UBS Wealth Management Americas have added Morgan Stanley Smith Barney financial advisors Richard Freedman and Laurence Bricmont to its Cleveland office.
Freedman and Bricmont previously had $900,000 in fees and commissions and $210 million in assets under management and will report to Ryan Giacomarro, director of the firm's wealth management division.
Both Freedman and Bricmont have been registered with UBS since May 19, according to records from the Financial Industry Regulatory Authority. Prior to that, they had been registered with Morgan Stanley Smith Barney since June 2009 and Citigroup Global Markets from July 1993 through June 2009.
The new hires come as UBS has been focused on making its Wealth Management Americas business more attractive to financial advisors since the financial crisis.
UBS’ financial advisor turnover moved from 17.5% in 2009 to 4.3% this year, UBS Wealth Management Americas Chief Executive Robert McCann said in a Bloomberg Television interview earlier this month. UBS reported that it had 6,811 total financial advisors in the U.S. in its first quarter earnings report in April.