UBS Recruits Three Teams Managing $2.6 Billion From Merrill and Morgan Stanley

The Switzerland-based bank added advisors in Washington, Colorado and Maryland as it works to rebuild its North American wealth unit after losing 196 advisors this year.

By the Family Office Real Estate Daily Desk·Monday, September 7, 2026·2 min read

Editorial summary of reporting byWealthManagement.com Our editorial standards →

The answer · checked against WealthManagement.com

Which advisor teams did UBS recruit from Merrill Lynch and Morgan Stanley in September 2026, and how much in client assets did they bring?

UBS recruited three advisory teams managing a combined $2.6 billion in client assets from Merrill Lynch and Morgan Stanley, adding advisors in Bellevue, Washington; Pueblo, Colorado; and Bethesda, Maryland. The wins come as UBS reported a net loss of 196 advisors in North America through August 13, 2026, according to Wolfe Research data, following a restructuring of its compensation program.

Key facts

UBS recruited three advisory teams with a combined $2.6 billion in client assets from Merrill Lynch and Morgan Stanley, according to UBS's wealth management arm.
The Hall Wealth Management Group, led by financial advisor John Hall, moved from Merrill Lynch in Bellevue, Washington to UBS's Pacific Northwest Market group, bringing approximately $500 million in client assets.
Three financial advisors — Caitlin Alcon, Calvin Mason and Craig Cisney — joined UBS's Mountain West Market from Morgan Stanley's Pueblo, Colorado office, where they had overseen $1.4 billion in client assets.
Financial advisors Richard Horn, Jeffrey Deckelbaum and Gerald Horn, who had managed $750 million in assets at Morgan Stanley, joined UBS's South Atlantic Market operating out of Bethesda, Maryland.
According to Wolfe Research's most recent advisor moves data, UBS had a net loss of 196 advisors in North America in 2026 through August 13.
UBS's Americas wealth business posted net inflows of $1 billion in the second quarter, even after $10 billion in outflows related to the U.S. tax season, according to the article.

UBS Recruits Three Teams Managing $2.6 Billion From Merrill and Morgan Stanley — Image: editorial illustration · Story sourced from WealthManagement.com

UBS added three advisory teams that had been managing a combined $2.6 billion at competitors Merrill Lynch and Morgan Stanley, the Switzerland-based bank said Friday. The hires come as UBS works to reverse advisor attrition in North America following a restructuring of its compensation program.

Financial advisor John Hall moved his Merrill practice in Bellevue, Wash., to UBS's Pacific Northwest Market group. Hall's practice, operating as The Hall Wealth Management Group, had been overseeing about $500 million in client assets at Merrill, according to public records. The group includes financial advisor Aaron Marshall and client associate Jennifer Teddy, and works in financial planning, investment management, tax-aware strategies and business succession planning.

UBS also said three financial advisors who had overseen $1.4 billion in client assets at Morgan Stanley joined its Pueblo, Colo., office. Caitlin Alcon, Calvin Mason and Craig Cisney will join the bank's Mountain West Market and report to market director Justin French. Mason brings almost 35 years of experience in the brokerage and financial advisory business, including 13 years with Morgan Stanley and 13 with Wells Fargo, according to BrokerCheck. Alcon has more than 25 years of experience in financial services, including at Morgan Stanley, RBC and Piper Jaffray, and specializes in financial planning.

Cisney joins with 13 years at Morgan Stanley and was a broadcast meteorologist in Colorado for 17 years before entering wealth management, according to the bank. Separately, UBS said three other Morgan Stanley advisors who had managed $750 million in assets moved to its South Atlantic Market. Financial advisors Richard Horn, Jeffrey Deckelbaum and Gerald Horn will operate out of Bethesda, Md., reporting to market executive Jake Shine.

Richard Horn has worked at Morgan Stanley for almost all of his 40-year career in financial services. Deckelbaum started his financial career with the wirehouse in 2006. Gerald Horn is a third-generation financial advisor who has been in the industry since 2018, when he joined Morgan Stanley, according to the announcement.

The recruiting wins follow statements from UBS on earnings calls this year that it had a strong advisor pipeline in place after attrition in North America. UBS had a net loss of 196 advisors in 2026 through Aug. 13, according to advisor-moves data from Wolfe Research, which tracks moves via SEC filings. Bank of America's Merrill unit lost 552 advisors after accounting for recruitment wins, Wolfe reported.

UBS's wealth management division beat analyst estimates in the second quarter. The Americas wealth business posted net inflows of $1 billion even after $10 billion in outflows related to the U.S. tax season, the bank said. UBS has received conditional approval to turn its current bank subsidiary into a U.S.-chartered bank.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Family offices working with wirehouse advisors should treat this recruiting cycle as a negotiating wedge. When advisors move, they typically renegotiate their compensation grids and client-service budgets. Principals can press for better economics on separate accounts, co-investment allocations, or direct-deal flow during the transition window before the new firm's compliance and product architecture lock in.

The $1.4 billion Colorado team and the $750 million Maryland group both came from Morgan Stanley, which suggests Morgan Stanley's comp structure or investment platform became less competitive for high-production teams. Family offices should ask wirehouse advisors whether their firm's internal alternatives platform includes sponsor co-GP seats or only packaged fund products. If the platform is restrictive, the office gains leverage to demand a standalone advisory relationship with direct access to deals.

UBS posted $1 billion in net inflows in the Americas wealth business in the second quarter even after $10 billion in outflows tied to the U.S. tax season. That means the bank is replacing retail tax-driven redemptions with stickier institutional or high-net-worth capital. Families considering a banking relationship with UBS should ask whether the bank will commit balance-sheet capital to co-investments or whether wealth clients are siloed from the investment bank's deal flow.

The arithmetic matters. A $500 million practice at Merrill that moves to UBS likely carried 15 to 20 ultra-high-net-worth households. If each household allocates 10 percent of assets to alternatives, that is $5 million to $10 million per family available for direct real estate or private credit. The office that moves fastest to offer those households co-GP opportunities or separate-account access locks in the capital before the new platform's product committees take over.

Questions this story answers

01How much in client assets did UBS recruit from Merrill Lynch and Morgan Stanley in September 2026?

UBS recruited three advisory teams managing a combined $2.6 billion in client assets from Merrill Lynch and Morgan Stanley. The individual teams brought approximately $500 million from Merrill Lynch in Bellevue, Washington; $1.4 billion from Morgan Stanley in Pueblo, Colorado; and $750 million from Morgan Stanley in Bethesda, Maryland.

02How many advisors has UBS lost in North America in 2026?

According to Wolfe Research's most recent advisor moves data, UBS had a net loss of 196 advisors in North America in 2026 through August 13. Wolfe Research tracks advisor moves via SEC filings. UBS ranked sixth among firms with net advisor losses during that period.

03Who are the advisors that joined UBS from Morgan Stanley in Colorado?

Caitlin Alcon, Calvin Mason and Craig Cisney joined UBS's Mountain West Market from Morgan Stanley in Pueblo, Colorado, where they had overseen $1.4 billion in client assets. Mason brings almost 35 years of industry experience, Alcon has more than 25 years including time at Morgan Stanley, RBC and Piper Jaffray, and Cisney previously worked for 17 years as a broadcast meteorologist in Colorado.

04What is the background of the Maryland team that joined UBS from Morgan Stanley?

Richard Horn, Jeffrey Deckelbaum and Gerald Horn joined UBS's South Atlantic Market in Bethesda, Maryland from Morgan Stanley. Richard Horn spent almost all of his 40-year financial services career at Morgan Stanley. Deckelbaum started his financial career at Morgan Stanley in 2006. Gerald Horn is a third-generation financial advisor who joined Morgan Stanley in 2018.

05How did UBS's Americas wealth business perform in the second quarter of 2026?

UBS's Americas wealth business posted net inflows of $1 billion in the second quarter, even after $10 billion in outflows related to the U.S. tax season, according to the article. UBS's wealth management division beat analyst estimates in the second quarter.

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Original reporting

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