UBS Team with $300 Million in Assets Breaks Away in Massachusetts
In a bid for more control over succession planning, a father-son-daughter team known as the Harvest Group resigned from UBS Wealth Management Americas’ Wellesley, Mass., branch on Friday to start an independent registered investment adviser.
The team, led by 44-year industry veteran Roger Ingwersen, founded The Harvest Group Wealth Management in Waltham, Mass., just outside Boston. At UBS, Roger, his son, Todd, and his daughter, Laurie, managed some $300 million in assets, a spokeswoman for team said. They will custody with Schwab Advisor Services and broker through Purshe Kaplan Sterling Investments, an independent broker-dealer in Albany.
Ingwerson said in an interview that he wanted more control in planning for how his children would take over the business. As part of its updated compensation change, UBS updated its succession program, the Aspiring Legacy FA program, to provide additional compensation to advisors who agree to leave their book of business with the firm, but Ingwersen said he made the decision two years ago to start looking at options outside of the wirehouses.
“We don’t need all of the bells and whistles that wirehouse broker dealers bring to the table,” the elder Ingwerson said. “We run a very efficient practice and feel that we can run our business independently.”
Roger Ingwerson began his career in 1972 at Bache & Co., which later merged with Prudential and then Wachovia. Todd Ingwerson started at Prudential in 1997. Laurie joined them in 2000 at Prudential, according to BrokerCheck.
The Harvest Group had migrated to UBS from Wachovia at the end of 2008 spending just under eight years with the Swiss giant before staking an independent claim to their business.
A spokesman for UBS did not immediately respond to a request for comment.