UBS Cuts Operation Staff

Posted on August 27th, 2014 at 3:37 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

UBS Wealth Management Americas has cut operations staff in an effort to reduce expenses. The firm has around 3,800 sales associates, who work to process orders and address client issues for the firm's roughly 7,100 advisers.

This UBS move is aimed to levy more sales and operational costs on its brokers, which mirrors similar efforts at Morgan Stanley, where the firm has been looking to centralize its back office operations. Next year, a portion of Morgan Stanley's roughly 16,300 advisers are set to pay additional costs, including a $1,000 monthly fee, for extra support staff beyond what the branch provides. Previously, those fees, which go toward items such as technology costs, insurance and retirement contributions, were paid by the firm.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

November 5, 2024
LPL Financial Prepares for AML-Related SEC Settlement

LPL Financial has set aside $18 million in anticipation of settling an ongoing Securities and Exchange Commission (SEC) investigation into its anti-money laundering (AML) compliance program.

November 4, 2024
Pershing Fined $1.4 Million for Inaccurate Interest Rate Reporting

Pershing has been fined $1.4 million by FINRA for disseminating account documents with inaccurate interest rate information.

November 1, 2024
Former Advisor Barred by FINRA for Failing to Respond to Investigation

FINRA has permanently barred financial advisor Michael Charles Grande from working with any registered investment or advisory firms after he failed to cooperate with an investigation into his mutual fund recommendations.