UBS Wealth Management

The great wealth transfer might be here, but the top 1% of the 1% are in jeopardy.

Aging billionaires are expected to transfer approximately $2.1 trillion to their heirs over the next 20 years, according to a new study by UBS and PwC.

The regional firm’s latest recruit joined its employee channel after 17 years at the wirehouse.

The first-ever case of its kind is putting other broker-dealers on notice about the regulator's enhanced abilities to identify patterns of abuse.

The new recruits joined the regional firm's employee channel.

Plus, Wells Fargo hires a $700M team from J.P. Morgan Private Bank and helps a $587M Morgan Stanley team go independent.

The advisers, one of whom is a former football coach, are among the first to join the wirehouse since UBS unveiled sweeping changes to its comp plan.

"We are not going to have a separate robo adviser that would disintermediate our existing advisers," says CEO Paul Reilly.

The two ex-wirehouse advisers each had about 20 years of industry experience.

Adviser recruiting was not expected to be affected, according to people with knowledge of the matter.

The firm's latest hires opened a new office for the regional broker-dealer.

"It was terribly important to us that we were participating and supporting a partnership with a firm that is innovating and has strong backing," said Richard Steinmeier, head of the Wealth Advice Center at UBS.

The UBS Americas president explains why he thinks the industry's pursuit of top talent has gone too far.

Analysts and industry insiders are divided as to what impact the wirehouse's revamped plan may have on rival firms and breakaway advisers.

President Tom Naratil says the firm will recruit less, spend more on advisers already at the firm and give additional power to branch managers.

The new recruits joined the wirehouse from Merrill Lynch and UBS.

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The wirehouse will consider the move if “conditions remain as they are or grow worse,” CEO Sergio Ermotti says.