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Practice Management > Building Your Business

UBS Picks Up $1.5B Bernstein Group: Recruiting Roundup

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UBS has recruited a team with $1.5 billion in client assets from Sanford Bernstein: Dallas-based Baumgarten, Dowell, Jones Wealth Management, which has produced about $13 million in yearly fees and commissions.

The group is led by John Baumgarten, who was with Bernstein for the past 12 years. It also includes Cory Dowell, CFP, who has 21 years in the business and cut his teeth at Fidelity Investments; and Chad Jones, who joined Bernstein 13 years ago.

LPL Adds 2 Teams

LPL Financial has added two teams from wirehouse firms Morgan Stanley and Wells Fargo.

One group, father and son advisors Bruce Kelm, CFP, and Duncan Kelm, are now part of LPL affiliate and RIA Gladstone Financial Resources Group. The advisors have worked with about $135 million in assets. 

Bruce, who ran a brew pub in the 1980s, became an advisor in 1992 at Merrill Lynch and built his practice via small-business clients. Duncan, a former member of the national USA Sevens Rugby team, became an advisor with Morgan Stanley in 2017.

The duo now run their practice, ArrowPoint Wealth Management, in Santa Rosa, California.

Photo of Invex Financial team of four adults Emily Lawrence (left), Susan Lawrence, Christopher Loutsis and Shawna Bain of Invex.

LPL also recruited a group from Wells Fargo’s independent channel with about $120 million and an office in Issaquah, Washington. Invex Financial is led by Susan Lawrence, who has been in the business for 32 years after starting her career at Piper Jaffray.

“We are very hands-on and take a collaborative approach to smart wealth management, often working with tax experts and attorneys on behalf of our clients,” said Lawrence, in a statement.

Another team member is Christopher Loutsis, who has been an advisor for 13 years.

“Susan’s commitment to continuous improvement has driven a successful career, and we are honored she and her team chose LPL to take their business to the next level,” according to Rich Steinmeier, head of Business Development for LPL.

ProEquities’ New Advisor Academy

ProEquities, which works with some 600 independent advisors, says it has launched GEN Next Academy, a program to help advisors new to the industry join established offices and assist senior advisors with training, mentoring and other support.

GEN Next Academy’s program aims to open up the wealth management industry “to a broader set of professionals from different backgrounds,” according to Tammy Robbins, head of Business Development for ProEquities.

The academy eliminates certain fees tied to becoming an advisor and gives participants access to coaching, study groups, peer networks and professional education, including discounted rates for CFP certification classes.

The program hopes to stand out “by providing new entrants the necessary support they need to succeed while also equipping senior advisors with the right kind of training to become effective mentors,” Robbins explained. 

ProEquities is a unit of Protective Life.


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