Unlocking the value of your business

Private Wealth Management

Helping business owners understand their options

At The Capital ESOP Group, we have learned that to our clients business is personal. Your business is your passion and likely one of the greatest accomplishments of your life. So when you consider stepping back, there is a lot at stake—your family’s financial future, your employees’ livelihood and of course, the legacy you have worked so hard to create.

Selling a business can be a time of uncertainty; however, it should really be all about optimism and new possibilities—with sights clearly set on the best possible terms, transition and strategy for whatever comes next. For us, there is no greater priority than helping business owners plan a thoughtful and holistic exit strategy, so they can take life’s next big step with the same passion that helped them build their business in the first place.

Start the conversation

Making the ESOP decision

There are a number of ways to transition a business, all of which have their own pros and cons to the owner, the employees, and the company. When appropriate, we advise business owners on an Employee Stock Ownership Plan (ESOP) as an exit strategy. An ESOP allows business owners to monetize all or part of their business, maintain control, and avoid capital gains tax under the proper structure while simultaneously benefiting their employees.

Why consider an ESOP?

“For the right owner, an ESOP is a powerful, flexible, tax-efficient way to sell all or a portion of your privately held business.”— Nick Francia, Managing Director–Wealth Management

Will you benefit from a tax-efficient liquidity strategy?
This tax-efficient exit strategy enables you to monetize the wealth created in your privately held business and defer or potentially eliminate the long-term capital gains tax triggered from the sale.

The ESOP transaction is employee-friendly
By linking employee benefits to company performance, the ESOP can be a strategic tool to create a culture that helps you retain and motivate your employees.

We offer additional services for ESOP-owned companies
Leveraging the depth and resources of UBS, we can help you manage your repurchase liability, administer your ESOP escrow accounts and help you analyze and implement the proper management incentive/NQDC plans for key employees.

Monetizing your privately held business

Working collaboratively, we educate business owners on various ways to monetize their privately held business in a tax-efficient manner.

“Our goal is to educate business owners and their trusted advisors on tax- efficient exit strategies, enabling them to preserve and pass on the wealth they worked hard to create.” — Keith Apton, Managing Director–Wealth Management

Expanding your business
When looking to expand or grow, we have access to experts that can help you manage your expansion, including private capital sourcing and public equity and debt financing.

Banking and lending services
We understand that, whether they are personal or business-related, liabilities can play a key part in a balance sheet if utilized correctly. Through UBS you can access banking and lending services such as securities-backed loans, unsecured loans, mortgages, credit cards, and more.

Selling your business
Our process offers detailed cash flow analyses , clearly illustrating what it would look like to sell to a strategic buyer, sell to a financial buyer, utilize a dividend recap or sell to an ESOP.

Succession planning
We create customized cash flow analyses comparing the economic benefits of a taxable installment sale and a tax-deferred sale to an ESOP using Section §1042 of the IRC.

A strategy for succession

Family matters

The situation
The clients were a husband and wife in their mid-50s and their two children. The couple had owned and operated a successful general contracting company in California for over 20 years. The owners had very different goals and could not agree on a succession plan. The wife wanted liquidity to protect the family’s lifestyle and legacy; the husband did not want to give up control of the business.

The strategy
At the request of the family’s CPA, Keith Apton and Nick Francia flew to California to work with the business owners and their CFO on ESOPs. The Capital ESOP Group created cash flow analyses illustrating what a partial ESOP transaction would look like. This allowed the business owners to decide what was best for them, their company and their employees.

The result
The couple realized that this strategy addressed both of their concerns: It would provide significant liquidity while still enabling them to retain control of the company and their legacy. They decided to sell 30% of their stock to an ESOP.

The ESOP structure helped them avoid capital gains tax on the sales proceeds, diversify their net worth and preserve their lifestyle. The family now has the flexibility to decide how they want to transition the remaining 70% ownership. They have the choice between an outright sale or gifting the equity to their children.

^{The case study presented, based on actual client experiences as told by the Financial Advisors, is provided as an illustration and may not be representative of the experience of other clients. There is no guarantee of the future success of any of the strategies discussed.}

Five owners make an effective exit

Communications breakdown, solved

The situation
Our clients were five siblings who owned a cable, Internet and telecom services provider in the Northeast. The siblings could not agree on how to manage or transition the business. They tried to sell the company with the help of an investment bank over the previous five years, but had not found a deal that all of them would agree to.

The strategy
Anticipating the challenge of getting all of the siblings to agree, the family’s trusted advisor thought the flexibility of an ESOP might be worth exploring. Keith Apton and Nick Francia were brought in to discuss business succession planning, specifically ESOPs.

The owners were intrigued and wanted to learn more about how an ESOP would work for their specific circumstances. The Capital ESOP Group provided cash flow analyses comparing various transaction assumptions to help them understand the flexibility of an ESOP.

The result
The Capital ESOP Group connected the business owners to a boutique investment bank which helped the siblings sell 100% of their company to an ESOP, managing to make each of the siblings happy with the outcome. Five years prior, there was no indication that the five siblings would ever be able to sell their company without disagreement from at least one of them.

The flexibility of an ESOP allowed the family to create a structure that accomplished each of the siblings’ independent goals through a single transaction.

Leverage an ESOP

Increasing the thread count

The situation
The client was an owner and operator of a textile manufacturing company in New York City. He had met with Keith Apton to learn about his various options to transition the business. While he was intrigued by the option of selling to an ESOP, the client and his advisors decided that the timing wasn’t right. However, a few months later, he was presented with an unsolicited offer from a strategic buyer.

The strategy
The owner’s financial advisor encouraged him to re-engage The Capital ESOP Group to analyze and illustrate the different scenarios' impact on their long-term financial plan.

We encouraged our client to speak to their investment banker about exploring a "dual-track" process, in which they reviewed and compared an ESOP to a third party sale. This process helped the client feel comfortable that they had explored all of their options and understood the pros and cons of each to the family, the company, and the employees.

With the analysis that The Capital ESOP Group worked on in hand, the boutique investment bank leveraged the tax-advantaged price of selling the business to an ESOP in their negotiations, ultimately leading the strategic buyer to submit a higher offer.

The result
The strategic buyer felt the pressure and made an offer that was over 30% higher than his original, unsolicited offer—and higher than the tax-advantaged price of selling to an ESOP. The owner accepted and closed the deal with significantly more liquidity than he would have received accepting the original offer.

UBS Year Ahead 2025

Roaring 20s: The next stage

Our Chief Investment Office (CIO) looks to what awaits investors in the next half of the decade with the 2025 edition of Year Ahead.

A dramatic change in US politics, Chinese economic stimulus, ongoing geopolitical developments and falling interest rates are all at play. How should you prepare your portfolio? Let’s talk about how you can move confidently forward in the new year and beyond.

Read the report

Pursuing your goals together

Our mission is to provide quality strategies customized to your needs. Our goal is to be your primary source of financial advice. To this end, we concentrate our efforts on developing long-term relationships through a commitment to quality client service.

Keith Apton, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
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Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance with entrepreneurs and business owners. As the founding partner, he heads the team's Private Wealth practice, where he works to determine client needs and match them with the proper resources of UBS, a leading global bank. His process entails a disciplined approach to help business owners with sell-side advisory solutions and post-sale financial planning to include holistic wealth management, including tax and estate planning strategies. Keith is a nationally recognized leader on ESOPs and Internal Revenue Code §1042 rollovers.

As an active member in the ESOP community, Keith has helped individuals and families create over $4.5 billion* of liquidity through successful transactions across various sectors and industries. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, §1042 rollovers and business succession planning.

Keith is a member of the National Center for Employee Ownership and a member of the advisory committee on finance issues for the ESOP Association. He coauthored the book Selling Your Business to an ESOP, now in its ninth edition. After becoming a Certified Exit Planning Advisor® (CEPA®) in 2018, he was asked to be an instructor for the Exit Planning Institute.

Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans seeking a future in farming. Outside the office he enjoys traveling, fly-fishing, skiing, reading, and spending time at his family farm in Virginia. Mostly, he loves being a dad to his daughters Lyla and Sutton, who he lives with in Washington, DC.

CA License #0H82204

*Created over $4.5 billion of liquidity through successful transactions as of February 21,2024
- Barron’s Top 250 Private Wealth Management Teams, 2024The Barron's rating is awarded annually in May based on information from the prior year Q4.
- Barron's Top 1,000 Financial Advisors, 2012, 2013The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Barron's Top 1,200 Financial Advisors, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes America's Top Wealth Advisors, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- On Wall Street – Top 40 Advisors Under 40, 2016, 2017The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- National Center for Employee Ownership, Member
- Finance Committee ESOP Association
- Private Wealth Advisor
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

keith.apton@ubs.com

Keith Apton, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Nick Francia, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
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Nick joined UBS in 2011. Prior to his tenure at UBS, he worked with high net worth individuals at a hedge fund in Greenwich, CT.

As a partner of The Capital ESOP Group, Nick focuses on educating business owners on tax-efficient exit strategies. He is committed to helping clients recognize their options, understand the pros and cons of each strategy and choose the best succession plan for themselves and their families. Nick also creates tailored cash flow analyses comparing the taxable sale of privately held businesses and a tax-deferred sale to an ESOP under § 1042 of the Internal Revenue Code.

With a consultative approach, Nick seeks to earn his clients' trust through open, transparent communication and by working with clients' tax and legal advisors to construct an overarching strategy.

In 2021, Nick was promoted to Managing Director-Wealth Management. He is frequently asked to speak on a national level regarding employee stock ownership plans and § 1042 rollovers. He is a member of the advisory committee on finance issues for the ESOP Association and a member of the National Center for Employee Ownership. Nick was also appointed vice president of Business Networking International in DC.

In January 2024, Nick, his wife Mary Elizabeth, and their sons Sebastian (“Baz”), Ramsey Jay (“RJ”), and Trip Clayton, welcomed their fourth boy, Julian ("Jules"). Outside of the office, Nick enjoys spending time with his family, reading, fly-fishing and traveling with his wife.

CA License #0I84884
- Barron’s Top 250 Private Wealth Management Teams, 2024The Barron's rating is awarded annually in May based on information from the prior year Q4.
- Barron's Top 1,200 Financial Advisors, 2021, 2022, 2023, 2024
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Financial Planning Top 40 Financial Advisors Under 40, 2024The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Financial Planning Top 40 Financial Advisors Under 40, 2021, 2022The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Forbes America’s Top Next-Gen (Generation) Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in August based on information from a 12 month period ending in March of the award year.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes Best-in-State Wealth Advisors, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- Forbes Top Next-Gen (Generation) Wealth Advisors Best-in-State, 2018, 2019, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in August based on information from a 12 month period ending in March of the award year.
- Private Wealth Advisor
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

nick.francia@ubs.com

Nick Francia, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Joanne Ferland, CFA

Senior Wealth Strategy Associate

Chartered Financial Analyst®
View bio
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Joanne serves as the team’s primary investment consultant, leveraging her knowledge across asset classes and investment vehicles to provide clients with customized portfolio solutions to meet their cash-flow needs, planning goals and risk tolerance in a tax-efficient manner. She examines top-down economic research and performs in-depth investment manager due diligence to help shape the team’s view on portfolio construction and implementation. Apart from her role on the wealth management side, Joanne is also intricately involved with the ESOP arm of the business. On that front, she assists with qualified replacement property implementation and cash flow analysis.

Prior to joining The Capital ESOP Group, Joanne worked with an independent investment advisory firm. She had previously worked as a financial analyst in the private wealth management division at Goldman Sachs. Her experience in the financial services industry has been focused exclusively on helping high net worth individuals and families navigate their financial lives.

Joanne graduated summa cum laude from the George Washington University with a B.B.A. in finance and international business. Outside of the office, she enjoys traveling, spending time on the water, and taking weekend trips to the nearby Shenandoah Valley.
- The George Washington University, B.B.A. Finance and International Business, summa cum laude
- Chartered Financial Analyst®
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

joanne.pronk@ubs.com

Joanne Ferland, CFA

1501 K Street North West,Washington, D.C.,DC,20005
Sarah Bothner, CEPA, CRPC

Senior Wealth Strategy Associate

Certified Exit Planning Advisor
View bio Industry recognition
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Sarah joined UBS in 2017 as part of an Institutional Consulting team. She quickly discovered her passion for working with business owners and entrepreneurs, and soon after joined The Capital ESOP Group in Washington, DC. Since then, she has led the team’s tailored cash flow analyses function to help business owners understand the economic impact of ESOPs and IRC §1042 elections.

Sarah sits on the Public Policy Council of the ESOP Association. She is also a member of the ESOP Association’s Legislative & Regulatory Committee. In January 2021, she earned her Certified Exit Planning Advisor (CEPA) designation. In September 2022, she completed the Certified Merger and Acquisition Advisor (CM&AA) course.

Sarah graduated from the McDonough School of Business at Georgetown University, where she double majored in finance and operations & information management. She is originally from Rochester, NY. Outside of the office, she enjoys reading, playing golf and alpine skiing.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- McDonough School of Business at Georgetown University, B.S.B.A.
- Certified Exit Planning Advisor
- Chartered Retirement Planning Counselor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

sarah.bothner@ubs.com

Sarah Bothner, CEPA, CRPC

1501 K Street North West,Washington, D.C.,DC,20005
Marguerite Hodgkins, CFP

Senior Wealth Strategy Associate

CERTIFIED FINANCIAL PLANNER®
View bio
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Marguerite is the team’s primary Wealth Planning Specialist. She provides our clients with personalized financial planning to create a holistic view of their wealth. This planning is critical to providing advice to our clients that is in harmony with their needs and aspirations.

Marguerite has nine years of experience with UBS. She holds the Certified Financial Planner™ designation. This designation comes with extensive training in financial planning, estate planning, insurance, investments, taxes, employee benefits and retirement planning.

Marguerite lives in Annapolis, MD with her husband, Leland, and their son Kemper. She loves being outdoors, food and travel.
- CERTIFIED FINANCIAL PLANNER®
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

marguerite.hodgkins@ubs.com

Marguerite Hodgkins, CFP

1501 K Street North West,Washington, D.C.,DC,20005
Breton Laubscher, CIMA, CRPS, AWMA

Senior Wealth Strategy Associate

Certified Investment Management Analyst®
View bio Industry recognition
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As a Senior Wealth Strategy Associate, Breton skillfully blends strategic financial analysis with effective client relationship management. With a passion honed over a decade in sales and a transition to financial services, he excels in guiding clients towards their financial goals through a consultative approach. Breton's deep market knowledge, adept problem-solving skills, and commitment to client success define his role, combining financial acumen with personalized client engagement.

Breton completed the Investment Management Theory & Practice program from the Yale School of Management, and holds a B.S. in communication studies from Towson University. He and his wife, Samantha, live in Millersville, MD with their two sons, Maxwell and Banks. In his free time, Breton enjoys golfing, waterskiing, snow skiing, reading and photography.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Yale School of Management, Investment Management Theory & Practice
- Certified Investment Management Analyst®
- Chartered Retirement Plans Specialist℠
- Accredited Wealth Management Advisor℠
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

breton.laubscher@ubs.com

Breton Laubscher, CIMA, CRPS, AWMA

1501 K Street North West,Washington, D.C.,DC,20005

Kaveh Gilanshah, CEPA

Senior Wealth Strategy Associate

Certified Exit Planning Advisor
View bio
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As a member of The Capital ESOP Group, Kaveh is responsible for creating financial analyses comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs). Kaveh is committed to client service and doing whatever it takes to help clients make an educated decision on what is best for them and their families. He also assists the team in managing the 1042 QRP allocation process taking into consideration and analyzing different ESOP bond terms.

Prior to joining UBS, Kaveh worked at a private wealth management firm as a research analyst. He is a resident of Washington, DC, and a graduate of GMU with a B.S in Finance, where he was recognized for his leadership position in the GMU Student Managed Investment Fund. Kaveh is an avid tennis player and active member of the United States Tennis Association. He also has a passion for skiing and photography.
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

kaveh.gilanshah@ubs.com

Kaveh Gilanshah, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Jake William Pantalone

Wealth Strategy Associate
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Jake works in tandem with David to support and inform wealth management decisions and processes. He performs research, analysis and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers.

Originally from Philadelphia, Jake graduated with a B.S.B.A. from the Palumbo-Donahue School of Business at Duquesne University, where he majored in finance and accounting. Prior to joining The Capital ESOP Group, he had completed internships in consumer banking and tax accounting before working in small business lending for a time. Outside of the office, he enjoys soccer, spends a lot of time reading and is always looking for somewhere new to go hiking.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

jake.pantalone@ubs.com

Jake William Pantalone

1501 K Street North West,Washington, D.C.,DC,20005
David Gordon

Wealth Strategy Associate
View bio
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David works in tandem with Jake to support and inform wealth management decisions and processes. He performs research, analysis, and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers. David’s dedication to staying abreast of the ever-evolving market conditions ensures that the team’s wealth management solutions remain both innovative and effective.

Originally from Bethesda, MD, David graduated with a B.S. from the Smith School of Business at The University of Maryland, where he majored in finance. Prior to joining The Capital ESOP Group, he worked as a rotational analyst for Morgan Stanley’s wealth management division. Outside of the office, he enjoys playing golf, reading a good book, and traveling.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

david.j.gordon@ubs.com

David Gordon

1501 K Street North West,Washington, D.C.,DC,20005
Steve Brinckhaus

Senior Client Associate
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In successfully managing all service needs for clients of The Capital ESOP Group, Steve Brinckhaus leverages the vast experience he’s gained over his nearly 15-year financial services career. He also helps to keep the team operating in an organized and efficient manner.

Steve holds a B.A from the University of Mary Washington. He resides in Severna Park, MD and enjoys traveling with his wife and kids, playing sports and rooting for the Washington Redskins.
- University of Mary Washington, B.A.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

steve.brinckhaus@ubs.com

Steve Brinckhaus

1501 K Street North West,Washington, D.C.,DC,20005
Alexandra Mulligan

Client Associate
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As a Registered Client Service Associate, Ally focuses on providing exceptional service to our clients through all stages of the relationship. She works diligently with the team to manage account opening, perform account maintenance and resolve client inquiries. Her experience within UBS allows her to access the firm’s resources to provide the type of service experience discerning clients expect. Prior to joining UBS in 2019, Ally spent two years at Franklin Templeton Investments as a territory coordinator.

Ally earned her bachelor’s degree from University of Colorado in 2013. She holds her Series 7 and Series 63 securities licenses. Outside of the office, Ally enjoys running, practicing yoga, traveling and most importantly, spending time with her loved ones.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

alexandra.mulligan@ubs.com

Alexandra Mulligan

1501 K Street North West,Washington, D.C.,DC,20005
Caroline Ryan

Client Associate
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- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
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- LA
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As a Registered Client Service Associate, Caroline ensures that clients receive the highest level of service. She leverages the firm’s capabilities with a commitment to delivering personalized solutions tailored to each client’s service needs.

Prior to joining UBS, Caroline honed her craft by spending time at both Merril Lynch as well as Morgan Stanley. Caroline earned her B.B.A. in Finance from Southern Methodist University. She holds her Series 7 and Series 66. Outside of the office, Caroline enjoys spending time with family and friends, traveling, and cooking.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

caroline.ryan@ubs.com

Caroline Ryan

1501 K Street North West,Washington, D.C.,DC,20005

Robert Hobson

Client Associate
View bio
- AZ
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- DC
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- KY
- LA
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As a member of The Capital ESOP Group, Pittsburgh native Robert leverages over a decade of experience in white-glove financial services, relationship management, and Private Banking to deliver exceptional client service. He prioritizes understanding the passions, complexities, and financial goals of the families he serves. With an attentive ear and a relentless drive for excellence, Robert consistently provides world-class service with efficiency and effectiveness.

Before joining UBS, Robert held the role of Senior Private Banker at Merrill Lynch and PNC Bank. He holds a Bachelor of Science in Finance from Pennsylvania State University and maintains Series 7, Series 66, and Series 99 licenses. Additionally, he has earned a Certificate in Commercial Lending and Financial Statement Analysis from the American Bankers Association, along with an NMLS mortgage loan originator license. Robert is also a member of The Economic Club of Pittsburgh, the American Bankers Association, and the American Finance Association.

Outside of the office, Robert is dedicated to volunteering for causes close to his heart, including Guardian Angels Medical Service Dogs, Pittsburgh Cares, Helping Up Mission, and New Futures.

Above all, Robert enjoys spending time with his family, traveling, and reading.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

robert.hobson@ubs.com

Robert Hobson

1501 K Street North West,Washington, D.C.,DC,20005
Yafet Yohannes

Client Associate
View bio
As a member of The Capital ESOP Group, Yafet supports the team in creating financial analyses comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs).

Yafet holds a B.S. from Virginia Tech. Outside of the office, he enjoys playing soccer and spending time with family and friends.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

yafet.yohannes@ubs.com

Yafet Yohannes

1501 K Street North West,Washington, D.C.,DC,20005

Keith Apton, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
- AK
- AL
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
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- MO
- MS
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- NC
- ND
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Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance with entrepreneurs and business owners. As the founding partner, he heads the team's Private Wealth practice, where he works to determine client needs and match them with the proper resources of UBS, a leading global bank. His process entails a disciplined approach to help business owners with sell-side advisory solutions and post-sale financial planning to include holistic wealth management, including tax and estate planning strategies. Keith is a nationally recognized leader on ESOPs and Internal Revenue Code §1042 rollovers.

As an active member in the ESOP community, Keith has helped individuals and families create over $4.5 billion* of liquidity through successful transactions across various sectors and industries. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, §1042 rollovers and business succession planning.

Keith is a member of the National Center for Employee Ownership and a member of the advisory committee on finance issues for the ESOP Association. He coauthored the book Selling Your Business to an ESOP, now in its ninth edition. After becoming a Certified Exit Planning Advisor® (CEPA®) in 2018, he was asked to be an instructor for the Exit Planning Institute.

Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans seeking a future in farming. Outside the office he enjoys traveling, fly-fishing, skiing, reading, and spending time at his family farm in Virginia. Mostly, he loves being a dad to his daughters Lyla and Sutton, who he lives with in Washington, DC.

CA License #0H82204

*Created over $4.5 billion of liquidity through successful transactions as of February 21,2024
- Barron’s Top 250 Private Wealth Management Teams, 2024The Barron's rating is awarded annually in May based on information from the prior year Q4.
- Barron's Top 1,000 Financial Advisors, 2012, 2013The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Barron's Top 1,200 Financial Advisors, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes America's Top Wealth Advisors, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- On Wall Street – Top 40 Advisors Under 40, 2016, 2017The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- National Center for Employee Ownership, Member
- Finance Committee ESOP Association
- Private Wealth Advisor
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

keith.apton@ubs.com

Keith Apton, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Nick Francia, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
- AK
- AL
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
- MN
- MO
- MS
- MT
- NC
- ND
- NE
- NH
- NJ
- NM
- NV
- NY
- OH
- OK
- OR
- PA
- RI
- SC
- SD
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- UT
- VA
- VT
- WA
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- WV
- WY
Nick joined UBS in 2011. Prior to his tenure at UBS, he worked with high net worth individuals at a hedge fund in Greenwich, CT.

As a partner of The Capital ESOP Group, Nick focuses on educating business owners on tax-efficient exit strategies. He is committed to helping clients recognize their options, understand the pros and cons of each strategy and choose the best succession plan for themselves and their families. Nick also creates tailored cash flow analyses comparing the taxable sale of privately held businesses and a tax-deferred sale to an ESOP under § 1042 of the Internal Revenue Code.

With a consultative approach, Nick seeks to earn his clients' trust through open, transparent communication and by working with clients' tax and legal advisors to construct an overarching strategy.

In 2021, Nick was promoted to Managing Director-Wealth Management. He is frequently asked to speak on a national level regarding employee stock ownership plans and § 1042 rollovers. He is a member of the advisory committee on finance issues for the ESOP Association and a member of the National Center for Employee Ownership. Nick was also appointed vice president of Business Networking International in DC.

In January 2024, Nick, his wife Mary Elizabeth, and their sons Sebastian (“Baz”), Ramsey Jay (“RJ”), and Trip Clayton, welcomed their fourth boy, Julian ("Jules"). Outside of the office, Nick enjoys spending time with his family, reading, fly-fishing and traveling with his wife.

CA License #0I84884
- Barron’s Top 250 Private Wealth Management Teams, 2024The Barron's rating is awarded annually in May based on information from the prior year Q4.
- Barron's Top 1,200 Financial Advisors, 2021, 2022, 2023, 2024
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Financial Planning Top 40 Financial Advisors Under 40, 2024The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Financial Planning Top 40 Financial Advisors Under 40, 2021, 2022The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Forbes America’s Top Next-Gen (Generation) Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in August based on information from a 12 month period ending in March of the award year.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes Best-in-State Wealth Advisors, 2020, 2021, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- Forbes Top Next-Gen (Generation) Wealth Advisors Best-in-State, 2018, 2019, 2022, 2023, 2024The Forbes rating is compiled by Shook Research and awarded annually in August based on information from a 12 month period ending in March of the award year.
- Private Wealth Advisor
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

nick.francia@ubs.com

Nick Francia, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Joanne Ferland, CFA

Senior Wealth Strategy Associate

Chartered Financial Analyst®
View bio
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Joanne serves as the team’s primary investment consultant, leveraging her knowledge across asset classes and investment vehicles to provide clients with customized portfolio solutions to meet their cash-flow needs, planning goals and risk tolerance in a tax-efficient manner. She examines top-down economic research and performs in-depth investment manager due diligence to help shape the team’s view on portfolio construction and implementation. Apart from her role on the wealth management side, Joanne is also intricately involved with the ESOP arm of the business. On that front, she assists with qualified replacement property implementation and cash flow analysis.

Prior to joining The Capital ESOP Group, Joanne worked with an independent investment advisory firm. She had previously worked as a financial analyst in the private wealth management division at Goldman Sachs. Her experience in the financial services industry has been focused exclusively on helping high net worth individuals and families navigate their financial lives.

Joanne graduated summa cum laude from the George Washington University with a B.B.A. in finance and international business. Outside of the office, she enjoys traveling, spending time on the water, and taking weekend trips to the nearby Shenandoah Valley.
- The George Washington University, B.B.A. Finance and International Business, summa cum laude
- Chartered Financial Analyst®
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

joanne.pronk@ubs.com

Joanne Ferland, CFA

1501 K Street North West,Washington, D.C.,DC,20005
Sarah Bothner, CEPA, CRPC

Senior Wealth Strategy Associate

Certified Exit Planning Advisor
View bio Industry recognition
- AK
- AZ
- CA
- CO
- CT
- DC
- FL
- HI
- ID
- IL
- IN
- KY
- MD
- MI
- MO
- NC
- NJ
- NV
- NY
- OH
- PA
- SC
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- TX
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- WA
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Sarah joined UBS in 2017 as part of an Institutional Consulting team. She quickly discovered her passion for working with business owners and entrepreneurs, and soon after joined The Capital ESOP Group in Washington, DC. Since then, she has led the team’s tailored cash flow analyses function to help business owners understand the economic impact of ESOPs and IRC §1042 elections.

Sarah sits on the Public Policy Council of the ESOP Association. She is also a member of the ESOP Association’s Legislative & Regulatory Committee. In January 2021, she earned her Certified Exit Planning Advisor (CEPA) designation. In September 2022, she completed the Certified Merger and Acquisition Advisor (CM&AA) course.

Sarah graduated from the McDonough School of Business at Georgetown University, where she double majored in finance and operations & information management. She is originally from Rochester, NY. Outside of the office, she enjoys reading, playing golf and alpine skiing.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- McDonough School of Business at Georgetown University, B.S.B.A.
- Certified Exit Planning Advisor
- Chartered Retirement Planning Counselor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

sarah.bothner@ubs.com

Sarah Bothner, CEPA, CRPC

1501 K Street North West,Washington, D.C.,DC,20005
Marguerite Hodgkins, CFP

Senior Wealth Strategy Associate

CERTIFIED FINANCIAL PLANNER®
View bio
- AL
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Marguerite is the team’s primary Wealth Planning Specialist. She provides our clients with personalized financial planning to create a holistic view of their wealth. This planning is critical to providing advice to our clients that is in harmony with their needs and aspirations.

Marguerite has nine years of experience with UBS. She holds the Certified Financial Planner™ designation. This designation comes with extensive training in financial planning, estate planning, insurance, investments, taxes, employee benefits and retirement planning.

Marguerite lives in Annapolis, MD with her husband, Leland, and their son Kemper. She loves being outdoors, food and travel.
- CERTIFIED FINANCIAL PLANNER®
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

marguerite.hodgkins@ubs.com

Marguerite Hodgkins, CFP

1501 K Street North West,Washington, D.C.,DC,20005
Breton Laubscher, CIMA, CRPS, AWMA

Senior Wealth Strategy Associate

Certified Investment Management Analyst®
View bio Industry recognition
- AK
- AL
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
- MN
- MO
- MS
- MT
- NC
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- NE
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As a Senior Wealth Strategy Associate, Breton skillfully blends strategic financial analysis with effective client relationship management. With a passion honed over a decade in sales and a transition to financial services, he excels in guiding clients towards their financial goals through a consultative approach. Breton's deep market knowledge, adept problem-solving skills, and commitment to client success define his role, combining financial acumen with personalized client engagement.

Breton completed the Investment Management Theory & Practice program from the Yale School of Management, and holds a B.S. in communication studies from Towson University. He and his wife, Samantha, live in Millersville, MD with their two sons, Maxwell and Banks. In his free time, Breton enjoys golfing, waterskiing, snow skiing, reading and photography.
- Forbes America’s Top Wealth Management Teams (Private Wealth & High-Net Worth), 2024The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Yale School of Management, Investment Management Theory & Practice
- Certified Investment Management Analyst®
- Chartered Retirement Plans Specialist℠
- Accredited Wealth Management Advisor℠
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

breton.laubscher@ubs.com

Breton Laubscher, CIMA, CRPS, AWMA

1501 K Street North West,Washington, D.C.,DC,20005
Kaveh Gilanshah, CEPA

Senior Wealth Strategy Associate

Certified Exit Planning Advisor
View bio
- AK
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
- MN
- MT
- NC
- NJ
- NM
- NV
- NY
- OH
- OK
- OR
- PA
- RI
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- TN
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- UT
- VA
- VT
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- WY
As a member of The Capital ESOP Group, Kaveh is responsible for creating financial analyses comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs). Kaveh is committed to client service and doing whatever it takes to help clients make an educated decision on what is best for them and their families. He also assists the team in managing the 1042 QRP allocation process taking into consideration and analyzing different ESOP bond terms.

Prior to joining UBS, Kaveh worked at a private wealth management firm as a research analyst. He is a resident of Washington, DC, and a graduate of GMU with a B.S in Finance, where he was recognized for his leadership position in the GMU Student Managed Investment Fund. Kaveh is an avid tennis player and active member of the United States Tennis Association. He also has a passion for skiing and photography.
- Certified Exit Planning Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

kaveh.gilanshah@ubs.com

Kaveh Gilanshah, CEPA

1501 K Street North West,Washington, D.C.,DC,20005
Jake William Pantalone

Wealth Strategy Associate
View bio
- AK
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- ID
- IL
- IN
- KS
- KY
- MA
- MD
- ME
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- MN
- MO
- MT
- NC
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Jake works in tandem with David to support and inform wealth management decisions and processes. He performs research, analysis and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers.

Originally from Philadelphia, Jake graduated with a B.S.B.A. from the Palumbo-Donahue School of Business at Duquesne University, where he majored in finance and accounting. Prior to joining The Capital ESOP Group, he had completed internships in consumer banking and tax accounting before working in small business lending for a time. Outside of the office, he enjoys soccer, spends a lot of time reading and is always looking for somewhere new to go hiking.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

jake.pantalone@ubs.com

Jake William Pantalone

1501 K Street North West,Washington, D.C.,DC,20005
David Gordon

Wealth Strategy Associate
View bio
- AK
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- AZ
- CA
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- CT
- DC
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- GA
- HI
- ID
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- IN
- KS
- KY
- MA
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- ME
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- WY
David works in tandem with Jake to support and inform wealth management decisions and processes. He performs research, analysis, and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers. David’s dedication to staying abreast of the ever-evolving market conditions ensures that the team’s wealth management solutions remain both innovative and effective.

Originally from Bethesda, MD, David graduated with a B.S. from the Smith School of Business at The University of Maryland, where he majored in finance. Prior to joining The Capital ESOP Group, he worked as a rotational analyst for Morgan Stanley’s wealth management division. Outside of the office, he enjoys playing golf, reading a good book, and traveling.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

david.j.gordon@ubs.com

David Gordon

1501 K Street North West,Washington, D.C.,DC,20005
Steve Brinckhaus

Senior Client Associate
View bio
- AK
- AZ
- CA
- CT
- DC
- DE
- FL
- GA
- IA
- ID
- KY
- MD
- MI
- MT
- NC
- NJ
- NV
- NY
- OH
- OR
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- PR
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- WY
In successfully managing all service needs for clients of The Capital ESOP Group, Steve Brinckhaus leverages the vast experience he’s gained over his nearly 15-year financial services career. He also helps to keep the team operating in an organized and efficient manner.

Steve holds a B.A from the University of Mary Washington. He resides in Severna Park, MD and enjoys traveling with his wife and kids, playing sports and rooting for the Washington Redskins.
- University of Mary Washington, B.A.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

steve.brinckhaus@ubs.com

Steve Brinckhaus

1501 K Street North West,Washington, D.C.,DC,20005
Alexandra Mulligan

Client Associate
View bio
- AK
- AZ
- CA
- CO
- CT
- DC
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
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As a Registered Client Service Associate, Ally focuses on providing exceptional service to our clients through all stages of the relationship. She works diligently with the team to manage account opening, perform account maintenance and resolve client inquiries. Her experience within UBS allows her to access the firm’s resources to provide the type of service experience discerning clients expect. Prior to joining UBS in 2019, Ally spent two years at Franklin Templeton Investments as a territory coordinator.

Ally earned her bachelor’s degree from University of Colorado in 2013. She holds her Series 7 and Series 63 securities licenses. Outside of the office, Ally enjoys running, practicing yoga, traveling and most importantly, spending time with her loved ones.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

alexandra.mulligan@ubs.com

Alexandra Mulligan

1501 K Street North West,Washington, D.C.,DC,20005
Caroline Ryan

Client Associate
View bio
- AK
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- AR
- AZ
- CA
- CO
- CT
- DC
- DE
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- GA
- HI
- IA
- ID
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- IN
- KS
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- LA
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- MD
- ME
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As a Registered Client Service Associate, Caroline ensures that clients receive the highest level of service. She leverages the firm’s capabilities with a commitment to delivering personalized solutions tailored to each client’s service needs.

Prior to joining UBS, Caroline honed her craft by spending time at both Merril Lynch as well as Morgan Stanley. Caroline earned her B.B.A. in Finance from Southern Methodist University. She holds her Series 7 and Series 66. Outside of the office, Caroline enjoys spending time with family and friends, traveling, and cooking.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

caroline.ryan@ubs.com

Caroline Ryan

1501 K Street North West,Washington, D.C.,DC,20005
Robert Hobson

Client Associate
View bio
- AZ
- CA
- CO
- CT
- DC
- FL
- GA
- HI
- IA
- ID
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- KS
- KY
- LA
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As a member of The Capital ESOP Group, Pittsburgh native Robert leverages over a decade of experience in white-glove financial services, relationship management, and Private Banking to deliver exceptional client service. He prioritizes understanding the passions, complexities, and financial goals of the families he serves. With an attentive ear and a relentless drive for excellence, Robert consistently provides world-class service with efficiency and effectiveness.

Before joining UBS, Robert held the role of Senior Private Banker at Merrill Lynch and PNC Bank. He holds a Bachelor of Science in Finance from Pennsylvania State University and maintains Series 7, Series 66, and Series 99 licenses. Additionally, he has earned a Certificate in Commercial Lending and Financial Statement Analysis from the American Bankers Association, along with an NMLS mortgage loan originator license. Robert is also a member of The Economic Club of Pittsburgh, the American Bankers Association, and the American Finance Association.

Outside of the office, Robert is dedicated to volunteering for causes close to his heart, including Guardian Angels Medical Service Dogs, Pittsburgh Cares, Helping Up Mission, and New Futures.

Above all, Robert enjoys spending time with his family, traveling, and reading.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

robert.hobson@ubs.com

Robert Hobson

1501 K Street North West,Washington, D.C.,DC,20005
Yafet Yohannes

Client Associate
View bio
As a member of The Capital ESOP Group, Yafet supports the team in creating financial analyses comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs).

Yafet holds a B.S. from Virginia Tech. Outside of the office, he enjoys playing soccer and spending time with family and friends.
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

yafet.yohannes@ubs.com

Yafet Yohannes

1501 K Street North West,Washington, D.C.,DC,20005

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Pursuing your goals together

Keith Apton, CEPA

Nick Francia, CEPA

Joanne Ferland, CFA

Sarah Bothner, CEPA, CRPC

Marguerite Hodgkins, CFP

Breton Laubscher, CIMA, CRPS, AWMA

Kaveh Gilanshah, CEPA

Jake William Pantalone

David Gordon

Steve Brinckhaus

Alexandra Mulligan

Caroline Ryan

Robert Hobson

Yafet Yohannes

Keith Apton, CEPA

Nick Francia, CEPA

Joanne Ferland, CFA

Sarah Bothner, CEPA, CRPC

Marguerite Hodgkins, CFP

Breton Laubscher, CIMA, CRPS, AWMA

Kaveh Gilanshah, CEPA

Jake William Pantalone

David Gordon

Steve Brinckhaus

Alexandra Mulligan

Caroline Ryan

Robert Hobson

Yafet Yohannes

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A leader in wealth management

Backed by the strength of our parent company, UBS AG

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