Welcoming New Group to TRUE!

Sergio Ermotti, chief executive officer of UBS Group AG. Two UBS advisers and a client service associate left the firm Thursday, just ahead of its exiting the Protocol for Broker Recruiting.

A team of brokers managing about $228 million in client assets has left UBS Group AG for the independent ranks just ahead of the firm’s exit from a recruiting pact that will make it more onerous for defections.

Veteran financial advisers Jason Bratt and David Nanson and client service associate Ashley Colvin left UBS to join True Private Wealth Advisors, a registered investment adviser in Salem, Ore., the parties said Tuesday.

The addition of the UBS team brings True Private Wealth Advisors’ client assets to about $900 million, about three times the total when the firm was launched by a group of former Merrill Lynch advisers in 2012. The firm is part of the Dynasty Financial Partners network, which helps advisers break away from brokerage firms and offers support services such as payroll management and technology.

The move is the latest sign the migration of advisers from Wall Street firms toward independent rivals isn’t abating. Jason Herber, a founding partner at True, said a growing number of adviser teams from the big four brokerages—Merrill, Morgan Stanley, UBS and Wells Fargo & Co.— are opting for independence because they want more choice and flexibility for their clients.

A new retirement-savings regulation, known as the fiduciary rule, has underpinned the years-long movement of advisers toward independence, where they have more control over their business and compensation. Registered investment advisers have for decades been required to act as fiduciaries, meaning they must put clients’ interests before their own. By contrast, brokerages operate under a “suitability” standard, allowing brokers to sell the products that are more lucrative so long as they meet the customer's investment objective and risk profile. In 2017 this was modified, but only for retirement accounts, and even that has been partially delayed until July 2019. 

Recent changes to a longstanding recruitment pact have contributed to some brokers’ decisions to jump to independent firms.

Shirl Penney, Dynasty’s chief executive, said the moves by Messrs. Bratt and Nanson and Ms. Colvin were in the works before UBS last week said that it would leave the Protocol for Broker Recruiting, but the planned exit “cemented the decision on when they would go.” The team left UBS on Thursday, the day before the protocol exit went into effect.

The recruitment pact, designed to reduce legal costs tied to broker moves, has made it easier for advisers to change firms and take their clients with them. Observers say recent decisions by UBS and Morgan Stanley to leave the accord highlight the pressure brokerages are under from advisers and are meant to make it tougher for brokers to leave.

Protocol departures “will add an extra step” for advisers looking to leave firms that back out of the pact, Mr. Penney said, as they will have to plan for potential legal challenges. Dynasty offers loans to financial advisers in transition, and the firm also gives advisers the option to sell a piece of their revenue for cash.

By Lisa Beilfuss

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

Oregon Business Magazine Ranks TRUE PWA in the Top 15 Financial Planners/Money Managers in its 2017 Power Book

Every year Oregon Business Magazine publishes its Power Book. This list features the top companies from a number of industries in the State of Oregon. TRUE Private Wealth Advisors is highlighted as the 13th Financial Planners/Money Managers.

You can view the complete list at http://www.oregonbusiness.com/article/the-magazine/january-2017/item/17427-power-book-financial-planners-money-managers#!Financial_Planners_Money_Managers

TRUE Private Wealth Advisors Named to 2016 Financial Times 300 List of Top Registered Investment Advisers

TRUE Private Wealth Advisors Named to FT 300 List for Second Year

June 16th, 2016 – TRUE Private Wealth Advisors is pleased to announce it has been named to the Financial Times 300 List of Top Registered Investment Advisers. The List recognizes top investment advisers from across the U.S. This is the second year TRUE Private Wealth has been named to the FT 300 List after having been named to the 2015 FT 300 List. TRUE Private Wealth Advisors is a member of Dynasty Financial Partner’s Network of Advisors.

Independence Day For Wealth Advisors

Portland Business Journal

A Portland wealth management firm says it's at the forefront of a wave of brokers leaving large national firms for more independent boutiques.

True Private Wealth Advisors opened in Salem in August 2012. It's since grown to $560 million in assets under management and a footprint that includes a 2,600-square-foot Portland office in Big Pink.

"We've had good traction in the marketplace," said partner Brett Davis.

The firm works with Dynasty Financial Partners, one of three large companies that provide the back office infrastructure for financial advisors seeking to leave giant firms.

"Part of our business model is to hire advisers who worked for the big firms and help them go independent," said True Private partner Joe Opsahl, a 30-year industry veteran.

Opsahl said the model gives advisers more flexibility in terms of product offerings and makes it easier to serve the interests of clients.

"Independence is so much better than being in this top-down world when you're dealing with a single provider," he said. I haven't been this excited since I first got in the business."

True Private Wealth works with investors with at least $100,000. Most clients have more than $1 million.