By Barron's Advisor Staff

Early in his career, Dave Lafferty, an advisor with Wescott Financial Advisory Group, learned the hard way he had to return calls from clients promptly -- even if it didn't seem like a pressing matter. That is one of eight lessons industry veterans revealed when we asked them to share early career missteps as a way to help younger advisors avoid them. Being inflexible on investment strategy and using too much jargon are other rookie mistakes to avoid.

Among other most-read wealth management articles this week:

Wells Fargo hires UBS team . Wells Fargo hired a former UBS advisor team that managed almost $800 million in client assets and generated $6.7 million in annual revenue, according to the company. The Bellevue, Wash., group includes financial advisors Kyle Kuykendall, Brett Williams, Paul Adams, and Andrew Dickson. Their departures come amid a spate of advisor attrition at UBS after the Swiss bank trimmed advisor compensation for 2025.

Morgan Stanley loses big team . A Morgan Stanley financial advisor team that had more than $1.5 billion in assets under management jumped to Americana Partners, a Houston-based independent wealth management firm. The team includes Palmer Moldawer, Will Carsey, Will Gutkowski, and Kayla Sickman. Americana is led by former Morgan Stanley executives including Ron Thacker, president, and CEO Jason Fertitta.

Three-year sentence for former broker . A former financial advisor is heading to prison for three years for misleading clients about a risky trading strategy that ultimately lost more than $4 million. Andrew Corbman, of Ashburn, Va., convinced investors to loan him money to invest in an options-trading strategy. They lost big.

Biggest client investing mistakes . Modern financial advisors are schooled in the knowledge needed to steer their clients in the right direction. But during volatile markets, it can be even more important to keep those clients from heading in the wrong direction. Experienced advisors share how they stopped clients from mistakes such as selling their investments during a market downdraft or letting personal political views influence their investing decisions.

Student loan collections begin . The U.S. Department of Education is once again collecting payments on defaulted federal student loans -- and millions of Americans could see their credit scores drop as a result. The agency, which is experiencing cutbacks, is threatening to garnish wages, withhold tax refunds, and take other punitive measures for loans that remain delinquent. Americana Partners is led by several former Morgan Stanley executives.

Write to advisor.editors@barrons.com

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May 09, 2025 12:39 ET (16:39 GMT)

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