UBS Loses Veteran HNW Advisor to "Client- and Advisor-Friendly" Rival
Hany Farag joins Janney’s Midtown New York office as vice president of wealth management, the company says. He serves high net worth individuals and institutional investors and focuses on providing advice to corporate executives on complex investment strategies, according to the press release.
“Like many advisors, Hany was drawn to Janney because of its reputation as a very client- and advisor-friendly firm,” Michael Drumm, complex manager at Janney, says in the press release.
Farag has been in the industry since 1995 and spent the previous 16 years at UBS, according to his BrokerCheck profile.
Janney has successfully lured several advisors from wirehouses in recent months.
In August, Janney nabbed a trio of advisors who collectively oversaw $235 million at Merrill Lynch.
UBS lost two more top-producing teams of advisors in Ohio to Wells Fargo Advisors in the past two weeks, according to news reports. Ryan Bibler, Vincent Finney, Joseph Panfil, Myron Shaffer, along with two client associates, joined Wells Fargo in Columbus earlier this month, according to AdvisorHub.
They generated $5 million in fees and commissions at UBS, where they’ve been since 2009, the website writes, citing a person familiar with their practices.
And in Dublin, Ohio, a suburb of Columbus, UBS lost James Medsker and Laith Khalaf to Wells Fargo at the end of October, according to the website. The pair generated $2 million, the source tells AdvisorHub. Medsker and Khalaf had both come to UBS from Morgan Stanley a decade ago, according to BrokerCheck.
The two teams in Columbus and Dublin knew each other “and also were long-time friends with local management at Wells Fargo,” AdvisorHub writes, citing the same source.
UBS has been losing advisors to several rivals in recent months. In October, it lost a 30-year veteran of the firm who jumped ship in October for Morgan Stanley.