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UBS Team Advising $340 Million Breaks Away

June 11, 2018

A UBS team responsible for advising $340 million in client assets has left the wirehouse for independence through Kestra Financial, InvestmentNews reports. The team, led by managing partners Jeffrey Boudjouk and Anthony Landi, left UBS to start Northeast Investment Group, whose staff also includes Deborah Shuster, partner, and Kelly Almonte, client relationship manager.

The members of Northeast Investment Group all just exited UBS, except for Boudjouk, who was discharged by UBS in 2017 after not disclosing his involvement in ongoing litigation, according to the publication. Boudjouk also provided confidential client information and privileged documents to the parties of the litigation, his BrokerCheck record reveals.

The UBS team’s departure follows the wirehouse’s recent loss of a team advising on $480 million in client assets to Raymond James. The team of four FAs, now working as Palm Avenue Wealth Advisory Group, left for Raymond James because they were attracted to the firm’s commitment to book ownership, FA T.J. Goelz says.

Elsewhere, Wells Fargo has lost an FA who advised on $86 million in client assets to RBC Wealth Management, continuing the wirehouse’s recent string of advisor departures, InvestmentNews reports.

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The departing FA, James M. Aid, has 20 years of brokerage experience spanning seven firms. Jonell Rusinko, external communications manager for RBC, says RBC is always looking for advisors who fit with the wirehouse’s client-first culture.

By Garrett Keyes
  • To read the InvestmentNews article cited in this story, click here.
  • To read the InvestmentNews article cited in this story, click here.