Wirehouse UBS is sweetening the deal for its wealth management advisors and clients with a plan to eliminate fees for some separately managed accounts, according to news reports.

The company will get rid of SMA management fees on some of its UBS Asset Management strategies available through the single-contract SMA wrap program at its wealth management division, as well as its unified managed account platform, FA-IQ sister publication FundFire writes citing an internal memo.

The change goes into effect Jan. 13, according to the memo from Suni Harford, president of UBS Asset Management, and Tom Naratil, president of UBS Americas and co-president of UBS Global Wealth Management, FundFire writes.

Managers will be compensated based on the total assets managed, a spokesman for the firm confirms to the publication. Clients, meanwhile, will be charged a fee for tailored services such as ESG investing and tax management, FundFire writes.

In addition to “expanding choice and transparency,” the move is meant to align UBS’s products with the SEC’s Regulation Best Interest, Harford and Naratil wrote in the memo cited by the publication.

Reg BI is a package of rules on broker and investment advisor conduct which the SEC put into effect earlier this year.

Tom Naratil

“At the same time, we’re investing in our Advisors’ success, enhancing our advisory value proposition, and giving Advisors increased flexibility to determine the pricing that’s appropriate for each of their clients,” Harford and Naratil wrote, according to FundFire.