At a glance
- The Nelson, Prieto & Gutierrez team—all 29 of them—moved to Frost Brokerage Services on Sept. 7; the ten-advisor Gott, Behelefer & Menchaca team landed at Frost Investment Services on Sept.
- For much of the past decade the story was the solo breakaway—one producer, one book, one new RIA—but the past week's registration file is a run of block trades.
- Frost is the proof of concept.
Thirty-nine advisors left UBS on Sept. 7 and Sept. 8, all of them bound for the same Frost complex, and the registration file that captured both moves shows the unit of trade in the advisor talent war shifting from the solo breakaway to the block. The Nelson, Prieto & Gutierrez team—all 29 of them—moved to Frost Brokerage Services on Sept. 7; the ten-advisor Gott, Behelefer & Menchaca team landed at Frost Investment Services on Sept. 8. Two names, two days, one buyer.
For much of the past decade the story was the solo breakaway—one producer, one book, one new RIA—but the past week's registration file is a run of block trades. A 14-advisor team left Merit Financial Advisors for Purshe Kaplan Sterling Investments; a five-advisor team left Goldman Sachs Asset Management for Lexaurum Advisors. Smaller moves into MissionSquare Retirement and Allworth Financial filled out the file, broadening the channel.
Frost is the proof of concept. A 29-advisor team carries a book of client relationships, a management layer, and a local brand into the buyer, while recruiting one advisor at a time means rebuilding all of that from zero. The block trade transfers the entire apparatus—which is why the buyer is a brokerage complex that, until recently, would have been on the losing side of that trade.
Moves into MissionSquare Retirement and Allworth Financial on the same day suggest the war extends beyond wirehouse-to-regional transfers, into retirement-plan specialists and financial planning firms. The old route from wirehouse to independent RIA is no longer the only one.
Frost gets scale in one move: transition costs spread across 29 advisors, a ready-made management layer, and a client book that moves with the team rather than being resolicited one account at a time. Wirehouse retention packages were built to hold individuals in place, not to stop a 29-person team that has already priced its exit as a group.
The next registration file will show whether this was a migration or a two-day event; a second regional brokerage arm pulling a full team from a wirehouse before month-end would make that clear. Frost already has 39 advisors on its side of the ledger.
Reported by the Features desk from PWD tracking data. Published . Corrections