For people who didn’t read the article: this is for US wealth advisors.
I don’t work at UBS nor in banking, but the deal with wealth advisory is that it is strongly based on long-term relationships.
This means that when an employee leaves, they often take their clients with them to whichever new bank they join. So to grow their assets under management, banks have to provide a very strong incentive for star wealth managers to stay and to attract managers from other banks.
That’s why the massive bonuses, especially because UBS, the largest wealth manager outside the US, has struggled to gain significant foothold in that market.
Are the credit Suisse top managers/directors in jail yet?
3 comments
Apparently failure pays better than success.
For people who didn’t read the article: this is for US wealth advisors.
I don’t work at UBS nor in banking, but the deal with wealth advisory is that it is strongly based on long-term relationships.
This means that when an employee leaves, they often take their clients with them to whichever new bank they join. So to grow their assets under management, banks have to provide a very strong incentive for star wealth managers to stay and to attract managers from other banks.
That’s why the massive bonuses, especially because UBS, the largest wealth manager outside the US, has struggled to gain significant foothold in that market.
Are the credit Suisse top managers/directors in jail yet?
Comments are closed.