Morgan Stanley Recruits $1.5 Billion UBS Team in West Palm Beach

Morgan Stanley landed a $1.5B UBS team in West Palm Beach, turning the tables on a firm hemorrhaging Florida talent.

Morgan Stanley has landed a $1.5 billion UBS private wealth team in West Palm Beach, Florida, turning the tables on a firm that has been bleeding talent for months. The team, led by veteran advisors David Lowenthal and Sarah Scarpa Bissett, made the move in late February after months of negotiations.

The acquisition is a strategic win for Morgan Stanley in one of the fastest-growing wealth markets in the country. South Florida has become ground zero for advisor recruiting as high-net-worth clients continue to migrate from the Northeast, drawn by favorable tax treatment and lifestyle considerations.

For the departing team, the decision to leave UBS came down to platform capabilities and compensation. Morgan Stanley's Graystone Consulting platform and its integration with E*TRADE's banking and lending services gave the firm an edge. The team also secured a transition package estimated at 300% of trailing 12-month revenue, according to industry sources.

UBS has been hemorrhaging talent in Florida particularly hard. The state's concentration of ultra-high-net-worth clients means that departing teams tend to be among the firm's most productive. In the past six months alone, UBS has lost teams managing a combined $4 billion or more from Florida offices in West Palm Beach, Miami, and Boca Raton.

Morgan Stanley's recruiting push has been gaining momentum since the firm named Ben Firestein as head of national recruiting earlier this year. The firm has been selective but aggressive, targeting teams that fit its strategic emphasis on clients with $10 million or more in investable assets.

The West Palm Beach market has become increasingly competitive. Wells Fargo, Raymond James, and several independent platforms including Dynasty Financial Partners all have significant presence in the area and are actively recruiting. The influx of wealth into South Florida has created a seller's market for top advisory talent.

Lowenthal and Scarpa Bissett bring a practice that is heavily weighted toward multigenerational wealth planning and trust services — areas where Morgan Stanley has invested heavily in recent years. The firm's parametric portfolio management and alternatives platform were reportedly key factors in the team's decision.

For UBS, the loss is part of a broader pattern that has seen the firm's U.S. advisor headcount decline by an estimated 8-10% since late 2024. The firm's leadership has maintained that the departures are concentrated among advisors who were not aligned with UBS's long-term strategy, but that narrative becomes harder to sustain when the teams leaving are consistently among the firm's top producers.

Industry recruiters say the South Florida market will remain white-hot for at least the next 12-18 months. The combination of demographic tailwinds, favorable tax policy, and the ongoing migration of wealth from high-tax states creates a durable recruiting opportunity for firms with the resources and brand to compete.

What to watch: Morgan Stanley's pipeline in Florida is reportedly strong, with several additional teams in various stages of conversation. If the firm can maintain its current pace of recruiting in the state, it could emerge as the dominant wirehouse platform in one of the country's most important wealth markets.