UBS client says his wife moved in with their wealth adviser. It got messy

UBS client says his wife moved in with their wealth adviser. It got messy

(Bloomberg) — When Richard Kallman’s 26-year marriage failed, he arrived at a meeting to hash out the separation, expecting to see his wife and her lawyer. But instead, the couple’s new wealth manager from UBS Group AG showed up and demanded Kallman fork over $9 million.

UBS client says his wife moved in with their advisor. It got messy

The case is the latest to shine a light on the conflicts of interest and bitter recrimination that can arise from the personal relationships advisors often form with clients.

UBS Client Says His Wife Moved In With Their Wealth Advisor. It Got Messy

The drama spotlights an issue that has long bedeviled U.S. financial firms: when brokers or investment advisors have personal or intimate relationships with their clients.