UBS Loses Veteran Financial Advisor to Ameriprise
Ruth Onkst is joining Ameriprise’s franchise channel with advisor Jim Onkst and business manager Stacey Stivers, the company says. Ruth Onkst’s practice has around $113 million in assets under managment, according to Ameriprise.
"Ameriprise demonstrated that they would be able to support the caliber of growth I was looking for,” Ruth Onkst says in the press release. “I wanted access to a strong suite of financial planning tools, as well as the freedom to select my own staff and run my business in a way that allows me to provide a great customer experience. My clients are already seeing benefits."
Ruth Onkst started in the financial services industry in 1984 and joined UBS in 2009 after stints at Merrill Lynch, Morgan Stanley, A.G. Edwards & Sons and other companies, according to her BrokerCheck profile.
Jim Onkst started his industry career at A.G. Edwards & Sons in 2002 and worked at Morgan Stanley before joining UBS in 2009, according to his BrokerCheck profile.
UBS, meanwhile, has experienced high advisor turnover in recent months following an overhaul of how it recruits and retains its representatives, including exiting the Protocol for Broker Recruiting at the end of last year. In April, the firm lost three advisors overseeing around $2 billion who opted to start their own independent practice.
That same month, UBS lost a smaller producer to Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James Financial Services. But in March, UBS scored a major recruiting victory, luring a large team of advisors who oversaw $30 billion at JPMorgan.