Wealth Management USA, seeing increasing market opportunities, is accelerating the pace at which it sources and trains new financial advisors. The goal is to attract individuals who have five or more years of successful business experience in a related field and who would like to become financial advisors.
As a way of attracting the most qualified candidates, all are offered a competitive compensation package combined with a wide-ranging and extensive training program.
The training program itself is divided into three stages that provide for a curriculum of self-study, e-learning and complex case studies as well as face-to-face instructor-led training – all of which focus on the tools and resources available at UBS to build relationships and prepare solutions for clients.
In the first stage, new advisors work on understanding the skills and steps needed to build relationships with clients, learn about prospecting techniques and how to develop their personal business plans. They acquire an in-depth knowledge of UBS’s products and services, presented based on client needs. By the end of it, new advisors will have undergone more than 60 hours of learning about consultative skills over a period of 20 weeks.
In the second stage, a two-week period of training at Wealth Management USA’s headquarters, the focus is on advancing advisory and consultative selling skills through case studies and small group role plays where the new advisors receive training from a former financial advisor acting as a dedicated coach. That is accompanied by strategic presentations by senior managers and experienced financial advisors providing insights into the industry and UBS’s strategy. They also receive hands-on training in the use of UBS’s platform and its online financial planning tools.
The third stage, which lasts 12 months, focuses on putting the newfound skills acquired in the first two stages into action. The advisors return to their branches, where they begin to execute their business plans. They also continue to receive ongoing support and development. Weekly group meetings are held by the local branch management team to review progress, while training advisors review performance regularly and provide additional coaching as needed.
Early indications suggest that the program, which has been in place for roughly one year, has significantly increased the average productivity of new advisors joining UBS. As we continue to admit new advisors this year, it is UBS’s expectation that many will eventually prove to be welcome contributors to our franchise in 2005 and beyond.
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