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UBS Loses $300M FA Duo to Independence

A pair of veteran financial advisors have left UBS to form their own independent wealth management practice.

Financial advisors Stephen Caton and Rick Figueroa, who’ve worked together for more than two decades, along with attorney Kelly Aimone, have launched Houston-based Patron Partners, according to  tru Independence, which assisted the team with the launch.

Caton joined the financial services industry in 1983, registering with Merrill Lynch, and left the firm for UBS in 2009, according to his BrokerCheck profile. Figueroa started his industry career in 1998 at Merrill and also came to UBS in 2009, according to BrokerCheck.

The Patron team previously oversaw close to $300 million, tru Independence says.

Launched in 2014, tru independence offers breakaways turnkey technology, in-house C-suite personnel, employee training, business consulting and operations and compliance support, the company says. The company has helped several advisors break away from other firms in recent  years, including from JPMorgan as well as Wells Fargo. And in August, a veteran Merrill Lynch financial advisors launched a practice with help from tru Independence.

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