UBS advisers break $1M revenue mark

The average revenue per adviser was a record $1,001,000

Feb 10, 2013 @ 12:01 am

By Bruce Kelly

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.

OUTPACING WIREHOUSES

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.

bkelly@investmentnews.com Twitter: @bdnewsguy

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Schwab's Jon Beatty: How independent firms are winning high-net-worth clients

Independent advisers have a distinct advantage when it comes to acquiring new clients, according to Schwab's latest RIA Benchmarking Study. Jon Beatty, senior vice president at Schwab Advisor Services, discusses the findings.

Latest news & opinion

DOL fiduciary rule causing DC-plan record keepers to change business with insurance agents

Principal has communicated that independent agents must change their business models to keep receiving compensation.

DOL fiduciary rule opponents want to push implementation back until 2019

ICI, Chamber of Commerce among groups asking for delay, while Democratic lawmakers call on DOL to keep to its earlier planned schedule of Jan. 1, 2018.

Take 5: Vanguard's new CIO Greg Davis talks bonds, stocks and costs

Having just stepped into the role, this veteran of the firm now oversees $3.8 trillion in assets in more than 300 mutual funds and exchange-traded funds.

Tech companies deploy behavioral finance tools for advisers

They seek to turn knowing more about clients into growing more revenue.

Retirement planning for women

Longer lifespans and lower savings require creative income strategies.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print