Two teams that collectively managed about $1.7 billion in client assets at Bernstein Private Wealth Management are joining UBS, the firm announced Thursday.
Charles Lynch leads one team, which includes senior wealth strategy associate Frank Ruggiano.
According to his BrokerCheck report, Lynch had been affiliated with Bernstein since 2007. He works with high-net-worth families, business owners, athletes and nonprofits. Lynch played in the National Football League for two years, including a year with the Atlanta Falcons, after playing football at Clemson University. He’s a member of the NFL Alumni and NFL Players Association.
The second team is led by Elijah Dornstreich and Ryan DePaul, and includes senior wealth strategy associates Michaela O’Connell and Jack Ramirez.
Dornstreich works with business owners and families, with a focus on pre-transaction planning. Before joining Bernstein in 2011, he founded Capital Business Partners, a lending firm for small business owners; earlier, he founded a middle market financial services and real estate company.
DePaul has 13 years of experience, starting at ING Financial Partners in 2009; he joined Bernstein in 2012. He works with high-net-worth individuals, business owners and corporate executives.
“We are proud to expand our team in Philadelphia, which is a growing and productive region for our business,” Julie Fox, Philadelphia D.C. market executive at UBS Private Wealth Management, said in a statement.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
