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In the midst of market turnoil the ever spinning wheels of recruiting don’t slow down one bit. UBS Market Director Erin Borger has hired Joshua Breeden away from Morgan Stanley in Santa Cruz to lead the Walnut Creek Branch for the Swiss firm. Moments ago a note was forwarded to us (that was sent to UBS staff in NorCal noting the move:

“I am very pleased to announce that Joshua Breeden has taken the role as Branch Manager in Walnut Creek effective immediately.  Josh and I have known each other for about three years and when UBS’s Walnut Creek position came open, I knew it was the perfect fit. Josh has previously held a Branch Manager position (at Morgan Stanley in Santa Cruz), bringing with him 24 years’ experience, and a T12 production of $1.4m on an AUM of over $160m. Please join me in welcoming Josh to UBS.”

As the markets continue to purculate, and the largest unemployment report in history just made its way to the stage, recruiting continues in earnest. Mangers and other executive staff see the current ‘work from home’ set up as an opportunity to get the atttention of elite advisors who are facing extra down time and fewer distractions. They may not be able to meet for the traditional recruiting lunch, but they can certainly execute a FaceTime call or Zoom conference.

Our bet is in the coming 3-9 months there will be a rush of movement within the industry as a ‘re-capitalization’ occurs in the same way that advisors refilled depleted balances in 2008/09. Strategic management hires right now could pay significant dividends when that rush hits. Seems that UBS, Borger, and his team understand this and are acting accordingly.

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