UBS

Broker Protocol Pushes UBS Team to Kestra Private Wealth Services

Modernize Wealth was frustrated with what they called a “firm-first decision, not a client-first decision” by UBS.

Kestra Private Wealth Services has recruited Modernize Wealth, a Chandler, Ariz.-based team with $68 million in client assets and $800,000 in annual revenue, from UBS Financial Services. The wirehouse’s exit from the broker protocol in late November accelerated the team’s move to independence. 

Brandon Hebert, wealth advisor and chief marketing officer at Modernize, said the team was caught off guard when UBS made the announcement.

“With the announcement of broker protocol, it didn’t seem like a client-centric decision,” he said. “When they got out of protocol, you could say it was to keep advisors. I think it was probably more of a firm-first decision, not a client-first decision.”

“Our position was that it was not in line with our goals and the goals of partners like Kestra Private Wealth Services, which is to allow us to have the freedom to find the resources to serve the clients better,” Hebert said.

Kestra Private Wealth Services is a division of the independent broker/dealer that helps wirehouse advisors go independent, providing office logistics assistance, consultative compliance support, a comprehensive platform, a transition plan and daily management support.

“When the team at Modernize came to us, they were frustrated with institutions putting themselves before the needs of clients, a problem we at Kestra PWS are committed to solving after hearing this complaint many times over the years from wirehouse advisors,” Kestra PWS CEO Rob Bartenstein said in a statement.

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