UBS Wealth Management USA informed its advisors that they would not have to undergo another round of compensation changes. The decision to keep compensation plans the same contracts significantly with the round of modifications UBS made to its 2022 plan, according to AdvisorHub.
The 2022 plan included combining a length of service bonus with its core incentive grid and eliminating a net new asset award. Last year, UBS also raised its penalty box for its lowest grid rate from $300,000 to $500,000 as it focused on higher-producing advisors. In 2023, the grid will remain at 30-60%, with at least 10-15 percentage points deferred.
UBS intends to maintain its Productivity Award announced in January after the official 2022 plan rollout aimed at advisors with $10 million or more in revenue. According to Jason Chandler, head of wealth management, the decision to keep pay unchanged comes from UBS's focus on recruiting and retention.
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