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.
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.