For the moment anyway, Morgan Stanley has crushed the dreams UBS had when it poached William van Scoyoc.
Hiring van Scoyoc was a victory at the time for UBS, which intends to expand its presence in key urban markets.
After just two months, Van Scoyoc has been hired back to Morgan Stanley.
UBS, which confirmed the departure, said it will move forward with its plans to build out the new Manhattan office.
Oof. Was it that bad at UBS?
It’s great news for van Scoyoc, who not only clearly negotiated higher pay, but who gets to move to Florida for the old-new gig.
What about him is so in-demand?
William Van Scoyoc, 38
Morgan Stanley * New York
Number of advisors: 59 Branch AuM: $7.5 billion* Branch Revenue: $62 million
Bill Van Scoyoc believes that now is the perfect time for his advisors to capture more assets. “We’re finding a lot of money in motion with people looking for different advisors to work with and we’re capitalising on that,” he says. Van Scoyoc is helping his advisors by hosting seminars and client events, as well as focusing on referral-building skills.
Van Scoyoc says the market disruption is also creating opportunities to reassess client portfolios. He sees a lot of value in high-grade corporate bonds as a lot of good companies have been discounted along with everything else. Similarly, he sees more demand from clients looking to add or increase their insurance products. He says all of this should keep his advisors from dwelling on the disheartening financial outlook.
Van Scoyoc has spent his entire 14-year career at Morgan Stanley/Dean Witter. He was a financial advisor for six years but decided to make the leap to management five years ago. “I was interested in the challenge of working with people and running a business of this size,” he says. ows