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June 6, 2022
UBS DRAWS MERRILL PRIVATE WEALTH TEAM WITH $1.3 BILLION IN CHICAGO
by Jake Martin
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News
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Merrill Lynch, Morgan Stanley, UBS
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(From left) Anthony DuBose, Pat Coyle, John Schmitt, Jilian Godoy, Jean
Beaudoin, Ivy Leggero and Michael Schodrof joined UBS Wealth Management USA’s
private wealth unit on May 20.
A long-tenured Merrill Lynch team managing $1.3 billion in assets for high-end
clients in Chicago has decamped for rival UBS Wealth Management USA, according
to an announcement.
Pat Coyle, John Schmitt and Jean Beaudoin, who had spent the bulk of their
respective 36, 24 and 34-year careers at Merrill, joined UBS’s private wealth
unit, UBS said last week. The seven-person team made the move on May 20,
according to their BrokerCheck reports.
The team, called the Coyle, Schmitt & Beaudoin Wealth Management Group, also
includes Michael Schodrof, a 22-year broker who had joined Merrill in 2020, and
client associates Anthony DuBose, Jill Godoy and Ivy Leggero, according to the
announcement.
The brokers, who had worked in Merrill’s private wealth unit, could not
immediately be reached for comment. The team had produced $6.7 million in
trailing 12-month revenue, according to a source familiar with the practice.
“The team’s industry experience and dedication to clients will be a great
addition to our business as we look to continue to expand our ultra high net
worth client offering in this key market,” Michael Gatewood, midwest market head
for UBS Private Wealth Management, said in the firm’s announcement.
A spokesperson for UBS, which has resumed veteran broker recruiting over the
past two years after curtailing hiring budgets in 2017, did not immediately
respond to a request for comment on the move.
Coyle, the most senior of the movers, spent a rookie year at Thomson McKinnon
Securities in 1986 and joined Merrill the following year, according to his
BrokerCheck report. Schmitt had started at Morgan Stanley in 1997 and joined
Merrill in 2003, while Beaudoin, a Merrill lifer, started as a broker in 1987,
according to the database.
A Merrill spokesperson did not respond to a request for comment on the
departure. Merrill Wealth President Andy Sieg has said that the firm is stepping
up hiring efforts in many key markets after freezing veteran broker recruiting
in 2017, and the firm doubled targets for hiring early career brokers.
Executives at Merrill have said that attrition among senior brokers has
stabilized after an increase in the first half of last year, although some large
teams continue to exit. A group generating $7 million in revenue left at the end
of May to join Rockefeller Capital Management in California.
On the same day that UBS ushered in the Coyle group, a $1.5 million solo
producer in Las Vegas left UBS for a second stint with Morgan Stanley, according
to his registration records and a source familiar with the move.
Marty Weinberg, who ranked 41st on Forbes’ 2022 list of best-in-state wealth
advisors, managed $144 million in client assets, according to the publication.
He did not immediately respond to a request for comment sent via social media.
A Morgan Stanley spokesperson confirmed the move but declined to provide figures
on the broker’s assets or trailing 12-month production.
Weinberg first registered as a broker in 2000 with SunAmerica Capital Services
and the following year joined Merrill Lynch, where he stayed until 2005,
according to his BrokerCheck report. He next registered in 2010 with Morgan
Stanley, moved the following year to TD Ameritrade and in 2013 to UBS, according
to the database.
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Comments (5)
* on Jun 6 2022, H says:
One frying pan to another.
> Reply to H
* on Jun 6 2022, Arnie says:
Merrill ( Oops BOA ) Management has led the firm from being known as The
Thundering Herd to The Blundering Herd.
> Reply to Arnie
* on Jun 6 2022, JTT says:
BoA losing to UBS? That’s hot to hurt.
> Reply to JTT
* on Jun 6 2022, Intrepid says:
Had a recruiter text me this weekend suggesting I might want to think about
moving just for the money. Nobody does that, I thought to myself. And then I
saw this.
> Reply to Intrepid
* on Jun 7 2022, Peter C ulater says:
and that recruiter was named Ron.
> Reply to Peter C ulater
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