RBC Wealth Management has recruited three financial advisors from UBS who collectively oversaw approximately $1.1 billion in client assets. This move marks another significant departure of talent and assets from UBS's wealth management division.
The change continues a series of defections from UBS to Canada's largest bank, highlighting ongoing challenges in retaining experienced U.S. advisors. Such losses can impact UBS's market share and profitability in the competitive wealth management sector.
The departure of a team managing a substantial amount of client assets underscores the competitive pressures faced by UBS. It also suggests that recent changes to advisor compensation or strategic direction may be influencing retention.
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