UBS Recruited Fewer Than Two Dozen U.S. Advisors This Year, Executive Says
Louis Diamond Quoted
By Mason Braswell
UBS Wealth Management officials have said they continue to selectively recruit high-producing brokers in the U.S. while keeping a tight rein on expenses, but the inflow of advisers year to date has been sparse.
In a presentation to his brokerage force managers on Monday, U.S. wealth management head Jason Chandler said UBS in the first five months of 2019 added 22 experienced U.S. advisors who were shepherding around $10.3 billion in client assets and producing about $47.1 million at their former firms, according to people on the call.
“That’s obviously not a lot for a major wirehouse firm,” Louis Diamond, a New York-based recruiter with Diamond Consultants said of the new-broker count. “It definitely fits with the narrative about selectively recruiting.”