A team that previously managed about $3.5 billion in client assets at UBS has launched Beacon Coast Partners, an independent registered investment advisor in San Francisco, Calif., the firm announced Monday.
Founding managing partners Michael Evans and David Jasper lead the five-person RIA, which serves ultra-high-net-worth individuals and families navigating significant liquidity events. The duo had been with UBS for over 22 years before making the jump, and now owns the firm along with three other partners, according to its Form ADV. The firm is using Fidelity Investments for custody.
“You can spend years building something without liquidity, without certainty, and then everything changes at once,” Evans said in a statement. “That transition introduces a new set of decisions, and those decisions often carry long-term consequences. Our work is built around helping clients navigate that moment with clarity and structure.”
The firm specializes in working with founders, executives and early employees whose wealth is tied to a single company and who are preparing for or have recently completed a liquidity event, according to the announcement.
Beacon Coast begins working with clients before liquidity occurs, including work on asset allocation, cash flow modeling and tax and estate planning.
The firm serves a limited number of clients and operates as a fiduciary without proprietary products or institutional mandates, according to the announcement.
The team represents the latest exodus of advisors from wirehouse UBS, which has been struggling with attrition in recent years, partly stemming from compensation changes the bank made to reduce costs.
On Monday, UBS Wealth Management announced its own addition of an advisor managing about $1.2 billion in client assets. Financial Advisor Adam Conish is leaving wealth manager Glenmede Investment Management after 18 years to join UBS in Philadelphia, according to the wirehouse.
