UBS Loses $3.5 Billion Team, Gains $1.2 Billion Glenmede Advisor
UBS recently faced significant changes in its advisor lineup as one team managing billions in assets departed to form an independent advisory firm, while another experienced advisor joined from wealth manager Glenmede.
Beacon Coast Advisors Formation
The team that left UBS, now known as Beacon Coast Advisors, is led by Michael Evans and David Jasper, seasoned advisors with decades of industry experience. Prior to their departure, they managed around $3.5 billion in client assets. Beacon Coast is based in San Francisco and represents a significant shift in the wealth management landscape.
On the other hand, UBS recruited Adam Conish from Glenmede, where he oversaw approximately $1.2 billion as the director of endowment and foundation management. With a background in working with institutional clients, Conish brings a wealth of expertise to UBS. He started his career at Glenmede in 2007 and is now based in Philadelphia.
UBS
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UBS’ Struggles with Advisor Departures
These changes at UBS coincide with the firm’s efforts to address advisor departures following adjustments to compensation policies in late 2024 aimed at enhancing profit margins. Despite some revisions made in response to feedback, UBS continues to experience a steady outflow of advisors.
Analytical reports indicate that UBS lost 130 advisors since the beginning of the year. While this figure is lower compared to other firms like Bank of America and Edward Jones, UBS remains vigilant in retaining talent by offering competitive transition deals to advisors from rival companies.
UBS’ advisor headcount in the Americas unit decreased slightly in the first quarter of the year, reflecting the ongoing challenges in talent retention. Notable departures from UBS have seen teams managing billions of dollars in assets leaving to establish their own advisory firms.
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Beacon Coast’s Expert Team
Beacon Coast Advisors, led by Michael Evans and David Jasper, boasts a team of seasoned professionals with a history at Goldman Sachs before joining UBS. The firm specializes in assisting founders, executives, and employees navigating financial decisions post-liquidity events.
According to Evans, the transition phase post-liquidity event presents a critical juncture for clients, necessitating clear and structured financial guidance. Beacon Coast Advisors aims to provide tailored solutions to clients facing significant financial transitions.
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Challenges in Institutional Asset Management
Adam Conish’s move to UBS’ Mid-Atlantic Market highlights the complexities of managing institutional assets, which often involve longer transition periods between firms. Institutional asset transfers are subject to board approvals, leading to potential delays in asset migration.
Industry recruiter Ron Edde emphasizes the bureaucratic processes involved in institutional asset management, noting that board meetings may occur infrequently, thus prolonging the transfer timeline. Conish’s expertise in advising foundations, endowments, and non-profit organizations underscores the importance of specialized knowledge in managing institutional assets.
