UBS Reportedly Hired Just 22 Experienced U.S. FAs in 2019
UBS Wealth Management is being so selective about its financial advisor hiring that it’s brought on fewer than two dozen U.S. advisors so far in 2019, according to news reports.
In the first five months of the year, the company added 22 experienced advisors in the country, Jason Chandler, head of UBS’s U.S. wealth management division, told managers in a call last week, people on the call tell AdvisorHub. But those advisors produced around $47.1 million in revenue and managed approximately $10.3 billion at their previous firms, according to Chandler, the sources tell the industry news website.
Between last November and April, meanwhile, 109 advisors left UBS, according to an internal report viewed by AdvisorHub. A spokesman for UBS Wealth Management USA declined comment to the website about year-to-date hiring. At the end of the first quarter of 2019, UBS had 6,790 brokers in the U.S., Canada and Latin America, which was 166 fewer than the year prior, according to the firm’s earnings report cited by AdvisorHub.
The 2019 numbers suggest that year-end numbers will lag behind the 178 advisors UBS brought on in 2016, which was the last year that the company disclosed its hiring numbers in its annual report, according to the website.
In December 2017, UBS followed Morgan Stanley in withdrawing from the Protocol for Broker Recruiting, which allows departing advisors to take some client data with them without the threat of lawsuits, as reported. And in October 2018, Thomas Naratil, the co-president of Global Wealth Management and president of UBS Americas, told a group of analysts that the firm would follow a policy of "selective hiring, not a binge," as reported.