UBS US wealth management tracking to triple adviser recruits: memo - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

UBS memo highlights big new financial adviser teams and a jump in recruiting through 2019 — though its US adviser headcount has been shrinking

It hired 10 reps around the country managing some $1.6 billion in the past month, including one Atlanta trio from Merrill Lynch overseeing $676 million in assets under management. That Atlanta team had trailing 12 months revenue of $4.9 million on assets under management of $676 million.Even as it has bumped up recruitment hires so far in 2019, UBS's total adviser headcount both in the US and around the world has been dipping over the past year as advisers leave for competitors or retire.

"In terms of wealth management hiring, as you've seen, overall, we've had a reduction in our FAs, and we're very focused," chief financial officer Kirt Gardner told analysts on the firm's third-quarter earnings call last month. The firm has been zeroed in on advisers' productivity over the sheer number of financial advisers, he said.

, which scaled its investment-banking business back in the years following the financial crisis, has prioritized the US wealth market, and has sought to add assets and revive wealth-management margins there. , John Mathews, who leads UBS's private-wealth management and ultrahigh-net-worth business for the Americas, echoed that focus on productivity.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Freetrade: British Robinhood challenger raised funding to take on US giant - Business InsiderCheck out the pitch deck Freetrade used to get a $15 million Series A to take on Robinhood and Revolut
Source: BusinessInsider - 🏆 729. / 51 Read more »

Trump hails 'cash' to farmers from US aid package in China trade war - Business InsiderThe Department of Agriculture said on Friday it will begin making a second round of 2019 trade aid payments to US farmers next week.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Freetrade: British Robinhood challenger raised funding to take on US giant - Business InsiderThe company raised £1 million in just 77 seconds through a crowdfunding campaign earlier this year.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Bay Area has the largest proportion of million-dollar homes in the US - Business InsiderThe US cities with the most million-dollar homes are all major tech hubs, and it points to a darker side effect of the rise of big tech
Source: BusinessInsider - 🏆 729. / 51 Read more »