UBS Veterans Managing $350 Million Reportedly Go Indie
Jamie Baraldi and Bryan Michael Dein left UBS Wealth Management USA last week to open an office of Gladstone Wealth Group in Marlton, N.J., AdvisorHub writes.
Gladstone is affiliated with LPL, according to the industry news website.
Baraldi and Dein previously managed $350 million at UBS, according to Gladstone chief executive Richard Frick, who joined the company in December from Morgan Stanley, AdvisorHub writes.
Baraldi and Dein have worked together for close to a decade and had been at UBS since 2009, according to the website.
They’re joined by former UBS broker Andrew Yuska, who became a registered representative this February, AdvisorHub writes.
Baraldi tells the website that they had been looking to leave UBS for around two years, spurred on by their concerns about pressures to push proprietary investments and cross-sell banking products.
“They show advisors different investments and portfolio managers, but it might not be the most objective view,” he says, referring to wirehouses, according to AdvisorHub.
Baraldi also says the range of products available from LPL is broader than at UBS, according to the website.
A UBS spokesman didn’t return AdvisorHub’s request for comment.
Founded in 2012 by Robert Hudson III, Gladstone has grown its advisor ranks to 62, having added seven brokers so far this year, AdvisorHub writes.
UBS, meanwhile, lost around 90 advisors in the last quarter, but still has 6,185, according to sources at the firm as well as an internal report reviewed by AdvisorHub.