Wealth Management

UBS executives: Wealth ‘referral awards’ don’t work

Swiss firm set up cross-divisional wealth unit last summer as rivals tempt dealmakers with bonuses to refer rich clients

UBS’s Global Wealth Management Solutions boss Yves-Alain Sommerhalder says Credit Suisse acquisition provided a natural opportunity to create cross-selling wealth team
UBS’s Global Wealth Management Solutions boss Yves-Alain Sommerhalder says Credit Suisse acquisition provided a natural opportunity to create cross-selling wealth team

Banks have trialled countless incentives to spur dealmakers to refer their rich clients to their wealth franchises, as they race to gain a foothold in the lucrative high net worth market.

Goldman Sachs has explored paying “referral bonuses” to investment bankers and traders who cross-sell to its private bank, while Morgan Stanley has boosted payouts for advisers who refer clients to other areas of the bank.

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