UBS will hire fewer trainees in 2018 but spend two to three times more on teaching them to be financial advisers, a senior executive said, in the latest sign of industry efforts to satisfy wealthier clients and grapple with an aging workforce.
Reuters reports that UBS Wealth Management Americas President Tom Naratil said the company would hire 30 percent fewer trainees but look for candidates who had more work experience so they could team up with experienced advisers to work with current clients and the next generation of clients.
“The client we need to serve is the wealthiest client we’ve ever had in history,” Naratil said in an Oct. 2 interview. “We can have fewer advisers but they need to be more highly skilled to meet those clients’ needs.”
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