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$540 Million Gupta Team Leaves UBS for Independent Space

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Maybe Chip Roame is right after all.

The highly caffeinated and enthusiastic proprietor of Tiburon Strategic advisors is known for his sunny predictions for the RIA channel, claiming at industry conferences and his own popular CEO summit twice annually that it’s the only real area of advisor growth, although recent studies are split on the conclusion.

While it hardly proves Roame’s argument, today’s announcement that Gupta Wealth Management is leaving UBS for the RIA space certainly puts wind in its sails. San Diego-based Gupta, with $540 million in assets under management, will custody primarily with Schwab Advisor Services. Led by Ajay K. Gupta, the firm advises 119 families.

The firm said it will continue to serve high-net-worth clientele in the San Diego area as well as San Francisco, Boston, New York, Sonoma and other major metropolitan areas. Clients include Forbes 400 families, high-net-worth individuals, corporate executives and business owners.

“When people told me I was crazy for moving from Canada to San Diego 13 years ago, I trusted my instincts, and I did so again when leaving Merrill in 2008,” Gupta said in a statement announcing the move. “And in both instances the decision and timing was correct for my clients. The RIA path is clearly the best option for us as it significantly expands the services we can provide to clients while saving them money in the process.

Key drivers for Gupta Wealth Management included “accessing a highly dynamic and innovative technology platform as well as the power of choice that true independence brings with it.”

“My father was a financial advisor, and inspired me at a young age to work hard and take care of others, as he did for me and my siblings,” Gupta continued. “At the age of 12, I started exploring the world of finance, and have been learning, evolving and growing as an advisor and a person ever since. I value the experiences of the past, but we must remain focused on what lies ahead and is best for our clients, and this move represents that.”

Check out Next-Gen Advisor Crisis: Numbers to Shrink by 2017, Cerulli Says on ThinkAdvisor.


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