UBS announced that Rick Penafiel will join the firm as Market Executive for South Florida, a newly established market created as part of the firm’s continued expansion and investment strategy across Florida.
Following the completion of his notice period, Penafiel will oversee UBS’s wealth management operations across South Florida, including Miami, Aventura, Fort Lauderdale, Boca Raton, and Palm Beach. He will report to Julie Fox, Southeast Regional Director, and will be based in Boca Raton.
Penafiel joins UBS from J.P. Morgan Wealth Management, where he most recently served as Managing Director and Regional Director for the Northeast Region, overseeing markets including Boston, Philadelphia, Washington, D.C., and New Jersey. Prior to that role, he led J.P. Morgan’s Palm Beach and Miami wealth management markets.
His career also includes more than a decade at Bear Stearns & Co. and earlier experience at PaineWebber. Penafiel holds a bachelor’s degree in finance and economics from Boston College.
As part of the organizational changes, UBS is restructuring its Florida operations into two separate markets: South Florida and Greater Florida.
The company also announced that longtime UBS executive Lane Stumlauf will step down later this year from his role as Florida Market Executive to pursue new opportunities. UBS said it plans to announce a new executive to oversee the Greater Florida market, which will include Naples, Fort Myers, Sarasota, Tampa, Clearwater, St. Petersburg, Orlando, Gainesville, and Jacksonville.
UBS additionally highlighted recent investments across Florida, including new offices in Ponte Vedra, Fort Myers, and Coral Gables, along with a new Boca Raton office expected to be completed by late 2026 and additional renovations planned across the state.
KEY QUOTES:
“We are thrilled to soon welcome Rick to our leadership team. His deep expertise, leadership experience and consistent success in building and leading high-performing wealth management teams make him uniquely suited to lead one of our most strategic growth regions. With decades of experience serving clients and an in-depth understanding of the South Florida market, Rick brings both local insight and the trust built through long-standing relationships. South Florida represents a significant growth opportunity for our firm, and this appointment underscores our ongoing commitment to attracting world-class talent as we continue to expand our wealth management offering across Florida.”
“Lane has been an extraordinary leader for UBS and a driving force behind the strength of our Florida region. Over his nearly two decades with the firm, he has led with integrity, deep market knowledge and a strong commitment to our advisors and clients. Lane’s leadership and vision have been instrumental in building a high-performing organization across Florida, and we are incredibly grateful for his many contributions within our region and across the firm.”
Julie Fox, Southeast Regional Director, UBS
