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UBS Seeks Court Order Against $1.4 Billion Florida Advisory Team Over Client Solicitation Allegations

Posted on October 28th, 2025 at 2:29 PM
UBS Seeks Court Order Against $1.4 Billion Florida Advisory Team Over Client Solicitation Allegations

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

UBS ÍøÆØ³Ô¹Ïalth Management USA has filed a lawsuit and requested a temporary restraining order (TRO) against a $1.4 billion advisory team that recently departed to join Elevation Point, a ÍøÆØ³Ô¹Ïst Palm Beach-based registered investment advisor launched just 15 months ago.

According to AdvisorHub, UBS alleges that Andrew Plum and Thomas Cullen, former leaders of the Loxahatchee Capital team, violated inherited account agreements by allegedly soliciting clients to move their assets to their new firm.

AdvisorHub reports that UBS has asked the court for preliminary injunctive relief and expedited discovery and filed a parallel complaint with FINRA. A UBS spokesperson declined to comment, and members of the Loxahatchee team did not respond to requests for comment.

According to the lawsuit, the Loxahatchee team (previously known as the 440 Group at UBS) managed clients whose accounts were tied to UBS’s retirement program. Under that program, the team’s former leaders, now retired, were entitled to revenue-sharing payments through 2028. UBS alleges that the team’s solicitation of clients to transfer assets to Elevation Point “is hurting those retired advisors,” who expected to receive compensation under the program “for several years to come.”

Special care must be exercised in transitions involving clients who arguably are subject to such inherited account agreements.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, ubs

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