What the 2024–2025 migration reveals about the future of private wealth management
Executive Summary
The private wealth sector is realigning. Between January 2024 and December 2025, more than seventy advisor teams exited UBS Group AG. Those teams oversaw approximately $63.8 billion in client assets. The pace accelerated through 2025 and carried into the first half of 2026.
This is not routine attrition. It is a coordinated repositioning by teams serving high-net-worth and ultra-high-net-worth families. The catalysts are specific and traceable. A 2025 compensation grid reduced team economics. Post–Credit Suisse operational friction slowed day-to-day execution. A proposed $20 billion capital requirement from Swiss regulators tightened the outlook for domestic platform investment.
The receiving firms were not random. Wells Fargo, RBC Wealth Management, Morgan Stanley, and Rockefeller Capital Management absorbed most of the flow. Fully independent RIAs took the rest, led by two marquee launches managing between $2 billion and $6 billion.
The case study matters for one reason. It establishes the leverage profile of the modern enterprise team. When a platform raises friction, teams vote with their assets.
The Structural Catalysts
The 2025 Compensation Grid
In late 2024, UBS rebuilt its advisor compensation model. The firm retired its team grid, which had allowed integrated teams to earn payouts based on aggregate team production. The replacement tied team member payouts to the production of the single highest-billing member of the team. Mid-producers on large, collaborative teams saw their effective payout contract overnight.
The firm also adjusted its policy on mutual fund 12b-1 trailing commissions, retaining a larger portion of that revenue under most legacy share classes. Advisors with meaningful legacy mutual fund exposure lost a recurring income stream with no comparable offset.
The design was deliberate. Chief Financial Officer Todd Tuckner has framed the shift publicly as a push toward higher-margin advisory revenue and ultra-high-net-worth relationships. The 2025 pre-tax margin in the Americas wealth business rose 26.1% to $416 million, and UBS leadership has emphasized that figure repeatedly.
The advisor response was equally deliberate.
The Credit Suisse Integration Tax
The 2023 Credit Suisse acquisition stabilized the Swiss banking system. It also introduced sustained operational drag for the U.S. wealth platform. Advisor-facing support requests, marketing material approvals, and technology change requests experienced slower cycle times. Teams managing complex family-office mandates felt the delay most acutely.
Corporate attention remained focused on integration milestones and synergy capture. Capital available for U.S. platform enhancement competed directly against Credit Suisse wind-down spending. Teams comparing their daily operating environment to what competing platforms now offer increasingly concluded that the gap was widening, not closing.
The $20 Billion Capital Overhang
On April 22, 2026, the Swiss Federal Council advanced a capital reform package that would require UBS AG to hold an additional $20 billion in Common Equity Tier 1 capital against its foreign subsidiaries. UBS has disclosed that the total incremental capital requirement approaches $22 billion once ordinance amendments are included. The firm has publicly stated it disagrees with the proposed framework, and parliamentary debate is expected to continue.
For U.S.-based advisors, the practical signal is unambiguous. Capital that might otherwise fund platform modernization, advisor technology, or competitive compensation will instead back Swiss parent-company capital ratios for the foreseeable future. The implementation window spans seven years.
The Corporate Response
UBS leadership expected a degree of attrition when the firm restructured the grid. The scale of the departures exceeded internal planning assumptions. Americas wealth outflows reached $14.1 billion in the fourth quarter of 2025, following $8.6 billion in the third quarter.
The firm responded across three fronts. It softened the 2026 compensation plan for producers generating between $1 million and $3 million in annual revenue, adding half a percentage point to the grid payout. It elevated Lisa Golia, previously Chief Operating Officer of U.S. Wealth Management, to the newly created role of Head of Field, effective March 1, 2026. Golia now reports to Mike Camacho and owns advisor leadership, hiring, retention, and compensation. And it recruited Ben Firestein from Morgan Stanley to lead field leader development and national recruiting under Golia.
Industry reporting indicates UBS has also deployed aggressive retention and recruiting economics, with packages reaching as high as 550% of trailing twelve-month revenue for select profiles. The pace of outbound moves has moderated marginally, but not reversed. Two teams representing a combined $4.5 billion exited UBS in April 2026 alone.
The Ledger: $63.8 Billion in Documented Departures
The following inventory compiles the major advisor team departures from UBS during the evaluation window. The 2024 cycle saw roughly 20 teams exit, controlling approximately $12 billion in client assets. The 2025 cycle accelerated sharply. Fifty-four teams including 132 advisors and $51.8 billion in assets left the platform, according to AdvisorHub’s running tally. Attrition continued into the first half of 2026.
Enterprise Departures ($2 Billion and Above)
The largest balance-sheet impact came from enterprise teams operating at or near institutional scale. These groups demand sophisticated control over technology, client experience, and long-term equity structure.
| Departure Date | Advisory Team | AUM | Destination Firm | Location |
|---|---|---|---|---|
| Dec 2, 2025 | Hingham Street Partners | $6.3 Billion | Wells Fargo Advisors | Boston, MA |
| Nov 14, 2025 | 71 West Capital Partners | $6.0 Billion | Independent RIA | Boston, MA & Los Angeles, CA |
| Late 2024 | Executive Financial Advisors | $3.7 Billion | Morgan Stanley | Dallas, Atlanta, Jacksonville |
| Dec 19, 2025 | Tidal Wealth Partners | $3.0 Billion | Rockefeller Capital Management | Florida & California |
| Apr 9, 2026 | Unnamed Duo | $2.4 Billion | Dynasty-Backed RIA | Undisclosed |
| Apr 13, 2026 | Unnamed Team | $2.1 Billion | Wells Fargo FiNet | Undisclosed |
| May 12, 2025 | 1280 Financial Partners | $2.0 Billion | Sanctuary Wealth | Fort Myers, FL |
| July 2025 | Entrepreneurs Group | $2.0 Billion | Rockefeller Capital Management | New York, NY |
Hingham Street Partners represents the largest single-team move to a competing wirehouse in the cycle. The 16-advisor group, founded in 2012 and led by Peter Landry, Lawrence DePaulis, and Timothy Fortune, transitioned $6.3 billion and $38.5 million in annual revenue to Wells Fargo’s private client group in Boston.
71 West Capital Partners defines the independent end of the spectrum. Led by Denis Cleary and Gregory Devine, the bi-coastal team managing $6.0 billion bypassed every competing wirehouse and launched a fully independent RIA custodied with BNY Pershing. The April 2026 $2.4 billion duo followed the same architectural playbook with Dynasty Financial Partners providing the independent infrastructure.
Executive Financial Advisors transferred $3.7 billion to Morgan Stanley across offices in Dallas, Atlanta, and Jacksonville. Tidal Wealth Partners moved $3.0 billion to Rockefeller Capital Management, reflecting Rockefeller’s continued pull with teams serving multi-generational ultra-high-net-worth families.
Premier Wealth Departures ($1 Billion to $1.9 Billion)
The secondary tier represents the profitability core of any wirehouse region. These teams drive local market share and recurring revenue.
| Departure Date | Advisory Team | AUM | Destination Firm | Location |
|---|---|---|---|---|
| Mar 5, 2026 | Snow Pine Private Wealth | $1.7 Billion | Wells Fargo FiNet | Wayzata, MN |
| July 2025 | Hudson River Wealth Management | $1.7 Billion | RBC Wealth Management | Harrison, NY |
| Late 2024 | Unnamed Eight-Member Group | $1.7 Billion | RBC Wealth Management | Undisclosed |
| Early 2025 | Golden State Wealth Management | $1.6 Billion | LPL Financial | California |
| Feb 2025 | Berman Partners | $1.5 Billion | Morgan Stanley | West Palm Beach, FL |
| Late 2024 | Heller Stieffel & Noto | $1.2 Billion | RBC Wealth Management | New Orleans, LA |
| July 2025 | Two Unnamed Teams (Combined) | $1.2 Billion | Merrill Lynch & Ameriprise | Undisclosed |
| Sep 25, 2025 | BLS Financial Group | $1.1 Billion | RBC Wealth Management | Bloomfield Hills, MI |
Snow Pine Private Wealth transitioned $1.7 billion to the Wells Fargo Financial Network, the firm’s independent channel. The seven-advisor team prioritized the flexibility of the independent model while retaining access to institutional banking resources. Golden State Wealth Management cited the compensation restructuring directly in its move to LPL Financial. Berman Partners, serving a private-wealth book in West Palm Beach, selected Morgan Stanley for the combination of lending capability and team stability.
High-Net-Worth Departures ($300 Million to $999 Million)
The steady attrition of established producers at this tier reflects the breadth of the dissatisfaction. These teams anchor regional offices and generate consistent, advisory-led revenue.
| Departure Date | Advisory Team | AUM | Destination Firm | Location |
|---|---|---|---|---|
| Jan 7, 2026 | Harbor Light Wealth Management | $805 Million | Merrill Lynch | Rhode Island |
| May 2, 2025 | Legacy Investment Consulting | $800 Million | Wells Fargo Advisors | Bellevue, WA |
| Jan 20, 2026 | Creative Strategies for Modern Wealth | $770 Million | RBC Wealth Management | Syracuse, NY |
| Mar 17, 2026 | Shore to Summit | $690 Million | Wells Fargo FiNet | Maryland & California |
| Early 2025 | Saler, Kalodner, Coles | $687 Million | Wells Fargo Advisors | Marlton, NJ |
| Jan 8, 2026 | Fogarty Hernandez Group | $660 Million | RBC Wealth Management | Los Angeles, CA |
| Mar 27, 2025 | Oxford Oaks Capital | $600 Million | LPL Financial (Linsco) | Franklin, TN |
| Aug 2025 | GFR & Associates | $600 Million | Janney Montgomery Scott | Hudson, OH |
| Dec 15, 2025 | Forensic Investment Group | $580 Million | Rockefeller Capital Management | Atlanta, GA |
| May 23, 2025 | Excel Wealth Management | $533 Million | Wells Fargo Advisors | San Diego, CA |
| Feb 12, 2025 | Schrimsher, Mann, Stumb | $480 Million | Wells Fargo Advisors | Huntsville, AL |
| Apr 2026 | Unnamed Team | $476 Million | Raymond James | Ohio |
| Late 2025 | The Couch Group | $450 Million | Morgan Stanley | Watertown, NY |
| Feb 2, 2026 | Wilson Wealth Management | $430 Million | RBC Wealth Management | Alpharetta, GA |
| Jan 26, 2026 | Unnamed Father-Son Team | $400 Million | RBC Wealth Management | New Jersey |
| Dec 22, 2025 | J. Kyle Mays | $380 Million | Wells Fargo Advisors | The Woodlands, TX |
| Oct 2025 | J. Morgan Edwards | $280 Million | Raymond James | Virginia Beach, VA |
| Mar 2026 | The Webster Group | $143 Million | Wells Fargo Advisors | Holladay, UT |
| Apr 6, 2026 | Unnamed Private Wealth Broker | Undisclosed | Merrill Lynch | Miami, FL |
The Couch Group illustrates the “boomerang” pattern. After twelve years at UBS, the $450 million team returned to Morgan Stanley, where the principals had previously built their practice. Familiarity with a prior platform carries real value when current-platform friction accumulates.
Field Leadership Attrition
Advisor movement correlates with field leadership movement. Strong branch managers insulate top producers from corporate process. When those leaders exit, advisor attrition accelerates.
In 2025, UBS lost several regional executives. David Lojpersberger joined Janney Montgomery Scott after overseeing three Pennsylvania offices. Ian T. MacNeill, a prominent Boston office head, transitioned to Wells Fargo. John E. Geoghan, a core New Jersey branch leader, departed for Merrill Lynch. And David Larado, the former head of advisor recruiting and retention, left the firm entirely for the independent channel. The departure of the executive responsible for retention is itself a signal.
Destination Architecture: Where the Capital Flowed
The $63.8 billion did not disperse randomly. It concentrated in platforms offering specific structural advantages. Elite teams conducted careful due diligence, evaluating technology, lending depth, cultural fit, equity structure, and long-term platform economics.
Wells Fargo: The Dual-Channel Advantage
Wells Fargo was the largest beneficiary by number of teams, hiring at least eleven advisor groups from UBS across 2025. The firm also captured the largest single team of the cycle in Hingham Street Partners.
Wells Fargo’s strategic advantage is structural. The firm operates both a traditional employee-based Private Client Group and the independent Financial Network (FiNet). A departing advisor can evaluate both within the same institution, select the affiliation model that fits the practice, and retain access to the same banking, lending, and product infrastructure. That choice architecture resonated with UBS teams weighing the classic trade-off between wirehouse scale and independent flexibility. Wells Fargo paired the platform with competitive transition economics and captured permanent market share.
RBC Wealth Management: The Boutique Alternative
RBC Wealth Management hired at least seven UBS teams in the 2025 cycle, focusing on the $400 million to $1.7 billion range. RBC positions as a boutique alternative to the legacy wirehouses. The firm pairs a global balance sheet and sophisticated lending with a flatter management structure and more responsive compliance cycles. For teams frustrated by post-integration process at UBS, RBC’s execution tempo was a material draw.
Morgan Stanley: Platform Stability
Morgan Stanley absorbed significant premium capital during the cycle, including the $3.7 billion Executive Financial Advisors team. The firm’s primary positioning was stability. While UBS restructured its compensation grid downward, Morgan Stanley advanced its 2026 comp plan early and reduced the deferred portion of advisor pay from 15% to 7.5%, placing meaningful immediate cash in the pockets of senior producers. For advisors with prior Morgan Stanley experience, the combination was compelling enough to support boomerang moves as well as net-new recruits.
Raymond James: The Multi-Channel Home for Independent-Minded Advisors
Raymond James received at least two publicly reported UBS teams in the cycle, including the $280 million J. Morgan Edwards team in Virginia Beach and a $476 million Ohio team in April 2026. Raymond James’ long-standing culture of advisor autonomy, combined with its multi-channel structure that supports employee, independent contractor, and RIA affiliation under a single institution, continues to attract advisors who value flexibility without giving up institutional support. The firm’s consistent messaging around advisor ownership and continuity resonates with teams planning multi-decade practice arcs.
Rockefeller Capital Management: The Family-Office Destination
Rockefeller Capital Management absorbed several of the highest-profile multi-billion-dollar teams, including Tidal Wealth Partners at $3.0 billion and the Entrepreneurs Group at $2.0 billion. Rockefeller’s positioning centers on a family-office-style experience, equity participation for senior advisors, and a curated client profile. That combination is particularly effective for teams whose book skews heavily ultra-high-net-worth and for principals evaluating long-term succession value.
The Sovereign RIA Path
The most structurally meaningful shift involves full independence. 71 West Capital Partners managing $6.0 billion launched as a fully independent RIA with BNY Pershing as custodian. An April 2026 $2.4 billion duo followed with Dynasty Financial Partners providing infrastructure. A $2.1 billion team moved to Wells Fargo FiNet days later, selecting the supported-independence model.
These teams evaluated the long-term enterprise value equation and concluded that the captive wirehouse structure no longer served it. Independent ownership allows teams to control their technology, branding, compensation design, and equity structure. It builds an asset that is saleable on the advisor’s own terms. It eliminates the margin tax the home office charges on every dollar of revenue. For principals thinking in ten-year and twenty-year horizons, the math is increasingly decisive.
Strategic Implications
The migration of $63.8 billion out of a single premier institution confirms a permanent shift in leverage. Modern wealth management teams operate as highly portable enterprises. Client loyalty sits primarily with the individual advisor, not the institution.
UBS ran a top-down margin optimization play. The market answered that elite producers will not accept commoditization. When a platform reduces team economics, raises operating friction, or signals that the margin strategy trumps the advisor experience, top teams deploy their capital to better terms.
Three takeaways sit underneath the numbers.
First, compensation is necessary but not sufficient. Every receiving firm paired competitive transition economics with a platform story. Teams evaluated the full operating environment, not just the check.
Second, enterprise value is the new headline metric. The most consequential moves in this cycle were not driven by transition checks. They were driven by long-term equity math and continuity for the next decade of client service. That is the lens the industry’s largest teams now use.
Third, stability has a price and elite advisors will pay it. Morgan Stanley’s positioning this cycle demonstrated that predictable platform behavior, in a market where several major firms are making material changes, is itself a competitive advantage.
The institutions that win the next decade will treat advisors as sovereign clients. They will deliver frictionless technology, open architecture, dedicated support, and compensation designs that reward long-term team building rather than short-term margin extraction. The $63.8 billion migration is a leading indicator, not an outlier event.
Working With Winthrop & Co.
Winthrop & Co. advises financial advisors and elite wealth management teams on the full transition lifecycle. The work spans platform evaluation, terms and structure negotiation, equity architecture, succession and continuity planning, and long-term enterprise value design.
Every engagement begins with privacy and control. Advisors share information only with firms they have selected. Winthrop & Co. manages the process, compresses the timeline, and preserves optionality throughout.
For teams evaluating their current platform, or for principals beginning a five-year runway to a transition, a confidential conversation is the appropriate first step. Happy to arrange a quick, confidential call.
A Note on Compliance
Any platform transition involves legal and regulatory considerations that must be managed carefully. Protocol for Broker Recruiting status, non-solicit and non-compete provisions, book portability, legacy account types, and client communication sequencing all require tailored planning. Advisors evaluating a move should coordinate early with transition counsel and ensure that all pre-announcement conduct complies with their current firm’s policies, applicable regulatory rules, and any contractual obligations.
Methodology
The analysis is based on publicly reported advisor transitions tracked across AdvisorHub, WealthManagement.com, InvestmentNews, Barron’s, Financial Planning, Reuters, Bloomberg, UBS Group AG regulatory filings, and SEC Form ADV and FINRA BrokerCheck disclosures. The $63.8 billion figure combines AdvisorHub’s 2024 tally of approximately 20 teams and $12 billion with its 2025 tally of 54 teams, 132 advisors, and $51.8 billion in reported client assets. 2026 year-to-date departures are discussed directionally and are not included in the headline figure. Individual team asset figures are as reported at the time of departure and may vary from current managed assets.
Winthrop & Co. is a strategic consulting partner for financial advisors and wealth management teams navigating transitions, succession, M&A, valuations, and enterprise value strategy. If you’re evaluating your next chapter, we welcome a confidential conversation. Learn more about our approach.