Monday, March 24, 2014

UBS: Clients Need More Than Investment Advice

Financially conservative children of current clients receive particular attention, says UBS Wealth Management
Clients, particularly millennials, want objective advice on a wide range of issues from someone they trust, says UBS Wealth Management. (Photo: AP)
In the competition for clients, UBS Wealth Management Americas is focusing on the high-net-worth and ultrahigh-net-worth segment, where it sees the biggest growth opportunity.
The firm is also looking to bring the children of its clients into the fold, Jason Chandler, the head of the firm’s wealth management advisor group, said in a press briefing Wednesday.
UBS’ strategy is to offer advice beyond investing, Chandler said. Clients want objective advice on a wide range of issues from someone they trust.
“Families today want holistic services,” he said.
In order to ensure that its financial advisors meet this challenge, UBS is recruiting the best talent it can find and pouring resources into educating and training.
Emerging millionaires may be risk-averse to a fault and lack financial plans. Less than half have an advisor, Fidelity found.
Permanent Changes
UBS Wealth Management is changing because investors have changed, and these shifts have become permanent, according to Emily Pachuta, head of client marketing and Investor Insights.
Consider that wealthy investors, irrespective of age, currently hold 20% to 25% of their portfolios in cash. “They use it as a security blanket,” Pachuta said, “and this allows them to engage in the markets.”
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