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In the News

Other wirehouses unlikely to follow UBS lead in scaling back recruitment

Posted by Howard Diamond

Investment News

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.

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About Howard Diamond

Chief Operating Officer and General Counsel – A legal and business background combined with over a decade of experience in the wealth advisory space. Already a successful lawyer and litigator, the growth of Diamond Consultants presented a new career opportunity for Howard in 2005. Learn more...

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