Page 46 - Investment Advisor December 2022/January 2023

BROKER-DEALER BEAT
BR OKER -DEALER BEA T
By Jeff Berman

UBS Wealth Reshuffles Management in

UHNW Push

The firm’s also shifting more of its focus to Florida and Texas as more

wealthy clients move there.

BS Wealth Management is headed by a market director. All Private
reshuffling its U.S. leadership Wealth advisors and financial advisors
Uteam as part of an effort to will report to a market director, putting
expand its market share among ultra- them just one management level away
high-net-worth investors, according to from a market executive.
a memo provided to ThinkAdvisor. The Each market will have a client experi-
firm is “focused on our clients [who] are ence director, a new role responsible for
becoming wealthier, more diverse and ensuring that every UBS client receives
younger,” Jason Chandler, UBS head of sultant Andrew Tasnady, managing part- a premium level of service. The client
Wealth Management USA, said in the ner of Tasnady Associates, explained in experience directors will report to Sue
internal memo sent Nov. 3. an interview on Nov. 4. Emanuel, Wealth Management USA’s
“We’re also seeing unprecedented Bank of America’s wealth-manage- head of client experience.
shifts in where wealth is increasingly ment division ramped up its efforts to Global Family and Institutional
concentrated,” according to Chandler. serve rich clients in Florida with a goal Wealth Americas will be headed by
“Those trends compel us to adopt a of doubling the number of its wealth Charles Otton, now global co-head
national mindset, serving clients as one advisers in the Sunshine State, the of the Global Industries Group in the
national team, and sharpening our focus firm said last year. BofA’s Merrill unit Investment Bank. Otton will report to
on where wealth is growing most rapidly.” increased its private-wealth advisory George Athanasopoulos and Chandler,
A significant number of clients have staff by 40% in Florida, and remained and “will be responsible for bringing
moved from New York to Florida and on track to double its coverage in the together our institutional capabilities in
from California to Texas, UBS says, and “medium term,” Andy Sieg, president of Banking, Lending, Global Markets and
some advisors are following their clients Merrill Lynch Wealth Management, said Prime Brokerage with our client cover-
and rivals down south. While a certain at the time. age efforts,” according to Chandler.
number of advisors have decided to split Within GFIW, Jennifer Gabrielli
their time between Florida and the New DETAILS ON CHANGES will serve as head of UHNW Client
York metro area, others are creating As part of the reshuffling, John Mathews Solutions, “responsible for the strategic
multi-location teams to expand their will become division director, U.S. delivery of our bespoke GFIW services,”
client coverage. Wealth Management and will continue Chandler said. She will oversee both
These trends have led UBS to sharpen to lead Private Wealth Management. Family Office Solutions and the Private
its focus on where wealth is growing Jennifer Povlitz will become division Markets OneBank Partnership.
fastest and adopt a national strategy director, U.S. Wealth Management, and Bill Carroll will become head of
to serve clients. Thus, the wirehouse be responsible for growing the reach sales and development for WM USA,
decided to simplify and flatten its man- and impact of UBS’s wealth manage- overseeing National Sales, Recruiting
agement structure — effective Jan. 1 — in ment business in 10 growth markets & Retention, Field Development &
an effort to achieve faster decision-mak- surrounding key metropolitan areas. Productivity, Field Engagement and
ing and overall better service. UBS has Rick Gonzalez will continue to lead Client Strategy Office. Kevin Adams,
roughly 6,250 advisors in the Americas. UBS International. Heather Crist, Filippo Ilardi, and David
Rival Merrill Lynch announced last Across U.S. Wealth Management, the Larado will report to Carroll.
year that it was “increasing staffing company will have 20 markets, each led
levels in select higher growth regions by a market executive. Within each mar- Staff reporter Jeff Berman can be reached at
including Florida,” compensation con- ket, individual or multiple offices will be [email protected].

44 INVESTMENT ADVISOR DECEMBER 2022/JANUARY 2023 | ThinkAdvisor.com