July 19, 2021
A UBS Wealth Administration United states workforce generating $18 million in annual earnings and led by a top rated-ranked broker in Birmingham, Alabama still left the wirehouse to launch its individual registered expenditure advisory company, in accordance to a resource familiar with the go and registration data.
The group, led by Tony R. Smith, who rated 3rd on Forbes’ 2021 record of “Best-in-State” prosperity advisors in Alabama, remaining UBS on July 9, their BrokerCheck experiences explained. Smith and his group had managed $4.4 billion in assets at UBS, the resource explained.
A man or woman answering the cellphone at the recently-introduced RIA, which is known as Stonegate Investment Group, claimed the staff was not available for comment because they ended up active transitioning their previous buyers. Independently, Smith did not reply to a ask for for remark sent by way of social media.
Smith, managing associate and chief investment decision officer of Stonegate, is joined by partners Christopher J. Compton, Matthew C. Brown, Mark F. Sommer, James W. Allen, Jerry G. Duncan and William E. Richardson, in accordance to Stonegate’s Type ADV submitting with the Securities and Trade Commission. The 7 companions have blended business working experience of 195 years, in accordance to their BrokerCheck experiences.
A UBS spokeswoman declined to comment on the departure.
It is unclear no matter if the Stonegate staff utilized any third-party help in environment up their RIA or if the advisors approach on dropping their brokerage licenses as aspect of their move. Their BrokerCheck records however reflect their registration with UBS.
The RIA in its Type ADV submitting mentioned it “generally recommends” that its shoppers use the custody and brokerage companies of Fidelity Clearing & Custody Options.
A Fidelity spokesperson did not promptly answer to a ask for for remark for further information on the romantic relationship with Stonegate.
Smith, a 29-yr industry veteran, experienced been with UBS since 2007, according to his BrokerCheck profile. He used the starting of his career at Smith Barney predecessors Lehman Brothers, from 1992 to 1993, and Citigroup International Markets, exactly where he used the following 14 many years, the databases explained.
Smith entered the marketplace shortly immediately after graduating university by using an employer whose loved ones was among the the wealthiest in the state of Alabama and for whom he experienced worked as a “gofer,” in accordance to a 2019 posting in Barron’s highlighting Smith’s profession.
Compton has worked for the similar firms as Smith given that 2004, according to his BrokerCheck.
Brown joined UBS in 2009 from Navigant Money Advisors, in which he commenced his job in 2007, the database reported.
Sommer has worked at the identical corporations as Smith from 1998 and onward, possessing joined Citigroup Global Marketplaces from The Robinson-Humphrey Corporation, exactly where he began his career in 1994.
Allen, dependent in Atlanta, joined UBS in 2012 from Genspring Relatives Workplaces, where by he experienced been because 2007. He entered the sector in 2006 with Morgan Keegan & Firm, the database explained.
Duncan, a 46-calendar year sector veteran, began out in 1974 with Reynolds Securities, then Dean Witter Reynolds from 1984 to 1988, when he joined E.F. Hutton for a 3-month stint, in accordance to his BrokerCheck. Identical to Smith, he was with Lehman Brothers 1988 to 1993 and Citigroup World wide Marketplaces from 1993 to 2007 prior to signing up for UBS.
Richardson, with 50 several years in the industry less than his belt, began at Sterne, Agee and Leach in 1970, moved to Paine, Webber, Jackson & Curtis in 1978 and then to UBS, in which he had been due to the fact 1980, according to his BrokerCheck.
Stonegate appears to reflect what business consultants have described as a growing hunger for independence, even among teams building eight-determine yearly revenues. A 12-man or woman, $20 million-making team led by Jeffrey Kobernick and Robert Sechan left UBS in December to start off EdgeCo-affiliated NewEdge Wealth in Darien, Connecticut.