UBS Group AG reported a 3 percent decline in advisor headcount within its Americas wealth management division for the first quarter, reflecting ongoing advisor departures as the firm reshapes its business strategy, according to AdvisorHub. UBS Group AG finished March with 5,884 advisors in the U.S., Canada and Latin America, down from 6,079 a year earlier.

AdvisorHub reports that the reduction follows UBS's efforts to control costs and revamp its compensation structure while consolidating field leadership roles. UBS Chief Financial Officer Todd Tuckner acknowledged on the firm's earnings call that attrition has occurred but maintained that the platform remains stable with widespread advisor support for the company's long-term goals.

According to AdvisorHub several prominent teams have left UBS recently. Those departures include billion-dollar teams moving to Merrill Lynch, Rockefeller Capital, Morgan Stanley, and Stifel, with a former UBS manager estimating that as many as 300 advisors could exit due to the firm's policy changes. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.