Merrill Lynch Loses Team to Wirehouse Rival
The Schade Team includes Jamie Schade, portfolio manager and private wealth advisor, and Mark Henestofel, a financial advisor and former CPA, UBS says. They previously oversaw around $500 million at Merrill Lynch, according to the press release.
Schade began his career in financial planning at Merrill Lynch in 1998, according to his BrokerCheck profile.
Henestofel began his industry career in 2002 and joined Merrill Lynch in 2003, according to BrokerCheck.
Merrill Lynch has lost several veteran advisors in recent weeks. At the end of September the firm lost an advice practice managing $240 million to RIA hybrid Sanctuary Wealth Management, which had poached another practice affiliated with Merrill Lynch earlier that month.
Several Merrill Lynch advisors collectively overseeing over $5 billion jumped ship to First Republic Wealth Management.
UBS also lost industry veterans to First Republic and Stifel Financial last month.