although ubs financial services has rolled out an enhanced training program to help offset declining salesforce numbers, the broker-dealer of the swiss banking giant is about to cut the lucrative payout rate that it had been offering its “new financial advisors,” according to a filing with the securities and exchange commission. the change appears aimed at inducing brokers—from trainees to the most experienced—to join teams rather than going it alone, a growing goal of many large retail brokerage firms. that promotes asset collection and also makes it harder for individuals working on only a portion of a customer’s business to jump to another firm. the decision to lower the pay incentive for trainees follows ubs’s recent combination of its formerly autonomous americas wealth business with its global wealth division in a move to increase efficiency and lower costs.
a ubs spokesman declined to comment on the payout change for trainees, the philosophy behind the move and the number of participants on teams. the payout change for trainees is even more dramatic when set against the sky-high 50% rate that ubs offered to rookies in may 2016 on fees collected from fee-based accounts. it cut that premier rate to 45% on january 1 2017. in addition to sales-based compensation, ubs and most of its rivals also offer a guaranteed salary and production-related bonuses to trainees. they get paid to disguise sales pitches as advise, and the better they are at it the better they get paid! this article is discussing a new training program at ubs and new role, the wealth manager development program, which his different than the new financial advisor program.
at ubs, we are committed to identifying talent and developing new financial advisors to serve our current and future although ubs financial services has rolled out an the decision to lower the pay incentive for trainees follows ubs’s wealth unit unrolled an upgraded training program but said it the wealth manager said it will hire fewer trainees in 2018 yet double the investment in training them,, ubs careers, ubs careers, ubs wpa program salary, wealth planning associate ubs salary, ubs wealth management. the typical ubs financial advisor trainee salary is $51,972. financial advisor trainee salaries at ubs can range from $9,912 – $64,881. this estimate is based upon 7 ubs financial advisor trainee salary report(s) provided by employees or estimated based upon statistical methods.
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