UBS financial advisers in the United States crossed the threshold of producing more than $1 million in revenue per adviser during the fourth quarter.
Average production was up 8% from $927,000 in the third quarter, and 15% from $869,000 a year earlier, according to UBS Wealth Management Americas.
The average revenue per adviser was a record $1,001,000.
Including trainees in the mix, the firm reported a new high in net new money of $8.8 billion for the quarter, up 84% from $4.8 billion in the third quarter. It also reported record assets per adviser of $119 million, versus $118 million in the previous period.
Adviser head count was 7,059 as of Dec. 31, 27 more than at the end of September.
Wealth Management Americas' parent company, Swiss bank UBS AG, posted a $2 billion fourth-quarter loss, due largely to the cost of legal settlements.
UBS advisers' average revenue generation is outpacing wirehouse competitors. Advisers at Morgan Stanley most recently produced an average $824,000.
Representatives and advisers with Wells Fargo Advisors on average produced $670,000 in revenue, according to UBS spokeswoman Karina Byrne.
Wells Fargo spokeswoman Rachelle Rowe didn't return a call to verify that number.
Not counting trainees, advisers at Bank of America Merrill Lynch generated $1.3 million on average, up 13.5% year-over-year. Including trainees, that average dropped to $935,000.
“UBS is the smallest among the four wirehouses, but it is positioning itself to be responsive and nimble” to financial advisers' work and needs, said Danny Sarch, an independent recruiter who counts UBS as one of his clients.
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