Two UBS advisors, Jim Chiate and Tony Guinane, who managed $1.2 billion in client assets, have departed the firm to join Sanctuary Wealth. This move marks another significant loss of experienced U.S. advisors for the Swiss bank.
The departure follows recent changes to advisor compensation at UBS, suggesting that these policy adjustments may be influencing retention. Such losses impact UBS's ability to grow and maintain its wealth management market share in the U.S.
This event underscores the competitive nature of the wealth management industry and the challenges UBS faces in retaining top talent. The loss of substantial client assets and experienced personnel can affect the bank's financial performance and client relationships.
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