UBS in the US
The US is a core market for UBS today and tomorrow
There are many factors for financial advisors to consider when deciding to join a new firm, including its reputation, financial stability and the quality and commitment of local management to help them grow their business in meaningful ways.
There are many factors for financial advisors to consider when deciding to join a new firm, including its reputation, financial stability and the quality and commitment of local management to help them grow their business in meaningful ways.
UBS is one of the largest wealth management firms globally with $3.1 trillion in assets under management (AUM).1 Its global footprint, scale and broad geographic diversity combined with a boutique feel and relationship-focused culture is unparalleled.
Yet in my many years of experience both as a financial advisor and as a recruiter, I have come across many misconceptions about the capabilities, resources, leadership and future of UBS Wealth Management in the US.
UBS is a much more dominant force in the industry than most people think.
A 2021 recruit from J.P. Morgan told me that before he and his team joined UBS, he regarded UBS as a Swiss bank with a US operation, but now feels very differently.
I didn’t understand how large UBS was globally or that over 50% of its AUM are in the US business. My perception changed once I got to know UBS during the recruiting process. UBS is a much more dominant force in the industry than most people think.
This article is focused on addressing some of the most common misconceptions and questions we hear from potential recruits:
This article is focused on addressing some of the most common misconceptions and questions we hear from potential recruits:
Wealth management is the core of our business—the US is a priority market
Wealth management is the core of our business—the US is a priority market
Wealth Management is our core business and everything that helps drive the productivity and growth of our Financial Advisors is a priority for the US. The emphasis is on doing everything we can to support our US Advisors so they can best serve their clients.
UBS stands alone as the only firm that’s placed wealth management and our Financial Advisors at its core, backed by the strength of our Investment Bank and Asset Management divisions. Most wealth management businesses in the US sit within large institutional banks that primarily view their wealth management division as a distribution channel, commercial banks who use their wealth management division as a customer intake vehicle, or smaller independent firms that lack the capabilities and the global footprint to compete at the same level.
As a result, our Advisors are among the most productive in the industry, with $1.7 million in average annual revenue per advisor and $286 million in AUM.3
UBS ranked #1 in Client Satisfaction with Full-Service Wealth Management Firms in the J.D. Power 2022 US Full-Service Investor Satisfaction Study. These results align with our own internal client satisfaction tool where clients rate UBS first among financial services, wealth management firms and luxury brands.
UBS ranked #1 in Client Satisfaction with Full-Service Wealth Management Firms in the J.D. Power 2022 US Full-Service Investor Satisfaction Study. These results align with our own internal client satisfaction tool where clients rate UBS first among financial services, wealth management firms and luxury brands.
UBS received the highest score in the J.D. Power 2022 U.S. Full-Service Investor Satisfaction Study of investors’ satisfaction with full-service investment firms. The study was conducted between November 2021 and January 2022 and is based on responses from 4,396 investors who make investment decisions with a financial advisor. Eighteen firms receiving 100 or more completed surveys were eligible to be included in the ranking. Visit jdpower.com/awards for more details. J.D. Power rankings may not be representative of any one client’s experience because it reflects an average of the overall sample and represents only a small percentage of the total number of UBS customers. The ranking is not indicative of future performance. The J.D. Power 2022 U.S. Full-Service Investor Satisfaction Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee.
Resources are focused on supporting wealth management in the US
Resources are focused on supporting wealth management in the US
UBS offers an open architecture platform, enabling clients to have access to a broad third-party network, as well as UBS Asset Management products.
Our Advisors can leverage our Client Strategy Office (CSO). The CSO’s purpose is to understand the needs, aspirations and behaviors of current and prospective clients. The team focuses on developing client research and analytics for specific market segments, helping advisors acquire, serve and retain clients.
“We are a wealth-centric business, a client- and adviser-led business, particularly in the U.S,” recently noted Iqbal Khan, President of Global Wealth Management and President UBS Europe, Middle East and Africa (Investment News, Sept. 2022).
UBS also differentiates itself by our Chief Investment Office consisting of 200 investment specialists around the world, the heart of our intellectual capital, offering advisors 24-hour analysis and expertise on global investments and world events. No other firm on the Street can offer real-time, on-the-ground, global insights into the day’s biggest market-moving issues like UBS.
“UBS has more resources and intellectual capital than I could ever imagine,” a 2020 Bernstein recruit told me.
As we look ahead, clients’ desire for advice will continue to grow, along with their interest in exploring new and different opportunities in areas like sustainable investing and exposure to private markets. Clients will want a hybrid offering that blends the speed, analytics and convenience of next generation digital tools with high-touch service that only a human financial advisor can provide.
Access to senior management
Access to senior management
Our culture fosters entrepreneurship and encourages advisors to have direct and easy access to senior leadership, portfolio managers and senior product experts.
Having worked at several Wall Street firms, UBS feels very flat and senior management is very accessible. The people and the relationships you form are collegial and authentic.
A collaborative, congenial culture
A collaborative, congenial culture
For the benefit of their clients, advisors can leverage the shared collaboration across Global Wealth Management, the Investment Bank and Asset Management. Our unified capital markets team and our new pricing model for separately managed accounts help more effectively pair Global Wealth Management’s client focus with the Investment Bank’s world class trading and execution capabilities plus Asset Management’s deep expertise in portfolio management.
The OneBank Coverage team delivers the entire Global Banking offering to family-owned and closely held businesses, entrepreneurs and ultra high net worth (UHNW) individuals. The team partners with Global Wealth Management to deliver holistic advisory support across a range of products, including mergers and acquisitions, private capital, public equity and debt market advisory and leveraged finance.
“From day one UBS felt like a very high-end boutique with the resources of a very large firm, which is what we were looking for,” said a 2021 J.P. Morgan recruit.
Conclusion
Conclusion
UBS has built the #1 wealth management franchise in the world. We have outstanding thought leadership, a strong investment offering, unmatched client access, some of the best talent in the industry and a respected brand. With the US continuing to rank highest on the number of millionaires and billionaires in the world, there’s no question UBS will continue to focus and invest in its US wealth management business.
To get in touch with a Field Leader to learn more about UBS Wealth Management priorities in the US or to apply for a Financial Advisor role, submit your contact information.
To get in touch with a Field Leader to learn more about UBS Wealth Management priorities in the US or to apply for a Financial Advisor role, submit your contact information.
