March 3, 2022
Louis Diamond Quoted
by James Rogers
UBS adjusted its 2022 pay grid to reward time spent with the wirehouse, revenue and teamwork — but not everyone is happy with the changes.
The new pay structure factors in an advisor’s 12-month production and gives higher payouts to those who have been with the company longer. For example, an advisor who has been at UBS for at least 20 years and produces $10 million annually will receive a 60% payout, Barron’s reported in November. UBS declined to comment for this story.
Other UBS advisors have voiced their concerns, according to Louis Diamond, president of the recruiting firm Diamond Consultants, who works with the wirehouse’s advisors and helps them find new career options.
“What we have heard from UBS advisors is that, for the most part, advisors are unhappy with the compensation plan changes,” Diamond said. “One negative is that a large swath of advisors who are coming off their best years and growing [their practices] are getting a decrease in pay because their length of service at UBS fell below the band where they get a raise.”