A financial advisor with UBS Wealth Management USA has decided to join Ampersand Partners in Glen Allen, Virginia, AdvisorHub reports.
Daniel G. Kleinschuster made the move along with two client associates and is calling his new practice Kleinschuster Wealth. Kleinschuster was ranked #13 among best in-state wealth advisors by Forbes, after managing $453 million in client assets at UBS. Since the Forbes ranking, the total had reportedly risen to $518 million.
The arrival of Kleinschuster is the latest addition for Ampersand, which brands itself as &Partners. Registration records indicate the firm has hired at least 16 other advisors from UBS and Wells Fargo since late May.
According to &Partners, its advisors are supported by tenured investment professionals and a concierge CIO, and the firm serves clients with financial needs ranging from wealth building and investing to addressing family matters and legacy planning. At the end of last year, the firm had $1.2 billion in advisory assets.
Ampersand is led by David Kowach, the former head of Wells Fargo Advisors, and John Alexander, a former head of Wells’ “divisional network,” both of whom left Wells amid management reorganizations. The firm set a goal of hiring 300 advisors in the first two years after its launch, saying that its brokers will have more autonomy with both an employee and independent affiliation option. Brokers were told they could expect payouts of as much as 70% of revenue before costs.
Kleinschuster’s Broker Check profile said that he first registered as a broker in 2000 with Wells Fargo predecessor Wachovia Securities and joined UBS in 2007.
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