UBS

Amid UBS advisor exits, 25-year veteran joins Morgan Stanley

Nick Francia of UBS, Matthew Gallo of Merrill and Ryan Bass of Raymond James all once felt their youth to be a perceived liability. Now, in an industry with an imminent retirement wave, they see it as an asset.

UBS Americas reported $14 billion in net new asset outflows in Q4, marking its worst period since the firm announced major compensation changes in November 2024.

At a hearing Tuesday, executives at the Swiss banking giant faced tough questions from both Republicans and Democrats. The lawmakers are unhappy with the bank's recent decision to withhold certain documents from a lawyer who's overseeing research regarding Nazi accounts.

The inquiry into the now-defunct Credit Suisse's former dealigns with Nazis comes as UBS pushes to build its U.S. wealth business working with wealthy clients.

UBS chief data and analytics officer Joe Cordeira says AI won't replace advisors. But it can help them by providing little nudges to do everything from rebalancing a portfolio to wishing a client happy birthday.

As CEO Sergio Ermotti says it's almost impossible for the firm's U.S. wealth management business to match rivals' profit margins, UBS seeks to help new and existing advisors sharpen their expertise.

Dueling announcements Friday show that UBS is still struggling with advisor retention even as it brings in a new executive to oversee its recruiting efforts.

Matthew Madera has become the latest former JPMorgan private client advisor to be sued after leaving for another firm. In a recent stipulated order, he agreed to stop soliciting former clients until the dispute can be resolved.

The Couch Group's return to Morgan Stanley is the latest evidence that UBS hasn't been able to stop the recent wave of advisor departures.

Unpopular compensation changes at UBS continue to drive advisor attrition, costing the firm billions in client assets. But despite the outflows, executives say the new policy is helping improve UBS' profits.

The Swiss wealth management giant says many of its U.S. clients now "largely rely on other banks for their everyday banking needs."

Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.

Despite pushback in U.S., investing to promote environmental, social and governance causes remains popular among young and women investors, says UBS co-head of global investment management.

UBS contends a group of advisors who left this month to form an RIA inherited most of their clients from retired advisors who were counting on being paid from their former books of business.

The plan to issue shares on the NASDAQ stock exchange comes three years after UBS abandoned plans to acquire Wealthfront.

In an earlier than usual announcement, UBS said it will update its 2026 compensation grid for U.S. advisors, aiming to curb departures and encourage more work with high net worth clients.

In its third suit in as many months, JPMorgan is accusing a former advisor of using its banking referrals to build a book of business and then trying to abscond with those clients to a rival firm.

Golden State Wealth Management is just the latest large advisory team to exit UBS following changes the wirehouse made to its compensation policies.

The Swiss financial giant also saw its assets flow out of its Americas business in the second quarter as advisors left and clients set aside billions for taxes.