It may not happen as often as you see from the larger firms but when it does, a move from Goldman is usually pretty monumental. The golden caches of the past no longer hold so strong as business becomes even more relationship-based and clients hold their trust and loyalty to their Advisors, more than the logo on the business card.
The most notable moves:
TO UBS
– Hunter Henry, Cullen Thomason & Chad Whitney – $21M / $6.6B. Dallas, TX (April 2019)
– John Hanley, Colin McKay, Michael Francis – $7.5M / $3B. Washington DC (Aug 2020)
– Scott Belveal, Adam Lambert – $1.7B. Philadelphia, PA (Dec 2020)
UBS’ almost exclusive focus on private wealth management and not traditional investment banking tailors well to the Private Banker to be able to better serve their clients. As well, the greater payout grids based upon current production create bigger paychecks for the same amount of work they are doing today.
TO MORGAN STANLEY
– David Midgley, Sarem Mukhtar – $10M/ $2B. Seattle, WA (June 2019)
– David Harrison Smith – $4M. Philadelphia, PA (July 2020)
David Midgley spoke of his desire to find more flexibility in product choice and control over who he brought into his team as reasons for his transition. Being able to have greater control over the business he or she has created has spurred many advisors to consider a change.
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