CEO of Wealth Management Americas at UBS Robert McCann plans to build strong relationships with clients and, where appropriate, get them to re-engage in risk-based assets.
Growing assets and retaining top employees that Robert McCann skulls enters its second year as head of UBS. Well management America's -- today here -- Here's three to five year plan calls for reaching one billion Swiss francs about a billion dollars and pretax profit. Given out first -- is selling yourself short and I think. Well I don't know about selling yourself short. But I am. Even more optimistic even more confident that we can reach the goals that we set out when we started this journey a year ago what makes more -- With the business now for you I know the people know the quality of the people there the quality of the advisers I know the core capabilities of the company and how we can. Apply those to the challenges hand in addition to that. In the market now. Now NIC our ability to attract talented people in addition to the ones that we already have so whether it's attracting financial advisers or. Attracting talented people in the mortgage space in the product developments days. A year into it now I know the company and I know how to present the company's of people and I see that traction we're getting. Again from clients to advisers to the people who develop. In source the products that those advisers use them declines all that makes me more -- Here -- isn't scale but -- returns her adviser. How I think in a -- an industry three to five years and now to do bragging rights matters to -- in terms of being the top wealth management . -- Well. It depends how you defined top. We will not be the largest. Pretty much guarantee that. Just wanna be the best I want to be the firm that takes care of its clients the best I want to be the firm that is the most attractive for financial advisers -- work. And I wanna be the firm that has the most productive advisers so right now oak. Key metrics that I look at a couple of key metrics might be. Invested assets per advisor and we lead the industry in the most recent quarter we had a 104. My goal is to have that number -- 125. Million per advisor or higher. We also look at revenue per advisor the most recent quarter we are about 785. My goal is for that to be a million higher. At 785 by the -- second were closing the gap on number one but when I sit here with Q3 to five years from now. I'd like to not just be number one -- invested assets per adviser I'd like to be number one in revenue per advisor. And to be honest with you like to be a big gap between us and number two. You talk to Reuters summit about compensation your views for compensation are a little bit different in that -- in some ways. Are not giving a large package up front you wanna see some earning up that. Compensation you need to tweak that strategy at all in your attempt to retain. And attract new financial advisers 150. Perhaps not as much as some others but the compensation idea will be more competitive. I. Think that what we're doing from a compensation standpoint for the advisers that are already here. And for the advisers that we're attempting to recruit. Is competitive and doesn't need any time a major tweak at all. I don't think it does at all I think though that. Our approach to the market has been with respect to recruiting advisers. Our approach is -- To give less money up front -- when advises that we're attempting to recruit. With the idea. That if he -- she succeeds in our organization. And brings their book of business here and then grows that book of business they can actually make more money here than maybe another recruiting package. Ask you this creature own survey of 46% your clients become more conservative yet. How do you grow revenues of clients are willing to -- dress well. That is in our survey did indicate that I think clients have been. Shaking and shaking hard by the events of the last few years and we're seeing that in our survey work. But. My view of a client relationship is -- say. So long term relationship and it's not merely about the next quarter the next year. I think it's very important right now to be listening to your clients. And listening closely to what they've been through and what they're thinking about. And then in the products that you delivered to them in the advice she get them to make sure that first and foremost you know what they are thinking about what they've been through. If you do that I think you can appropriately. Work with declined if you know them top to bottom front of that. And start to get them to re engage in risk based assets as they are ready to. I don't view that is a we gotta do this by December 31. We gonna get to know our clients. We didn't understand their hopes in their fears. And then we need to know what they wanted to their dreams what they -- what they wanna accomplish. And if we do that and we have the right -- advisors and trained them well and support them. The economics of it would take care of itself over time quite sure that. Reverend mechanics and as for your time thank you. I'm Rhonda schaffler this is writers.