because of high remuneration costs, lack of profitability, and increased regulatory and client requirements, said people familiar with the business who could not speak publicly.
Some rivals, such as Crestone, operate under a so-called grid model where bankers earn a percentage of how much revenue they bring to the business. “We do not operate under the brokerage [grid] model used by other international wealth managers. Our relationship managers ... do not receive product-based trail commissions,” said Mr Marr. Private bankers receive trail commissions when they sell various products offered by the lender.
Before it spun off its local wealth management arm, UBS’ Australian business used the grid structure, while colleagues in other geographies used the salary-plus-bonus model like Credit Suisse.Some of the Swiss lender’s private bankers have set up informal meetings with competitors like Crestone and Morgan Stanley, while executive search firms are sensing a chance to convince wealth managers who come equipped with lucrative client relationships to move to a new position, people familiar said.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianAus - 🏆 1. / 98 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »