UBS Wealth Management Americas has launched a pilot adviser training initiative that differs in emphasis from the traditional brokerage training track.
UBS, which has shrunk its traditional adviser training program to roughly 120 to 130 people this year from close to 200 in 2012, will enrol roughly 50 trainees in its new wealth planning pilot program, according to the Wall Street Journal.
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The pilot program put a lot of pressure on new brokers to sell products and services and to build up client accounts quickly. They are required to start generating revenue off those accounts within four months.
In the traditional wealth planning analyst program, trainees are focused on getting a planning certificate, and don’t need to start generating revenue from client accounts for two full years.
The wealth planning trainees will rotate among different UBS adviser teams, learning all the aspects of the business. But instead of having to meet targets in generating revenue, as traditional trainees do, they will focus on completing the Certified Financial Planner coursework and taking the test for CFP certification, a company spokesman told the Wall Street Journal.
Upon graduation, they will join an adviser team, receiving a salary and a small share in the team’s existing book of business. As newly coined planning analysts, they will also be responsible for driving overall growth of the team’s business, according to Nilesh Parikh, head of New Financial Advisors and Wealth Planning Analysts at UBS Wealth Management Americas.
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By GlobalDataParikh added that this approach should ease the tension that traditional trainees feel in having to simultaneously learn the business and generate revenue.
