DOMINATION! UBS Is Hammering The Recruiting Competition This Year, And It Isn’t Even Close

UBS hasn’t found the secret sauce, they’ve perfected the use of Thor’s magical hammer and are pounding away at rivals who’ve yet to figure out a way to match their efforts.

J. P. Morgan in particular is being completely bludgeoned with zero signs of the mass exodus of top talent slowing down. While a few private bankers from JPM have matriculated to Morgan Stanley, more than 90% have taken their talents directly to UBS.

Add those to the Merrill, Wells, and Morgan Stanley wins and UBS is so far out in front of its competition the race seems rigged. But it isn’t… rather it’s a well-executed recruiting strategy that may have seemed risky a year ago but has turned into absolute gold.

A two-fold ‘macro’ decision was made and has resonated in a way that has UBS up by 5X their closest competitor (Rockefeller) instated client asset transfer. As it stands today, UBS is a few bucks away from the first half of 2021 total of $60B in client assets recruited. Amazing.

Can they keep it up through the second half of the year? Not likely. But even if the pace slows, UBS could still end up with a $100B year. Unprecedented.

If you want to define recruiting domination – this is exactly what it looks like.

UBS Makes Noise In The Bay Area; Hires $10M BofA All-Female Team Away From Private Bank

UBS continues to be on a serious recruiting roll across the country. Much of the big headlines are coming from private bank competitors like Bank of America, J. P. Morgan, and Goldman Sachs. Billions of client assets are up for grabs and UBS has significantly opened up its checkbook and is crushing the competition; winning big team after big team after big team.

Their latest win came in San Francisco as they finalized a deal with an all-female private banking team out of Bank of America. The team, nor UBS, has released annualized revenue and client asset data but a source close to the recruitment confirmed that the team brings better than $10M in revenue and more than $2B in assets with them.

The team includes Amanda Woo, Nancy Barrett, and Michelle Harvey, all joining UBS Private Wealth Management in San Francisco. The team is well known in the Bay Area as the most influential banking team at BofA and was seen as a major blow to the firm. Operationally, they will report to both PWM and Erin Borger. **A note real quickly, Borger has climbed the ranks of management at UBS over the past decade closely connected to his recruiting prowess, so his name associated with this win isn’t a surprise.

In the same way that UBS has significantly jostled the comfortable confines of the J. P. Morgan Private Bank across the country, it seems they are doing the same with Bank of America. This is now the third significant announcement of a BofA to UBS migration in 2021, and we hear that more are to come.

At what point will rivals like Morgan Stanley, Rockefeller, and others start paying up for private banking teams the way UBS has?? We don’t know as of yet, but you can bet it’s coming.

Before The Bell: (02/14/20)

1. Coronavirus numbers are all over the board and nearly indecipherable out of China.
2. European shares hit fresh new records.
3. Tesla prices $2 billion share sale at $767 (also known as ‘big dick energy’).
4. Barclays CEO, Jes Staley, is fucked, errr, is being investigated over links with Jeffrey Epstein.
5. Stifel dismissed John Pierce, it’s National Director of Recruiting, on Monday.
6. Merrill Lynch hired a huge private banking team from HSBC.

“My boss has been an MD for three years now and he still steals Clorox wipes and copy paper from the office.” – Wall Street Confessions.

Before The Bell: (02/07/20)


  1. Coronavirus fears continue to abate, despite more cases reported in China.
  2. Credit Suisse CEO, Tidjane Thiam, was fired following another quarter of disastrous earnings, eroding confidence in the bank, but most of all a severely depressed stock price.
  3. Ford shakes up executive ranks for the exact same reasons as above.
  4. Jobs report suprises to the upside, again.
  5. Former PIMCO CEO, Douglas Hodge, sentenced to 9 months in prison for college admissions scandal.

“If you take the day off for your birthday, I reserve the right to ask whether or not you’re a sixteen year old girl.” – Advisor Confessions.

Before The Bell: (02/06/20)


  1. President Trump was acquitted of impeachment articles late yesterday.
  2. Stocks set to power to new highs after impeachment acquittal.
  3. Fieldpoint Private’s latest recruit acquisition off to a slow start.
  4. The business of being an advisor remains a risk/reward game as regulators comb records to ‘mine’ for easy prosecutions.
  5. Dawn Bennett sentencing is a stinging reminder of the above.
  6. Tom Buck’s sentencing is an even stranger reminder of it.

“Sometimes I want to quit my job in investment banking and become a full-time food influencer on Instagram.” – Wall Street Confessions.

Before The Bell… (02/05/20)


  1. Impeachment proceedings come to a close today… most expect a party line acquittal.
  2. Coronavirus concerns seem to be fading, freeing up markets to move higher so far this week.
  3. Stifel’s recruiting momentum continues into 2020, based on the work of the firms National Director of Recruiting – John Pierce.
  4. The Rockefeller recruiting deal can go as high as 550% – check our recruiting page.
  5. Treasury yields continue to push higher…
  6. Tesla run halted for the moment as $TSLA drops 200 points in 24 hours.

“Your core values are the deeply held beliefs that authentically describe your soul.” – John C. Maxwell.