Advisor moves: Teams managing more than $2B depart UBS for LPL, Wells Fargo, and Raymond James

The diaspora of advisors from UBS continued in earnest this week, with three teams previously managing over $2 billion in assets at UBS departing for LPL, Wells Fargo, and Raymond James.

LPL Financial adds Ox Road Capital in South Carolina

LPL Financial said Tuesday that Ox Road Capital, a team of four advisors based in Greenville, South Carolina, has joined its Strategic Wealth Services platform.

The elite group, led by Jeffrey Allen, Steve Armaly, Brian Blackburn, and Michael Lee, reported managing approximately $1.25 billion in assets. All four previously worked at UBS and bring close to a century of combined experience to their new independent practice.

The advisors, who have worked together since 2016, serve a diverse national client base, including ultra-high-net-worth individuals, executives, entrepreneurs, and private foundations. The team said their move was motivated by a desire to build a lasting legacy and operate with greater autonomy.

Lee, whose 24-year record with BrokerCheck also includes a stint at JPMorgan, said the group had reached a point where they were “beginning to think about legacy and it was clear we needed to make a move to really build something that could outlast the founders.”

Steve Armaly added that the team’s structure allows each member to focus on the areas they find most rewarding, which “allows us to spend much of our time in the areas that we love and give us energy.”

Ox Road Capital follows a billion-dollar plus quintet of UBS defectors to LPL earlier this month, who joined in the West Coast after managing $1.8 billion at UBS.

Wells Fargo Advisors expands in New Jersey

In Marlton, New Jersey, Wells Fargo Advisors also announced the addition of a team from UBS to its Private Client Group.

Advisors Brad Saler, Steven Kalodner, and Michael Coles bring a combined $687 million in assets under management and more than 75 years of experience.

Northeast market leader Renee Worrell-Samoil said in a statement that the firm is “excited to welcome these outstanding professionals” and noted their “client-first mindset and ability to deliver comprehensive financial guidance.”

The team will report to complex manager Taryn Bosco.

Wells Fargo Advisors also added John Magee in Denver, who joins from Merrill Lynch with $125 million in assets, and David Mayers in New York City, who previously worked at JPMorgan and brings $118 million in assets.

Raymond James welcomes Montecito advisor

In the most modest of the three moves, Raymond James said it has hired Andrew Wilson, a Montecito, California-based advisor who previously managed more than $319 million at UBS to its employee advisor channel.

Wilson – who has a more than three-decade industry record, including a near-decade affiliation with Morgan Stanley – joins Raymond James & Associates along with practice business manager Annalisa Rada-McGee and senior investment portfolio analyst Brian Berry.

Wilson cited “the firm’s commitment to a client-first culture supported by leadership focused on long-term stability.” He added that this combination allows him to deliver sophisticated strategies for high-net-worth clients.

The struggle to retain advisors has been real for UBS, which is set to be one of the most prominent casualties of a rising tide of billion-dollar teams seeking sunnier shores at rival firms this year.