Wells Fargo's advisory division announced on Tuesday that it has successfully recruited a senior advisory team managing $1.6 billion in assets from UBS Wealth Management USA. This marks another significant victory for the bank in its recent efforts to attract talent from UBS.
The newly joined team, known as AGT Private Wealth Group, was previously part of UBS Financial Services Inc. and is based in Frisco, Texas. The team includes Private Wealth Financial Advisors and Managing Directors Jay Arbetter, Jason Taraszki, Henry Jordan, and Rusti Rogger, along with Financial Advisors Alec Jordan and Evan Taylor. They are supported by eight additional professionals.
This team specializes in serving high-net-worth and ultra-high-net-worth families, including clients focused on retirement planning and multi-generational wealth transfer. Chris Gerrish, head of the Mid-America market for Wells Fargo Advisors, stated that the team's commitment to addressing complexity and delivering customized solutions for clients fully reflects the core capabilities of Wells Fargo's private wealth business.
Since the beginning of this year, Wells Fargo has recruited at least seven teams from UBS. The bank’s independent FiNet network recently also added a Minnesota-based team managing $1.7 billion in assets, as well as a Florida-based team overseeing $466 million. In the first quarter alone, Wells Fargo confirmed that it had recruited advisors with over $9 billion in assets under management.
Analysts note that UBS is experiencing ongoing talent attrition. UBS executives have previously indicated that the elevated turnover rate seen over the past year is expected to moderate in the second half of this year. Meanwhile, Wells Fargo’s Wealth & Investment Management division has now recorded three consecutive quarters of recruiting new advisors whose prior firms represented a combined annualized revenue exceeding $100 million.
