UBS has recently added two advisor teams from Bernstein Private Wealth Management to its roster, bringing in a combined total of $1.7 billion in managed assets.
The first team consists of private wealth advisor Charles Lynch, while the second team includes private wealth advisors Elijah Dornstreich and Ryan DePaul. After their garden leave provisions expire, all three advisors will officially join UBS in Philadelphia.
Expansion in Philadelphia
Julie Fox, Philadelphia D.C. Market Executive at UBS Private Wealth Management, expressed her enthusiasm for the expansion in Philadelphia, highlighting it as a growing and productive region for their business.
Lynch has extensive experience catering to high-net-worth families, business owners, athletes, and nonprofit organizations. He initially joined Bernstein in 2006 with the goal of helping the firm's Philadelphia office thrive. Prior to his time at Bernstein, Lynch worked at S.S. White, a global manufacturing firm, and Surgical Laser Technologies, a medical device firm.
Additional Team Members
Joining UBS alongside Lynch is senior wealth strategy associate Frank Ruggiano.
UBS continues to bolster its team with top talent, showcasing their commitment to providing exceptional wealth management services to their clients.
UBS Recruits Advisors from Bernstein in Effort to Boost Talent
UBS, the Swiss bank, continues its recruiting efforts by bringing in advisors from Bernstein, an investment company. This move comes as UBS aims to strengthen its talent pool after reducing hiring in 2016 due to high broker recruiting costs.
Daniel Dornstreich, who had been with Bernstein since 2011, joins UBS as a valued addition. Previously, he was a founder of Capital Business Partners, a boutique lending firm catering to small business owners. Dornstreich's expertise lies in offering financial planning and investment advice to business owners and families, with a particular focus on pre-transaction planning.
Also making the move from Bernstein is Dornstreich's partner, whose name has not been disclosed. This individual has been serving high-net-worth individuals, entrepreneurs, and corporate executives since joining Bernstein in 2012. Together, they bring a wealth of experience and knowledge to UBS.
In addition to Dornstreich and his partner, UBS gains two senior wealth strategy associates, Michaela O'Connell and Jack Ramirez. With their expertise in wealth management and client advisory, they further enhance UBS's capabilities for serving its clients.
As part of its recruitment strategy, UBS has targeted talent from various sources beyond the traditional pool. Private banks and investment companies, like Bernstein, have become valuable resources for bringing in new advisors. UBS has also successfully attracted advisors from its rivals, including recent additions from Merrill Lynch who collectively managed $3.4 billion in client assets.
UBS's spokesperson declined to comment on these recent developments.