub An industry recruiter said the Swiss bank has offered its highly qualified advisors a special recruitment deal. The contract expires on his October 1st and will pay an additional up to 25 percent of his earnings over the next 12 months, in addition to the offer to sign.
Both advisor teams declined to be interviewed for this article.
A pair of Lehman veterans
The carrier’s first team, Klinger Quan Group, is co-led by Jeffrey Klinger and Bradley Quan, private wealth advisors in San Francisco. Press releaseThey primarily serve ultra-high net worth individuals, families, business executives and entrepreneurs.
Klinger began his career as an investment banker at Burnham Securities. Later, he became vice president of Lehman He Brothers Private He Wealth Management.Right after the once mighty investment bank went bankrupt On September 15, 2008, Klinger moved to the Board of Directors of the Credit Suisse Private Bank and was registered two days later. broker check record. He then joined Merrill Lynch in November 2013, where he served as Managing Director and Private He Wealth Advisor for over ten years before joining UBS.
Quan appears to have moved with Klinger in these firms, suggesting that there was a long working relationship between the advisors that predated his time at Merrill and developed as they both transitioned into private wealth careers. doing. Quan said he joined Lehman Brothers in 2003 as an analyst in the business and credit he has a private wealth management relationship in Switzerland.his broker check It shows Quan leaving Credit Suisse and then joining and leaving Merrill on the same day as Klinger.
According to a press release, Klinger offers clients comprehensive goal-based advice. Additionally, “Jeff has spent over 17 years in equities, fixed income, alternative investments, corporate management services, stock options, 10b5-1 plans, concentrated equity positions, hedging and monetization,” he said. says. LinkedIn profile state.
Quan specializes in providing tax solutions, trust and estate planning services, and retirement planning. Additionally, he “has particular expertise in developing long-term frameworks designed to help preserve capital and generate cash flow while mitigating risk,” the press release said. has said.
BrokerCheck records for the group show that they were actively registered with UBS as of January 20, but the move was officially announced a week later.
family friendly office
The second group, consisting of financial advisors David Sacharko and Sean Siana, is based in Hartford, Connecticut, and focuses on real estate planning, retirement, and intergenerational wealth transfers to help high net worth individuals. We are focused on serving families and families. Press releaseClient Service Associate Barrett “Jake” Heyde will be joining us.
According to him, Sacharco started his career as a broker at Merrill in 2004. broker check, and stayed for the past nearly 20 years until this move. He is a Certified Plans Fiduciary Advisor and a Certified Retirement Planning Counselor.
A certified financial planner, Siana began working as a banker at the former US Trust (now Bank of America Private Bank) in 2012, according to a press release. According to him, he moved to Merrill in 2015. broker check.
Siana is “focused on providing high net worth clients with personalized wealth planning advice, including trust and estate planning services, investment and retirement planning, and liquidity planning,” the press release said. I’m here.
They report to UBS Greater New England Markets, led by William Chorawa and Weisner Perez.
“David and Sean are seasoned and experienced advisors who are well versed in navigating family dynamics and help provide clients with comprehensive plans for wealth accumulation, retention and transfer,” said Cholawa. said in a press release.
take a loss boldly
President Merrill Andy Zeke said so interview Industry recruiter Mindy Diamond said earlier this month that he believed some advisor departures from his firm were inevitable.
“More than half of the people who left Merrill Lynch last year were individuals who came to Merrill Lynch nine or 10 years ago on recruiting deals,” Zeke said, adding that once their contracts at Merrill expire, such individuals will He added that he immediately signed another contract somewhere else. If I do not.
“I’m not saying there’s anything wrong with that, but I think it’s about being an advisor who made the decision to move from company to company over the course of his career. It’s part of my personal strategy to maximize my success.”
That said, Zeke admits that “people leave companies for a variety of reasons.” “Some of them are rooted in legitimate business strategic concerns.”
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