UBS reported a strong quarter in wealth management, with profits rising sharply as executives said advisor departures are starting to slow after a long rebuilding stretch.
That easing matters because each lost advisor can take clients and assets along, and lower turnover lets UBS spend less on replacing producers and more on serving and growing accounts.
Wall Street’s recruiting fight has become harder to justify as rates normalize and valuations moderate, pushing large brokerages to emphasize profitability over splashy hiring wins.
For rivals and independent firms, fewer UBS departures mean a smaller pool of potential recruits and one less source of instability at a major competitor, even as the industry’s talent war continues.