UBS Wealth Management

The wirehouse boosted profitability even as advisor headcount dropped.

The 17-member team is one of the largest to switch employers in recent years.

The operation will start with six employees and offer services to boutique firms that don’t have the capabilities of a large private bank.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

More often than not, wirehouses were on the losing side of these moves.

The new hires signed on with the firm’s employee broker-dealer.

The firm is looking for ways to maintain its edge and reinvigorate its shares, which have trailed rivals over the past year.

In 90% of families, wealth disappears by the end of the third generation.

The wirehouse last made changes to its compensation plan in 2016.