At a glance
- The regional headcount, which includes brokers in Canada and Latin America, is down a net 178 advisors from a year earlier.
- Chief financial officer Todd Tuckner called a degree of net advisor attrition 'probably the industry norm' as U.S. brokers keep moving to independent firms.
- Net new assets rebounded to $16.7 billion from a net loss of $8.6 billion a year earlier.
UBS's Americas sales force fell by a net 43 advisors, or almost 1%, to 5,601 in the third quarter, AdvisorHub reported. The regional headcount, which includes brokers in Canada and Latin America, is down a net 178 advisors from a year earlier.
Chief financial officer Todd Tuckner called a degree of net advisor attrition 'probably the industry norm' as U.S. brokers keep moving to independent firms. Recruiting and retention are normalizing against historic trends, he told analysts on the bank's earnings call.
Net new assets rebounded to $16.7 billion from a net loss of $8.6 billion a year earlier. The unit's profit rose almost 28% to $530 million on revenue of nearly $3.4 billion.
For UBS advisors, the quarter shows a smaller sales force producing more: net new assets turned positive, revenue was nearly $3.4 billion and profit rose 28%. Tuckner credited the asset rebound largely to existing advisors' productivity, plus investments in technology and support.
Reported by the Recruiting & transitions desk from AdvisorHub. Published . Corrections