$1.1B Merrill FA Team Lured by UBS

UBS Private Wealth Management has recruited a financial advisor from Merrill Lynch, who was responsible for managing a portfolio of client assets worth over $1.1 billion.

Private wealth advisor Joshua Cummins has joined UBS in Westlake Village, CA. Cummins and team administrator Megan Lermer, operating as Cummins Wealth Management, serve corporate executives, entrepreneurs and entertainment-industry professionals.

Cummins, who brings more than 25 years of wealth management experience, joins the firm’s Los Angeles Private Wealth Market, led by market executive Lauren Gorsche and market director Kate Daniels.

“As a highly talented advisor in the Westlake Village area, Josh works with many of the most successful business owners and families in the Los Angeles area and across the U.S.,” Daniels said. “He and his team have deep expertise in guiding clients through the financial planning process and we’re excited to welcome them to our team.”

At Merrill, Cummins and advisor Michelle Gruber formed The Cummins-Gruber Group. Gruber departed Merrill in May to form an independent registered investment advisory firm with another former Merrill advisor.

In June, UBS hired a father-son team from Merrill in Dallas that managed $540 million in client assets, while in May, a broker left Merrill with $1.1 billion in client assets to join UBS in Connecticut.