Optimize at UBS
Stay where you are with a clearer view of grid mechanics, equity options, and what's actually negotiable internally.
Winthrop & Co. · UBS Brief
Capital is leaving UBS.
What's actually leaving UBS, and where it's going, in a twelve-page brief for advisors weighing a move.
UBS
Industry Brief
Since 2024 · Recruiting & Transitions
$100B+
has departed UBS in publicly reported team moves since January 2024.
winthropco.com / research
At least 27 teams
managing $28B departed UBS, publicly reported, H1 2026
About 12 weeks
first call to first trade, then 90 days of support
What's happening right now
Your peers are quietly evaluating.
A snapshot of recent transitions tracked from UBS. Names anonymized where confidentiality required. The UBS Industry Brief carries a selection of documented moves from UBS in 2026.
Latest UBS moves
The five most recent publicly reported moves, updated daily.
Nov 4, 2026
42 North Advisors (Massey, Herman, Licate, Egan, Beachwood, OH)
→ Raymond James & Associates
$700M
Nov 4, 2026
Cleros Wealth Partners (Kyle Kight, Alex Armstrong, Jamie Packer; formerly Thompson, Kight, Armstrong & Packer at UBS; Fort Worth, TX)
→ Independent RIA (Elevation Point minority stake; Goldman Sachs custody)
$3.61B
Oct 23, 2026
Shea Wealth Partners (Andrea M. Shea, Martin E. Shea, Upper Arlington and Pepper Pike, OH)
→ Rockefeller Global Family Office
$350M
Oct 22, 2026
Nepa/Susco Team (Raymond Nepa, Jennifer Susco, Julia Munchel, Pittsburgh, PA)
→ RBC Wealth Management (Pittsburgh North branch)
$1B
Oct 20, 2026
Navigate Wealth Advisors (Berube, Abney, Maddox, Meyer, Dallas, TX)
→ William Blair
$660M
The $100B+ total above counts publicly reported UBS team moves from January 2024 through September 2026.
Why now
Four catalysts pushing UBS advisors out.
- 01
The team grid was rewritten
The November 2024 pay plan paid teams at the rate of their single highest producer, in place of the combined-team grid, and the September 2025 plan eased that change only in part.
- 02
A bank charter built for deposits
In March 2026 UBS won approval to convert its U.S. bank to a national charter, which it has described as a way to gather more deposits and make its U.S. wealth business more profitable.
- 03
The Swiss capital question is still open
In September 2026 Switzerland's upper house backed capital rules that UBS estimates would require about $16 billion of additional core capital. The bill is still before parliament.
- 04
Margin first, with attrition expected
UBS is targeting an Americas pretax margin of around 15% in 2026, building to around 18% in 2028, and in February 2025 it said it expected advisors to leave after its pay-plan changes.
Compare your paths
Four credible options. Side by side.
The UBS Industry Brief compares four kinds of path, from optimizing at UBS to an independent RIA. The version for your book is worked through on a call.
Boutique destination
Full brand and data ownership with white-glove service and tighter alignment.
Hybrid-RIA
Multi-custody flexibility, equity potential, and a wider product menu.
Independent RIA
Complete autonomy, brand control, modern tech stack, and durable enterprise value.
What you get
Inside the UBS Industry Brief.
Built for UBS advisors evaluating their next chapter. Delivered confidentially within minutes.
The flow record: UBS Americas net new assets by quarter, and team departures in 2024 set against 2025.
The November 2024 and September 2025 pay plans, provision by provision.
The margin gap behind the pressure on pay, with what a three-point grid cut costs over seven years.
How wirehouse packages are running in our 2026 deals, depending on your book of business, and ALFA set against a transition now and a second sunset later.
A selection of documented moves from UBS, and four kinds of path compared side by side.
What a confidential call covers, from your book to introductions to independent securities counsel.
- Written for UBS advisors
- Delivered to your inbox
- No obligation to act on what you read
Request the UBS Industry Brief
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No exclusivity. The UBS Industry Brief lands in your personal inbox automatically, with the data and framing you need to evaluate your next chapter privately.
How we work
From first call to first trade.
About twelve weeks in four steps, with 90 days of support after the move. Confidential at every step.
Week 1
Diligence
Goals, book composition, deferred-comp exposure, and portability reviewed against the live market.
Weeks 2 to 3
Compare
The kinds of firm that fit your book, compared on the call.
Weeks 4 to 6
Negotiate
Terms, equity, transition capital, and deferred-comp offset negotiated with the advisor.
Weeks 6 to 12
Execute
Re-papering, day-one readiness and 90-day support, with your own counsel on notice and client contact.
FAQ for UBS advisors
The questions you're probably already turning over.
If yours isn't here, ask it directly in a .
What is UBS Pathways, and should I sign it?
Pathways, launched in March 2026 inside the ALFA program, advances part of your future ALFA payout up front in exchange for a commitment to retire at UBS, and as reported the money has to be repaid if you leave. For 2027, UBS also widened eligibility and added a growth bonus for above-average net new asset growth. If you already plan to retire at UBS, it brings succession money forward. If you have not decided, it puts a price on leaving. Either way, know your number before you sign; it depends on your book of business.The Pathways ReadHow does the new Highest Producer Grid affect my transition timing?
If you're on a team that previously benefited from the Combined Team Grid, the math has already changed. The Industry Brief sets out the two plans provision by provision, and on a call we work through what the change means for your team's payout.What about my deferred compensation and clawback periods?
Deferred compensation and clawback terms are set by your award agreements, which your own counsel reads. On a call we set what you would leave against how packages are structured for a book like yours, depending on your book of business.How is 12b-1 trail revenue handled in a transition?
UBS's 2025 plan kept a portion of ongoing mutual fund revenue for the firm, as reported, which matters more for some teams than others. How trail revenue is treated differs from firm to firm, and we compare it for your book on a call.Can I bring my analyst or admin team?
Usually, yes. How a receiving firm supports the people on your team differs from firm to firm, and it is part of the terms negotiated with you.What's the typical timeline for a UBS team?
From first call to first trade, our process runs about twelve weeks: diligence, comparing the kinds of firm that fit, negotiation, then re-papering and day-one readiness, with 90 days of support after the move. UBS has been outside the Broker Protocol since 2017, so how and when clients hear of the move is planned with your own counsel.
For advisors at UBS
Your move. Privately.
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