UBS picked up a former Wells Fargo team that oversaw $400 million in client assets, a sign that the firm is still selectively hiring financial advisors three months after leaving the Broker Protocol.
The firm's newest hires generated $3.2 million in annual revenue and joined UBS in San Jose, California, a spokeswoman confirms. They will report to Eric Weider, a UBS branch manager.
The move represents the latest departure for Wells Fargo, where the advisor ranks have shrunk by more than 300 over the last year amid mounting regulatory scrutiny and scandals. Advisor attrition has persisted even as Wells Fargo, unlike rivals UBS and Morgan Stanley, has chosen to remain in the protocol, a 2004 industry accord that permits advisors to take basic client contact information with them when switching employers.
Wells Fargo recently disclosed it was investigating possible sales misconduct within its wealth management division, which includes both wirehouse and independent advisors. This prompted some recruiters to suggest the latest regulatory headaches may hinder the firm's hiring efforts.
UBS, meanwhile, has pursued a reduced recruiting strategy since 2016. President Tom Naratil has said he wants to shift resources back to advisors at the firm and away from what some perceived as a too-expensive recruiting market.
The firm's newest team made the move February 14, indicating that even a firm that has left the protocol can still recruit advisors.
The new hires include Brad Frederickson, his son Jeff, Rhett Hall and Tricia Flanagan.
Frederickson is an industry veteran, having joined E.F. Hutton in 1985, according to FINRA BrokerCheck records. He joined Wells Fargo in 1993.
Frederickson and his son are the third and fourth generations of their family to work in the business, according to UBS.
The younger Frederickson started his career at Wells Fargo in 2013. Hall, a senior wealth strategy associate, and Flanagan, senior client service associate, has been in the business since 2002.