Andrew Welsch

The wirehouse recently reported advisor headcount shrank by 258 advisors year-over-year.

The firm also opened a new office in Lancaster, Pennsylvania.

The hiring plans coincide with the firm's rollout of its digital advice offering, UBS Advice Advantage, which is offered through its call center.

Timothy Scheve will complete the term of John Thiel, the former head of Merrill Lynch, who left FINRA's board earlier this year.

CFO Paul Donofrio said advisors are embracing the firm's growth initiatives and incentives laid out in the 2018 compensation plan.

The brokerage ranks shrank by 258 from the year-ago period.

"If our profession truly cares about the well-being of our clients to the extent that the profession professes, then we need to swing this pendulum in the other direction," Elwyn says.

Collaboration is key to the effort since there “is no competitive advantage to be the only firm engaged in data protection."

The firm pulled in 11 new advisors in the first quarter of 2018, building on the 65 brokers hired last year.

The advisor, a former employee, has been soliciting more than two dozen clients at the bank, JPMorgan says.