UBS Wealth Management Americas has told its roughly 7,000 financial advisers that they will receive new expense accounts to lure wealthy clients.
According to the new plan, any broker who generates US$550,000 or more in commissions and fees annually will have a US$500 account.
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Those who produce more than US$1 million – and already have expense accounts – will enjoy increases of US$1,000 to US$2,000 for a total of as much as US$7,000,
Expense accounts for the top tier of multi-million-dollar producers remain at US$10,000.
The changes "are designed to focus on our business building efforts around high-net-worth and ultra-high-net-worth households," said Jason Chandler, the head of UBS’ wealth adviser business.
In addition, UBS added a bonus to the revenue advisers generate from clients that have a plan, regardless of whether the adviser actually drew up the plan. That bonus can be up to 4% of revenue generated from a client covered by a financial plan.
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By GlobalDataUBS, like rivals such as Bank of America’s Merrill Lynch, already shuttles clients with less than US$250,000 from branch-based advisers to its phone-based Wealth Advice centers.
In 2013 to date, 52,000 households have made the move, Chandler added.
