The part of UBS global wealth management group operating in the United States and Americas region continued a strong 2021, reporting annualized revenue per financial adviser for the quarter ending in June of $1.7 million, a 29% year-over-year increase, and net new fee generating assets of $14 billion in the Americas.
UBS recently revamped its separately managed account program and reported more than $8 billion on inflows for the quarter.
Meanwhile, its head count of financial advisers in the Americas region continued to decline, reaching 6,274 at the end of June, a drop of 2.1% compared to the same period a year earlier and 1% from the end of March.
UBS appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors. In June, InvestmentNews reported that a three-person team from J.P. Morgan Private Bank in San Francisco managing more than $10 billion moved to UBS; a few weeks earlier, a team in Boston managing $1.9 billion jumped to Rockefeller Capital Management.
"Global Wealth Management Americas achieved its best result ever, driven by recurring net fee income growth, as well as record loan volumes and strong advisor productivity," the company said in a statement, with pre-tax profit reaching $505 million, an increase of 122% when compared to the end of June 2020.
Bloomberg News reported earlier on Tuesday that UBS Group posted better-than-expected profit in the second quarter after Switzerland’s largest bank benefited from surging new assets and fee income, driving the shares to their biggest gain in more than eight months.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
