Howard Diamond Quoted
By Greg Iacurci
UBS’ shift to focus efforts on retention of top-producing advisers and cut back on recruitment likely won’t be a strategy adopted by other wirehouses any time soon, but the move could signal a broader trend of efficiency-hunting in the face of pricing and cost pressures, analysts said.
Essentially, UBS is “trying to maintain the status quo” by increasing compensation packages for its top advisers, hoping those advisers will stay and it won’t have to recruit as much to maintain a consistent adviser headcount, said Howard Diamond, managing director and general counsel at recruiting firm Diamond Consultants Inc.
