{"id":616620,"date":"2026-09-30T18:40:08","date_gmt":"2026-09-30T18:40:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/616620\/"},"modified":"2026-09-30T18:40:08","modified_gmt":"2026-09-30T18:40:08","slug":"1-3b-ubs-team-departs-for-wells-fargos-finet","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/616620\/","title":{"rendered":"$1.3B UBS Team Departs for Wells Fargo’s FiNet"},"content":{"rendered":"

A UBS team that had been managing $1.3 billion in assets has left for Wells Fargo Advisors Financial Network in yet another poaching win away from the Swiss-based bank\u2019s U.S. wealth division since it restructured its compensation plan in 2025<\/a>.<\/p>\n

The seven-person Cullman\/Holt Group based in Upper Arlington, Ohio, will join FiNet-affiliated Ascend Advisory Group in Dublin, Ohio, according to a Wells Fargo spokesperson. The team will continue to be led by Managing Director Jeff Cullman and Senior Vice President W. Bruce Holt, and includes another advisor and four client associates.<\/p>\n

\u201cThe move of a team of this size and quality is a reflection of the exceptional platform Tony Reilly and Ascend have created and the access to capabilities and solutions available through the FiNet platform,\u201d FiNet President John Tyers said in a statement.<\/p>\n

Reilly is the founder and CEO of Ascend, which has more than $2.5 billion in assets under management, according to its website.<\/p>\n

Related:Bank of America Merrill Lynch Snags $1.2B UBS Team in New Mexico<\/a><\/p>\n

According to a recent advisor moves report by consultancy Winthrop & Co., San Francisco-based Wells Fargo has been the largest beneficiary of departing UBS teams, bringing on 11 groups in 2025.<\/p>\n

This April, FiNet added former UBS advisors Touchstone Wealth Partners<\/a>, a Toledo, Ohio-based firm overseeing $2.1 billion in AUM, following a March addition of $1.7 billion in AUM from Snow Pine Private Wealth<\/a> in Wayzata, Minn.<\/p>\n

UBS has seen advisor attrition in North America since making moves such as lowering payout rates for some advisors and shifting incentives to bring on wealthier clients.<\/p>\n

However, the firm has been forecasting a slowdown<\/a> in that bleeding as it ramps up recruiting and implements a retire-in-place program to retain advisors. According to Winthrop\u2019s report, that retention program \u201cpays transitioning advisors a maximum incentive of 300% of trailing-12 production over the sunset period, a figure that quietly competes with external recruiting packages for the retiring cohort.\u201d<\/p>\n

The analysts also said that UBS is testing the \u201ctrough\u201d for its advisor losses in 2026, noting that second-quarter results backed that up with strong net new assets, but not yet for advisor headcount.<\/p>\n","protected":false},"excerpt":{"rendered":"A UBS team that had been managing $1.3 billion in assets has left for Wells Fargo Advisors Financial…\n","protected":false},"author":2,"featured_media":616621,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":["post-616620","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/616620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=616620"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/616620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/616621"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=616620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=616620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=616620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}