June 10, 2021
A ‘top’ Park Town, Utah broker who had led a six-man or woman $1.1 billion-AUM workforce has discovered a new property with a registered financial investment advisory organization following his termination by UBS.
The wirehouse fired Glen Mintz, a 29-calendar year sector veteran who was rated 3rd in Forbes’ 2021 Greatest in Condition listing and a perennial Barron’s Best 1,200 broker from 2014 to 2019, for “loss of self-assurance in capacity to keep on in function owing to failures to timely comply with management directives and an ongoing disregard for Company criteria relating to, amongst other matters, email use and obligatory teaching,” according to his BrokerCheck document.
The termination occurred April 19, even though UBS submitted the U5 see with the Fiscal Field Regulatory Authority on May well 19, following a 30-working day window that the regulator lets to give lawyers for the broker and organization time to negotiate the language.
The submitting appears to replicate continued intolerance of massive brokerage firms for operational infractions, especially in the pandemic period as attorneys and compliance officials say corporations have stepped up monitoring of broker email messages between other problems.
For his element, Mintz claims that the wirehouse “never identified” the distinct perform that activated the missing self esteem, in accordance to an addendum UBS provided with its U5.
“Mr. Mintz denies participating in conduct that would reasonably have caused UBS to have a ‘loss of confidence’ in his capability to carry on in his position,” the U5 report notes. “Mr. Mintz intends to go after all proper lawful options with respect to his termination from UBS.”
Mintz on May perhaps 24 opened a Park Town place of work for NewEdge Prosperity, an RIA introduced in December 2020 in Darien, Connecticut by former UBS brokers. He referred requests for comment to Chris Broussard, the main internet marketing officer for EdgeCo., a 401(k) administrator and dad or mum organization for NewEdge. Broussard declined to remark past the U5 language.
A UBS spokesperson declined to comment.
Mintz has no other disclosures on his BrokerCheck file. The databases reveals he begun his occupation at D.H. Blair & Co. in 1991, moved to Tucker Anthony in 1992 and then in 1996 shifted to Bear Stearns where by he remained till signing up for UBS in 2008.
His former crew was named Mogul Fiscal Team and also involved two other senior advisors, according to a March 2020 advertorial that touted that they consume their own cooking when it arrives to expense choice.
“If we’re not ready to set our dollars into it, we will not put our clients’ money into it both,” Mintz claimed in the piece.
The two other senior advisors on the Mogul group remain at UBS, according to their BrokerCheck records.
NewEdge is led by Jeffrey Kobernick and Robert Sechan, who produced about $20 million in their former 12 months, prior to leaving UBS, and have been known as Turnstone Wealth Administration.
The RIA was designed in partnership with EdgeCo., which also owns broker-dealer Mid Atlantic Money. In one more UBS tie-in, EdgeCo. in 2020 bought Private Wealth Partners, an impartial firm commenced by a previous UBS non-public prosperity executive.