Recruiters Admit Possibility Of UBS Selling Its U.S. Brokerage Is Remote
- Created: Friday, 30 September 2011 07:34
Recruiters love these rumors because they encourage advisors to consider their options.
We've seen it countless times before -- recently with Securities America -- and now UBS is the target.
But this time around, the recruiters admit that while UBS is reeling from its rogue trader's losses, it will still do everything it can to avoid selling its Connecticut-based U.S. wealth management unit.
Even Chip Roame of Tiburon, who's been a fan of the idea before, says a sale is unlikely.
Instead, he says, UBS will probably go on recruiting -- although now it might have to offer higher bonuses to get advisors to come aboard a firm with a name that's been tarnished again.
And this raises a good point. In a world where business is still going on more or less "as usual," there will always be advisors at any firm who are more or less interested in moving.
When the golden handcuffs get weaker next year, we may see a lot more of the defections come from UBS.