Report: UBS will eliminate 150 ‘rookie’ advisers

The firm will also cutback on support staff next month too, following a major reorganization earlier this year, according to a report



UBS Financial Services Inc. will shed more than 150 rookie advisers from its U.S. brokerage force, according to a report from Dow Jones.



The firm will also reduce support staff for some of its brokers in October, according to the report, which cited sources familiar with the cutbacks.



The headcount reduction, which will start before the end of September, follows a larger move earlier this year in which UBS AG eliminated 2,000 positions worldwide, including some 500 financial advisors.

Got RIF’d (NY Metro area)

Recruiting calls definitely picked up this past 2 weeks.  Looking to go Indy because if I had to sit through more corporate BS in another wire training program I would probably commit hari kari. 
 

I seriously doubt management is in a “terror state.” They are probably not too concerned about how the mass FA population feels and it’s just business - tough right now so they need a turnaround. They will continue to recruit suckers with big checks and try to lock in their new assets. As an FA, at first there was cache to be there - now it’s a miserable story from what is being posted. The arrogant mindset of management and the business model of “you” the client “and us” the (Euro) firm disregards the key aspect of wealth management here in the good old U.S.A. - the relationship is with the client and the advisor and not some ‘best of breed’ firm where the senior management is completely out of touch and mainly concerned about locking in new FA’s with huge deals and retention of assets while undermining FA relations with clients. This industry sr. management attitude is not just at ubs either. But sadly with the tax issues the brand has become toxic and a burden to many talented advisors. Do yourself a favor - If you are there and have a decent book and not locked in by a deal, it’s time to go or just wait 3 yrs. and hope that they “rebuild trust”, get bought, or revamp their niche of nimbly focusing on the uhnw (right!).

Clients will go with you and now may be the best time ever from all the bad press to get out of this mess. It’s disappointing to see what seemed to be a unique firm become so screwed up. By the way, who is ‘hofstra’ on the post? Do you mean Hoekstra? Good luck to all advisors still at this firm…life is better on the outside and there is a way to escape if you really want to rather than tolerate the circus. Maybe the new management will save ya?