UBS Wealth Management USA is modifying its advisor compensation plan for 2024 to incentivize individuals who attract million-dollar clients and encourage their customers to engage more with the bank, according to AdvisorHub. 

UBS is reintroducing the growth bonus as part of its new client award, which was removed from the 2022 plan. However, sources close to the company suggest that this award is being presented as a more straightforward and potentially more lucrative alternative. The 2022 plan had caused some frustration, leading UBS to introduce a productivity award to address concerns raised by some top producers, and the plan remained unchanged for 2023.

Advisors must generate positive net new assets, including loans, to qualify for the net new client award. They must establish at least two "qualified" new relationships with a minimum of $1 million in assets. Advisors have a 14-month window, starting from November 1, to become eligible for this award. 

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