Welcome to Financial Advisor IQ

Merrill Lynch Loses Team to Wirehouse Rival

By Alex Padalka October 9, 2018

Wirehouse UBS Financial Services has lured a team of veteran advisors from Merrill Lynch, according to a press release from UBS.

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.

Merrill Lynch also lost a veteran advisor in Chicago to Morgan Stanley last month.

Several Merrill Lynch advisors collectively overseeing over $5 billion jumped ship to First Republic Wealth Management.


UBS, meanwhile, lost an advisor last month who was overseeing $110 million to Raymond James & Associates, the company’s traditional employee broker-dealer.

UBS also lost industry veterans to First Republic and Stifel Financial last month.