A team of advisors managing $1.5 billion in assets has left UBS Wealth Management USA to join RBC Wealth Management in Palm Beach Gardens, Florida. The group, known as Focus Wealth Management, includes advisors James Mahoney III, Peter Foley Jr., and Justin Warzala.
This departure follows a trend of attrition at UBS this year. The team, which generated approximately $10 million in annual revenue, relocated along with their support staff: Lori DeJesus, Will Garrett, Paula Echeverry, and Thomas Cooper. They will report to Ken Ross, the Florida Complex Director at RBC.
Industry records indicate this team was part of a larger group that began to splinter earlier this year. Other members, including John Marvin and Philip Jordan, previously transitioned to Wells Fargo and Raymond James Financial respectively.
While UBS has seen a significant number of advisors depart in the first half of 2026, the firm maintains that attrition will moderate in the coming months. UBS reported adding a net $900 million in assets during the second quarter and recently recruited a team from Bank of America Private Bank in Tampa.
RBC has been actively expanding its footprint in the Florida market. The firm previously hired a Morgan Stanley team managing $646 million in January. The new team at RBC stated their decision to join the firm was based on a desire for local leadership access and a client-focused culture.