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As the recruiting year heads to its close the patterns and rhythms in wealth management seemed to have accelerated. Not only are more teams making transitions, but larger teams are doing the same – with the consistent theme being an exodus from wirehouses to regionals or other platforms altogether.
Case in point, a massive UBS team moving to RBC:
“Roger W. Stephens and Dan Rothenberg, who had been with UBS for seven years following a stint at Morgan Stanley, generated fees and commissions of about $12.5 million in the last 12 months on about $7.5 billion of customer assets, said two people familiar with their book. RBC confirmed the asset estimate in a press release about the new team, which it said will open the firm’s first branch in downtown Los Angeles.”

“Stephens and Rothenberg’s clients include corporate retirement plan sponsors, nonprofit organizations and wealthy individuals, according to Stephens’ UBS web biography. The sources said that despite their large book, the advisors chose not to affiliate with UBS’s private wealth management division for very wealthy clients.”

“We are excited to come to a firm that has a smaller, more focused group of people, where we feel we can really make a difference,” Rothenberg, who like his partner was a managing director at UBS, said in a prepared statement.”

Both the assets and production are ‘of scale’ as they say. And it follows another team in downtown LA that left UBS two months ago producing $11 million a year. UBS management in LA may have some explaining to do!

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