Awards for Excellence 2017
It has not been easy for those without a retail presence to win the affections of America’s wealthy, but UBS – Euromoney’s best bank for wealth management in North America – seems to have done just that. UBS Wealth Management Americas (WMA) this year had its most profitable first quarter in the history of the firm, following record third and fourth quarters in 2016.
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Tom Naratil, UBS |
The success of the business is partly thanks to Tom Naratil, who started as president of UBS Americas last year, having previously served as CFO of UBS group. Naratil and the senior team took the bold decision to change the business operating model.
One move was to set a new industry standard by reducing recruiting goals by 40% and dropping large on-boarding bonuses. Instead, UBS is focusing on investing in the employees it already has.
UBS has also sought to build out client-focused capabilities like banking services and technology. “We aspire to be the firm where advisers want to join, grow with and retire from because they feel supported and rewarded,” says Brian Hull, head of client advisory for WMA.