UBS Attempts To Delay Death March; Delays Skyrocketing Grid Adjustments

The suits at UBS thought better of completely committing to a ‘the beatings will continue until morale improves’ policy come January 1 – instead choosing to delay (sort of) skyrocketing grid adjustments by six months. With an asterisk. Delaying team grid adjustments higher, but sticking to their guns with individual grids. 

Industry recruiters put down the champagne for a brief moment, but still can be seen toasting with their favorite white or red. Seriously. 

In some twisted conference room these guys came up with the theory that delaying team grid adjustments higher probably will somehow force advisors to quickly form or join teams (remember the whole ‘super team’ commentary from UBS brass a couple of months ago?).

The wirehouse is giving advisors who are part of teams six months longer to meet the new team revenue thresholds — extending the deadline to July 1 next year from the previous January 1 date.”

“However, UBS didn’t alter the deadline for advisors to meet their new individual revenue thresholds.”

“Under the 2020 comp plan, advisors must generate $100,000 more than they did this year in individual revenue production — or $300,000 — to qualify for a payout rate of 30%. In an example in the higher range, advisors must generate $2 million more in individual revenue production — or $12 million in 2020 — to qualify for a payout rate of 50%.”

“Meanwhile, an entire team must generate $6 million in revenue production to qualify for a payout rate of 48% — higher than the $5 million requirements for 2019. At the same time, to get that team payout rate, each member of the team must meet a $1.2 million production threshold, up from $1 million currently.”

Now add a layer of protocol exit to the above and it correctly spells s-t-u-p-i-d-i-t-y. 

Speaking to several recruiting heads at rival firms – we received messages like ‘LOL’, ‘Silly on several levels’, ‘plunging below 6k advisors in 3,2,1’ – it is open season on UBS advisors. And you can bet they deserve to cash in.

 



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