UBS To Let Go Lower Producers

UBS plans to lay off lower-producing financial advisers later this month, according to a report in The Wall Street Journal.

UBS’s brokerage business also plans to lay off support staff, according to the news report. Marten Hoekstra, head of UBS Wealth Management US, disclosed the plans during a conference call with employees, according to the news report.

Hoekstra told the financial advisers that it doesn’t mean the company is exiting the U.S. wealth-management business.

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Last month, UBS announced it would sell off up to 55 of its 406 U.S. wealth-management branches to Stifel Financial Corp. (see “Stifel Nicolaus to Acquire up to 55 Branches from UBS). The WSJ said the move followed UBS looking unsuccessfully for buyers for its U.S. wealth-management business.

The WSJ noted that UBS has not participated in consolidation like its peers, including Morgan Stanley, Citigroup Inc’s Smith Barney, Bank of America Corp., and Merrill Lynch (see “Morgan Stanley Smith Barney Is Born and “Bank of America Buys Merrill Lynch).


CAPTRUST Adds Another Adviser

CAPTRUST Financial Advisors, an independent investment research and fee-based advisory firm, has hired adviser David A. Camper.

Camper joins CAPTRUST from Dixon, Hubard, Feinour & Brown, Inc. where he served as a retirement plan adviser. Camper will be based in Roanoke, Virginia, the firm’s second location in the state.

The addition of Camper marks the sixth financial adviser to join CAPTRUST since the start of 2009 (see “Davis to Anchor CAPTRUST West Coast Expansion,” “Wilt & Team Set a New Course“). Fielding Miller, CAPTRUST co-founder and CEO (see “Miller Time“), credits the company’s disciplined focus on providing specialized independent and objective investment advice to middle-market companies and their executives for the firm’s consistent performance in attracting and retaining financial advisers.

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CAPTRUST already operates a branch office in Richmond, which opened in 2005 with the acquisition of Atlanta-based, Palmer & Cay Investment Services.

Headquartered in Raleigh, North Carolina, CAPTRUST Financial Advisors represents $22 billion in client assets with offices in Akron, Ohio; Atlanta; Birmingham, Alabama; Boston; Charlotte, North Carolina; Jackson, Mississippi; Los Angeles; Philadelphia, Pennsylvania; Portland, Maine; Richmond and Roanoke, Virginia; and Washington D.C.


For more information, visit www.captrustadvisors.com.

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