December 29, 2019
Barbara Herman Quoted
By Miriam Rozen
In what is regarded as a conciliatory move, UBS extended the deadline for its advisor teams to meet new higher production revenue thresholds announced earlier this month as part of the wirehouse’s 2020 comp plan.
The wirehouse is giving advisors who are part of teams six months longer to meet the new team revenue thresholds — extending the deadline to July 1 next year from the previous January 1 date.
It was considered a “bold move” for UBS to propose the hiked threshold for teams, sparking “outcry from some of the biggest producers,” says Barbara Herman, a senior vice president at New York-based recruiting firm Diamond Consultants.
Teams may be able to use the additional time to meet the new thresholds to add FAs to their ranks and thereby hit the new mark, Herman says.