- WMA is changing its field structure and its compensation plans for financial advisors and field management
- John Mathews will continue as Head of Private Wealth Management
UBS Wealth Management Americas (WMA) has announced it is introducing a new operating model designed to move decision-making and resources closer to clients and drive organic growth through an increased focus on advisor retention. Specifically, WMA is changing its field structure and its compensation plans for financial advisors and field management, as well as reducing advisor recruiting by 40 percent.
WMA initiated several changes as part of the new operating model, including:
- Delayering the field structure:WMA will now be organized into four divisions, 43 markets and 208 branches. Previously, its structure included two divisions, eight regions, 63 complexes and 189 branches. By eliminating the regional layer and realigning into larger markets, WMA is giving field leaders broader spans of control and moving decision-making authority closer to clients.
- Enhancing and simplifying FA compensation: As part of a shift in focus from recruiting to retaining and rewarding its best advisors, WMA has launched a simpler advisor compensation plan that is easier to understand and rewards productivity, growth and loyalty. The plan includes increased payouts for advisors with the largest books of business, incentives for advisors to form teams, which has been shown to benefit clients, and an enhanced program for advisors seeking to transition out of the business and transfer their practice to another UBS advisor.
- Aligning Field Manager compensation: WMA is modifying its compensation plans for field leaders so that they are both rewarded and held accountable for the decisions they make.
- Shifting home office resources to the field: WMA is streamlining management in its home office in order to reinvest in staff and resources that make a tangible difference for clients and advisors.
As part of the new field structure, Brian Hull will continue as Head of the Client Advisory Group, overseeing four divisions, led by: Jason Chandler (Northeast), Bill Carroll (Central), Brad Smithy (Southeast), and Lane Strumlauf (West). John Mathews will continue as Head of Private Wealth Management.