The Becker Capps Alberts Group, which includes advisors Jim Becker, Pamela Capps and Jay Alberts, joins JPMorgan in Clayton, Mo., according to the St. Louis Business Journal.
Becker had been with UBS for his entire 34-year career in the financial services industry, according to his BrokerCheck profile. Capps joined the industry in 2001 and came to UBS from Morgan Stanley in 2012, according to BrokerCheck. Alberts began his industry career with UBS in 2014, according to his profile.
“We have always been committed to acting in the best interest of our clients,” Becker says, according to the St. Louis Business Journal. “Our decision to join J.P. Morgan furthers that commitment by partnering with one of the world’s most recognized and respected financial institutions.”
UBS’s advisor ranks stood at 6,627 at the end of the third quarter of 2019, a drop of 283, or around 4%, from the year prior, as reported.
But Tom Naratil, co-head of UBS’s wealth management division along with Iqbal Khan, recently said the firm’s Americas wealth management unit can continue shedding advisors to below the 6,600 mark and still make up to twice as much money within a decade by attracting more productive brokers.
JPMorgan is in fact one of the firms UBS is now targeting, according to news reports. But after the third quarter, UBS lost advisors to independence as well as to First Republic Bank, Stifel Financial and Raymond James & Associates.
JPMorgan, meanwhile, grew its advisor ranks from 2,735 in the second quarter to 2,872 in the third quarter, although that was still off from the 2,877 advisors the company had at the end of the first quarter this year. Since the end of the third quarter, JPMorgan has lost a pair of wealth advisors to Snowden Lane Partners and an advisor to RJA.