Escape from Wall Street

Subject: Escape from Wall Street Sat Mar 27, 2010 10:06 am

UBS adviser Chuck Huebner knew he was done with big brokerages when some supervisors questioned a stock he had purchased for one of his clients. The offending equity? Berkshire Hathaway.

Huebner thought Berkshire was a good bargain early last year, when markets were still struggling, so he snapped it up. The problem was that the stock was not covered by UBS' equity analysts, which prompted some queries from the compliance department.

"They wanted us to justify why we were buying it," he said. "You mean investing with Warren Buffett isn't good enough?"

By February, Huebner, a 36-year industry veteran, joined the growing ranks of advisers breaking away from the big brokerages when he launched Pointe Capital Management LLC in the Detroit suburb of Grosse Pointe, Michigan.

More: http://www.reuters.com/article/idUSTRE62P22620100326

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