UBS Wealth Management Americas To Reduce Advisor Recruiting By 40%

(RTTNews) - UBS Wealth Management Americas or WMA said it is changing its field structure and its compensation plans for financial advisors and field management, as well as reducing advisor recruiting by 40 percent.

WMA will now be organized into four divisions, 43 markets and 208 branches. Previously, its structure included two divisions, eight regions, 63 complexes and 189 branches. By eliminating the regional layer and realigning into larger markets, WMA is giving field leaders broader spans of control and moving decision-making authority closer to clients.

WMA has launched a simpler advisor compensation plan that is easier to understand and rewards productivity, growth and loyalty. The plan includes increased payouts for advisors with the largest books of business, incentives for advisors to form teams, which has been shown to benefit clients, and an enhanced program for advisors seeking to transition out of the business and transfer their practice to another UBS advisor.

WMA is modifying its compensation plans for field leaders so that they are both rewarded and held accountable for the decisions they make.

WMA is streamlining management in its home office in order to reinvest in staff and resources that make a tangible difference for clients and advisors.

Today's announcement follows WMA's recent investment and strategic alliance with SigFig to develop financial technology for WMA, and last month's announcement that WMA would collaborate more closely with the UBS Wealth Management business outside the US to achieve synergies and enhance services.

As part of the new field structure, Brian Hull will continue as Head of the Client Advisory Group, overseeing four divisions, led by: Jason Chandler (Northeast), Bill Carroll (Central), Brad Smithy (Southeast), and Lane Strumlauf (West). John Mathews will continue as Head of Private Wealth Management.