At a glance
- The four left UBS with no client information and no assets in the new practice.
- Today Ox Road reports roughly $1.1B in assets, a 93% retention rate, six additional team members and a growing new-business pipeline, according to the podcast.
- The episode does not specify whether the 93% retention rate counts clients or assets.
Ox Road Capital crossed $1B in assets in 225 days, founders Michael Lee, Steve Armaly, Brian Blackburn and Jeff Allen said on an Oct. 15 WealthManagement.com podcast. The four left UBS with no client information and no assets in the new practice.
Today Ox Road reports roughly $1.1B in assets, a 93% retention rate, six additional team members and a growing new-business pipeline, according to the podcast. The episode describes the departing group as a $1.2B UBS team.
The episode does not specify whether the 93% retention rate counts clients or assets. Measured against the $1.2B UBS book, 93% is about $1.12B, close to the roughly $1.1B reported.
A year of alignment before the move
The four partners spent roughly a year working toward alignment. At one point they brought in an outside counselor to navigate differences the episode describes as a threat to a partnership they valued more than any firm or business model.
They then worked with Diamond Consultants to evaluate their options and chose independence over what the episode calls significant recruiting economics available elsewhere. The 225-day figure measures the rebuild of the client base, not the decision to leave.
Ox Road was built through an LPL platform and has added six team members since launching. The firm describes the payoff as greater control over resources, technology, marketing, staffing and the client experience, with a new-business pipeline it says is growing.
Reported by the Moves desk from WealthManagement.com. Published . Corrections