Updated Wednesday, April 16, 2014 as of 3:21 AM ET
Changing Course: The Wealth Management Industry Confronts Its Challenges
As a branch manager earlier in his career, David McWilliams often noticed that some well-qualified candidates turned down job offers. "It became obvious to me, as I interviewed people, especially women, that they didn't want to be on commission. So I lost a lot of really good people because of our pay structure," he recounts.
Now McWilliams, head of UBS's wealth management transformation team, is in a position to take on some of the industry's sacred cows, like the insistence that new recruits hustle to bring in as many dollars as they can. A year ago, UBS launched a new wealth management training program. It placed 50 of its 300 to 350 new hires in a salaried position within an established team. For two years they will work with a financial advisor to change the culture within the firm into one that's based on financial planning. "My whole training as a broker was around products, and making sure you understood the products you were selling," McWilliams says. "Now it's all needs based and a lot of times those needs have nothing to do with investments."   more »
More in Succession Planning
Beset by a graying workforce, an aging clientele and a shortage of young talent, the wealth management industry is at long last changing course. more »
As they prepare for retirement, senior advisors can help young planners become competent and confident financial advisors. more »
Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce. more »
United Capital has started providing regular liquidity to advisors with some first stock sales proceeds exceeding $500,000. more »
A "sunset program" for soon-to-retire advisors is already underway at some banks. But there is still much to be done, industry executives say. more »
Merrill Lynch Wealth Management is putting the spotlight on advisor training with its appointment of Racquel Oden as head of new advisor development. more »
With the advisor population aging and looking to retire, more wealth management firms are stepping up their efforts to recruit and train a new generation of advisors. more »
Cambridge's Amy Webber says promotion is next step in complex internal succession plan. more »
A clash over future growth plans at Lenox Wealth Management led to the departure of the firm's 34-year-old president and COO Jay Hummel. more »
Almost half of the advisors in a new FPA study say they don't have a retirement plan; even more fail on business and succession plans. more »
Expansion-minded Savant Capital Management has bolstered its presence in the vibrant Chicago metropolitan market, acquiring Paragon Advisors, a $150 million firm in Naperville, Ill. more »
The well-heeled are worried because they know their children can’t handle the money they’re going to inherit—so you need to teach them how. more »
A group of former Morgan Stanley directors is hoping their new start-up will let them capitalize on the industry’s aging demographics. more »
Honoring the Top Branch Managers of 2013

Current Issue

The April Issue is now online!

Already a subscriber? Log in here