Wells Fargo Picks Up $2.6B UBS Team
Margate Wealth has four advisors and offices in Short Hills, New Jersey, and New York.
Wells Fargo Advisors has picked up an advisor team from UBS that manages client assets of $2.6 billion and revenue of almost $17 million for the trailing 12 months, Wells Fargo said Friday.
In terms of client assets, Margate Wealth Management Group of Wells Fargo Advisors is one of the larger teams in the industry to move from one firm’s employee channel to another in the last few years.
The Margate team includes brothers Andrew Perry and Todd Perry, along with Heather Molin and Matthew Giugliano. The brothers were each with UBS for over 20 years. All four team members are registered brokers and advisors, according to the Financial Industry Regulatory Authority’s BrokerCheck.com website.
Their primary office location will be in Short Hills, New Jersey, with a second office in New York.
Perry, who serves as the team’s managing director of investments, said: “We couldn’t be more excited about the opportunity to join Wells Fargo as Private Wealth Financial Advisors. This will enable us to service the demanding needs of our Ultra High Net Worth clients with a broader, more robust investment and commercial lending platform.”
The Margate team also includes two client performance analysts: Mark Franciotti and Ashley Lefler.
Welcoming the new advisor team, Barry Sommers, Wells Fargo Wealth & Investment Management CEO, said in a statement: “They are exceptional advisors and I’m thrilled they chose Wells Fargo. I’ve known them for many years and look forward to working with them. Our expansive range of high-net-worth services and resources will help their clients and grow their business.”
UBS declined to comment about losing the team.
(Image: Bloomberg)