UBS has released its much-anticipated recruiting deal but, at a maximum of 280% all-in, it may not be enough to stem the tide of defections.

Industry recruiters say that the firm is offering 130% of trailing-12 production in cash upfront. However, one recruiter says he’s heard that managers will be able to offer 150% or 160% upfront in particular cases.

Including back end bonuses, the deal will reach a maximum of 280%, according to sources familiar with the package. The back-end bonus “is tied to prospective growth and not based on trailing-12 [production],”  Kris Kagel, a UBS spokesperson explained. “We are being very selective on the type of FA we are recruiting. The key is we want them to share in the future growth of the firm by rewarding them for future revenue made at UBS.”

Advisors will get a certain bonus at three months, six months, nine months and 12 months, based on the amount of their previous assets they transfer and the growth of their assets while at the firm.

But, it remains unclear what percentage the advisor will earn at each benchmark. The deal follows the announcement of its retention package for its existing advisors last week.

Morgan Stanley Smith Barney and Merrill Lynch both recently released recruitment deals with a maximum of 330%. Both these deals stretch out over a five-year period and require advisors to grow their business by 50% during this time.

Rick Peterson, a Houston-based recruiter, says he’s waiting to see the details of the UBS plan but a 280% maximum sounds uncompetitive to him. “It doesn’t match the Merrill and Morgan deals, and with all the bad press, UBS really isn’t negotiating from a position of strength,” he says.

UBS had 7,286 advisors at the end of the third quarter, having lost  653 advisors over the quarter (including 368 who were in branches sold to Stifel Nicolaus).