Desperate to hold on to wealth-management advisers, mud-splattered UBS is upping their pay—by one to two per cent a year for those bringing in at least $400,000 in commissions. Somehow we doubt that will keep them at the battered Swiss bank when Morgan Stanley is apparently offering them double their past year’s earnings as well as additional incentives. Oh, and the UBS pay increase doesn’t start until 2009.
NY Post: Swiss bank UBS AG is taking steps to save its crown jewel, the wealth management business, by boosting compensation for its financial advisers, who have been defecting in droves to competing firms.
In a conference call between branch managers and financial advisers last week, UBS officials promised to increase compensation between 1 and 2 per cent for advisers bringing in at least $400,000 in revenue commissions.
The new scheme is expected to take place at the start of 2009.
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