Paula Sabbagha: Hi there and welcome to the chat TCG podcast. I am Paula Sabbagha Financial advisor and I'm joined with William Velasco Financial Advisor. We are on the TCG and associates team at UBS Financial Services in Columbia, South Carolina. We can be reached at (803) 873-9850. Our guest today is Jason Price of UBS head of Veterans Affairs. William Velasco: Good morning. This is William Velasco with chat TCG. And on us we have Jason Price, head of UBS Veterans Affairs. How are you doing, Jason? Jason Price: How are you doing? Thanks for having me today. William Velasco: Yeah, thanks for joining us. So I know our our big thing that we're talking about today is the great men and women of our veterans, of our armed forces, and how UBS helps put them in places of success around the company. Really want to make sure for you, as head of Veterans Affairs here at UBS, what was your journey of getting and becoming the head of UBS Veterans Affairs?
Jason Price: Good question. And it's a, non-typical story. So I started UBS about 14 approaching 15 years this year. Within wealth management recruiting. So I actually started my career at UBS in Human Resources, where I managed a large part of the recruiting for our home office functions like CIO Investment solutions, field leadership, etc., etc. and early on I met actually was one of my clients. Jason Price: I was recruiting for the capital markets business, specifically the fixed income desk. And one of the fellows on the desk was that Marine Corps veteran. And he also had founded the Veterans Employees Network. And so we got friendly. And, you know, when we're doing our day jobs together, trying to recruit for his team, but say, hey, listen, what can I do to help volunteer for you guys? Jason Price: You know, I'm not a vet, but I want to have an ally. I want to see what I can do to help out and are doing wonderful not for profit stuff through ACP, etc., etc. and, you know, then the light bulb went off. I'm like, wait a minute, you guys are hiring managers? I'm a recruiter. Veterans need jobs. Jason Price: How do we figure out how to build a recruiting program? And, you know, be a force for good, I guess, without sounding corny. So shortly after we started, kicking the tires with a couple of senior leaders at the firm and ultimately, you know, with the likes of, like, Tom Natale, Nicky Strasser and other senior execs, we were able to actually some secure some funding to literally, you know, run a funded program.
Jason Price: So that's kind of how this all started. So about maybe 13 years ago, we started doing some ad hoc one off recruiting. But ten years ago we launched our veterans associate program. And actually, we're in the middle of recruiting for our 10th cohort. So kind of a strange evolution. I worked two has for a while, like running our veterans hiring programs and then also running, wealth or large part of wealth manager recruiting. Jason Price: About three years ago, I got tapped on the shoulder by Mike Ryan. So. Okay, listen, we actually want to put some real horsepower behind us, you know, operationalize this. Let's put some structure around it and let's let's move this to the next level. And so they asked me to run this completely as head of Veterans Affairs, which I said, yes, I accept. Jason Price: I'll start tomorrow. What do you need from me? And, you know, fast forward three and a half years. Here we are. We're we're running this program and many others. William Velasco: It's awesome. Yeah, we have a lot of a lot of people that work here at UBS that aren't necessarily veterans, but are allies to the veterans and and our armed forces. Can you explain a little bit about how how not being a veteran, but you can still be an ally here at UBS? Jason Price: Yeah. You know, that's, that's a really important component of why we've had success in this space is due to the allies at the firm. They eventually become the mentors, the hiring managers, the sponsors, those that help us recruit. But it's also their, like the other various employee networks at the firm, it's a safe space and a community for vets and allies to get to get together.
Jason Price: One for mentoring and career development. Just building camaraderie and forcing culture. It also helps retention of the firm when you can build community around the allies in the vets. Right. So we found that actually they last year they actually rebranded the Veterans network as the US Veterans and Allies Network because it's so important that allies are part of this community. Jason Price: And also it's important that our allies join the veterans community to support them as they are moving through their careers and such. Right? Yeah, I think that pretty much speaks to that. William Velasco: And as you say, moving through to their careers, can you touch on some of the significant challenges veterans face, especially as they move into civilian life and away from active duty culturally? Jason Price: There's, you know, the, conception or maybe misconception or what have you, where they're they're moving out of a solution execute environment where they're given orders, they've got a mission accomplished a mission, and then you'll have the next mission, right? So, depending on what rank you are, you're taking orders from somebody higher up. And your life and your days and weeks are kind of defined right now. Jason Price: You're coming out of military. You're going to come work at UBS or give it a name company. And now you have to figure it all out on your own. There's no one that's going to tell you what to do. You know, it's the job description is you know, what you're supposed to be doing. You know that the structure around it.
Jason Price: But now you're in a position where, okay, I know what I have to do, and I know my job is how do I get promoted? How do I move up the food chain? How do I volunteer for more work? So some of the advice we give them early on is that you need to learn how to self-promote. Be your own advocate. Jason Price: There's not going to be a colonel general, you know, sergeant major above you that's going to sponsor you. You need to be your own advocate, but also now you need to go find your own mentors and sponsors at a firm such as ours to help you get up that food chain. So it's going from that solution execute to being your own self-promoter and learning how to navigate corporate, politics and environments. Jason Price: Right. That's that's one of the biggest opponents. For the most part, they're actually quite well prepared in a transition as far as a skill set basis. But it's that sort of paradigm shift in their mindset. William Velasco: Yeah, I know, and especially with the skill set, I mean, I know we've had a couple veterans that have worked with our team and it's almost you go from managing, you know, thousand troops to now all of a sudden you have 100, 150 clients. Jason, how does UBS identify and support high potential veteran talent within its ranks? Jason Price: The way we support them is through actually some pretty substantial training. We, will work with firms such as training the street and marks for the licenses or STC for us, series 66 city, etc.. Other ways that we, help them is through H.R. We have a pretty substantial internal mobility program. Right. So, you know, once you're here at the firm and you've gone through the initial training, you know, you've gone, let's say, through a VA program and you've converted into a full time employee.
Jason Price: It doesn't stop there. You have your mentors in place, right? You have access to myself, who is essentially your sponsor throughout the program and beyond, as well as our HR internal mobility programs, which help get you to the next level. Right? You're not just stuck and pigeonholed into a particular role you're hired into. You have the ability, like every other employee, UBS, to seek out career mobility, the promotions, etc.. Jason Price: And we're here to guide them through the whole process. Right? So it's not some black hole. It like, hey, how do I navigate this place? You have lots of advocates that help them through that process. William Velasco: Awesome. And so in talking about that, you mentioned two things the Veterans Associate program and the DoD skill bridge that really help, us hire veterans and then train them to be successful at UBS. Can you go into the difference between those two programs and how you're able to utilize them? Here at UBS. Jason Price: The skill bridge is relatively new for us. We've been doing it in some form or another for about three or so years. What it is you're an active service member in the Army and you're ready to transition out. Navy, Marines, what have you. And let's say up to your last four months of active service, you're still on DoD payroll and benefits. Jason Price: You get to do what's called a fellowship at a host company such as UBS. And we sponsor you as a we'll call it an intern, a fellowship, what have you. You are on the company's payroll. So let's say you are on the DoD payroll while you're doing a fellowship with us. You're bridging the skills into your new career.
Jason Price: So it's a wonderful program, you know, funded by the DoD. We could take advantage of it, as well as many other fortune, five, hundreds and private companies for those veterans right now, what it should provide them is a high likelihood of conversion to full time employment at the end. So they come through their DoD payroll, but then eventually when that is over, they're going to transition into that full time role. Jason Price: And we have lots of examples, even down in South Carolina, where folks have gone through the DoD skill bridge program and move into their full time roles. Now, that program is where we kicked it off ten years ago. That is very front office centric. It's going to be global markets, global banking, wealth management products, New York, new Jersey, equity Research, and a lot of others front office roles. Jason Price: That is started as sort of like a IT associate program for college degreed veterans that don't have a master's degree or MBA. So it is a it's a fast track to get into an MBA like program, such as the investment bank, but we're taking that life skills experience as equivalent or if not better than the MBA. And then pushing that, putting them in through an investment bank channel. Jason Price: Equity research channel, what have you. That is typically an internship paid by UBS for up to, five, five and a half months. And again, much like skill bridge, it should transition into a full time role at the end. And we have a very robust review process around that. We'll go through 200 or so candidates to come out to, you know, 8 to 10 candidates or 8 to 10 interns.
Jason Price: Skill bridge candidates can also be applicable and eligible for the program. Right? You know, skill bridge is just the matter of how and who pays for their payroll during that period of time. William Velasco: Okay. So you could do the skill bridge and then do the Veterans Affairs or Veterans Associate program. Jason Price: Right at the same time with their skill bridge. If their skill bridge timeline lines up for VA will absolutely do it that way. William Velasco: That's awesome. I know we have, a gentleman who's in the skill bridge program right now here in Columbia, South Carolina, and he has been fantastic helping us with a lot of things. You know, Jason, when we're looking at this, because there's always, you know, especially in our industry in finance is how do you how do you measure success. William Velasco: And so in something where we're looking at, you know, individuals and people, but then also the metrics that we have to post to our managers and our bosses in the street and our shareholders. How do you manage success both in the individuals and the people, but also at the company wide level? Jason Price: It all started out as an altruistic venture because hiring vets is the right thing to do, right? We shortly learned that not only is it the right thing to do, but we see an immediate return on investment with this talent. So much so now, even the investment bank has allocated several headcount each year to us. From there, associate their graduate associate pool.
Jason Price: But now as an investment, you know, that's a bank wealth management firm right. Where we work by numbers or quantitative. You know, there's got to be an ROI, right. So how do we measure that. We're measuring, the conversion from internship to permanent on a skill based perspective. Works were measured. We're converting at about 88% on a VA perspective, we're, converting at about a 1995, 96%. Jason Price: But more importantly than just the conversion rate is like every other hiring exercise is our retention rates. Thus far, we're tracking better than, junior talent as well, and as well as professional recruiting metrics as far as retention, you know, I think at a three year mark, we do see attrition, popping off. But that's pretty typical for any type of position. Jason Price: But generally we found that these folks are more loyal. They do good work. They bring great culture and all that. You know, when you're measuring, it's not just the quantitative piece versus the qualitative piece. It's the quality that we're bringing in here. The response that we're getting from that is adjacent. We want to get involved in your programs. Jason Price: How do we do it? Right. That's for me. That's the biggest measure when people are coming to me asking for the product. William Velasco: That's awesome. I know, and you touched on one main thing of of leadership. And yeah, I've graduated from The Citadel. So I have a lot of friends that that went into the military right out of schooling. And so me working in an office and then talking to them of they're already leading, leading other men and women in battle. William Velasco: And just throughout life, one of the things, have you seen an increase, not only just in the we have such a great retention rate and these people who are doing great jobs at work, but how do you see them? And the leadership roles, along alongside the just more traditional path of graduating college and going into wealth management or into business?
William Velasco: So how do you see how do you see the veterans not only doing great for themselves, but also increasing the aptitude of of the people sitting next to them. Jason Price: These values that coming out of that program. Right. And that kicks off well, let's say they transition out of the middle of summer at the same time, the investment banking graduates, I'm sorry, the MBA graduates are coming out of school and they come back in together and then now get jumbled together in another cohort being the investment banking associate cohort, that that is typically what the investment bank runs. Jason Price: Right? So now you have the 22 year olds next to a 30 year old, right, who has exceptional life experience, a level of maturity, a level of work ethic. Right. So I my, my I take it is that and this is the feedback I've received. It elevates the rest of the team. Right. Thus now, you know the the MBA graduates now has to kind of like, okay, well this guy's got real. Jason Price: This guy, our guy is real life experience. How do I elevate up to that level not just on a analytical or technical component, but like a maturity component, work ethic, a work ethic component, etc., etc.. So it brings a really interesting dynamic when when you see the junior talent and the veterans come together, now that they're not that far apart in age and all that stuff, but it's just a it's an interesting dynamic. Jason Price: And I hear from, I hear little snippets from hiring managers every so often about how they see other talent on the team trying to elevate it to, to a new level.
William Velasco: And that's the whole goal of, of our company is just trying to elevate each other and do best what's best for our clients. Jason Price: 100% that are clients, not of us, you know, have a role here, right. William Velasco: And so, Jason, so when we're looking at this, what are some upcoming initiatives or goals that you're excited about? Jason Price: So we are trying to, you know, every so often I try to reinvent, you know, we are, you know, as you know, limited resources at such. We have to be creative and, you know, kind of think outside the box. This year we're going to be launching something new. It'll tie into VAP but also tie into skill bridge. Jason Price: What we are. It is I would say this is an example of the, the intern is doing, skill bridge in your branch. We are opening up the vet hiring across the US at the branch level, as well as our other hubs in Nashville, Raleigh, Charlotte, where we want to now expand out from just doing the New York City stuff. Jason Price: You know, that's easy because everyone else is coming to New York. But you have a large population of events in the Carolinas, California, etc.. So I'll I'll use an example. Right. In Nashville, you have Fort Campbell out by Raleigh, you have Fort Bragg, right? You have a natural large population of veterans that are transitioning out, and they have already grown their roots there. Jason Price: Right? They don't want to move to New York. So we're building out our programs further in those areas. But now we're looking at San Antonio. You know, you guys in Columbia, Norfolk, Virginia, Manhattan Beach, Seal Beach, California, we're going to be hiring these both skill bridge. And what's new for us is going to be called VPI. So VPI they may be skill bridge, but they if they're not eligible for skill bridge, they will be paid through Veterans Affairs as an intern just like that.
Jason Price: But it will be specific to those roles at the branch. Could be admin manager, or say so. And even manager CSA. We and any of the sort of support functions for DFA teams ultimately to, you know, drive good talent to the firm but also providing them the ability to get those licenses. Nine, ten, six, seven, what have you. William Velasco: Yeah, because I'll tell you, those those tests are they're not they're not overly difficult, but they're definitely not easy. Jason Price: You know, five tests right. Six, seven, 66 910. And it's it's hard for a hiring manager to get their head around. Well, this person doesn't have any exams. Do they have to come in and pass the exams if they don't pass the exams that you had a regulatory breach. And so with the VPI or skill bridge, you use that period of time as exams. Jason Price: You know, you know, four months to take exams. And then if you pass those hurdles, then we turn you into a full time employee. It gives the hiring manager a little bit of ease that they can take a little bit of risk. William Velasco: Yeah, it's able to give them a nice little runway. And and then also I mean you're talking about the veterans and I mean these are the people that if anybody can learn a whole new skill and a whole new career in their 30s or even in their 40s, it's going to be this group 100%.
Paula Sabbagha: And while they're studying, they're here. They're sitting here with people who are actually doing the things that are on those exams. So I've seen, Matt, who's here with us, you know, studying and kind of asking questions. So it's helping them study and then helping, you know, the employees here in our branch by also like revisiting the material. Paula Sabbagha: So I think it's a win win having someone here. Jason Price: Absolutely. We have the access to all of those organizations like NAB and marks, STC, all that stuff to help them with the content, you know, the higher pass race, etc.. William Velasco: If you could dispel one myth about veterans in the corporate world, what would it be? Jason Price: I think a, you know, myth that we see is that, you know, let's say the perception from corporate America is that vets struggle to adapt to the civilian workplaces, right? Whether it's a skill set, you know, the conception that there's, you know, everyone's got emotional issues, etc., which is really unfortunate because the truth is they already work in highly diverse, fast paced environments. Jason Price: Their skills that learning new things quickly and with complexity. They lead teams, they're adaptable. They work great under pressure. You know, I think some of the real challenges, you know, it's not often there. It's not just their ability to adapt, but maybe it's the employer's inability to translate their military skills or understand that, you know, these individuals actually come to a firm with exceptional toolbox of skills. Jason Price: So taking advantage of that and maybe changing the bias of employers to think about, you know, vets in a different light.
William Velasco: Yeah, I know we found that, pretty prevalent actually. Two weeks ago I had, the skill bridge. Gentlemen, that that works in our office. I had a whole I did go through a whole project, and basically it was running out a time because I had to go see a client and just handed him the project. And he coordinated with the other interns and some of the other CCAs that we have and completely finished it. William Velasco: By the time I was back in the office the next day. Jason Price: He asked a similar experience. We had a, West Point cadet visit us this summer for three weeks, and obviously she's, you know, just trying to graduate, getting out of, she's going into her senior year and she'll commission as a, second lieutenant next year. And they didn't have a whole lot of our background in Wall Street or our industry in general. Jason Price: And I gave her work, an essay, homework assignment. Tell us about the Iran Israel conflict and how should our clients be thinking about it? And I said, okay, here's three articles from UBS. Insights. Here's an article for Bloomberg and Wall Street Journal. And feel free to use ChatGPT. Give me a report on Monday. And it was exceptional. Jason Price: And she's and she hasn't even served yet. She's just about the commission. William Velasco: I actually played lacrosse and played it up at West Point and got to meet a number of of those, men and women and for one, they completely destroyed us in lacrosse. And two, they're just incredible human beings. And they were so mean. I that does not surprise me. One bit.
Jason Price: It's a real joy and a pleasure to work with this population of individuals. Right. Like, it's it's not often you get an opportunity to feel like you've made an impact on people. You know, both the company, the individuals, those, you know, the veterans families. So I mean, there's something pretty cool about what I get to do. William Velasco: Oh, yeah. And and speaking of that, you know, if you had to think of 1 or 2 things that you would like to look back at the end of your career and say, I'm extremely proud of my legacy of doing this, what would it be? Jason Price: You know, think about what is the legacy. You know what? You know what happens. Even you know, you know, whoever my successor might be down the road, right. And over the ten years, right, that going at our 10th year anniversary is kind of a big, milestone for us, but it's, you know, it's the thousands of vets that I've spoken to, coached, mentored. Jason Price: Some have hired, many I have not. Right. Just providing them the insight Intel, the information that they need to think about transitioning. Some may not even come to our career. And it's like, hey, listen, you know, you should be looking at X, Y, or Z. So touching all of these individuals and hopefully giving them a positive impact as they're transitioning out. Jason Price: You know, I think that's just been amazing. You know, more directly with UBS, we've hired north of 200 veterans over that period of time. Many of them have become leaders, directors, executive directors at the firm. That's a cool legacy.
William Velasco: Yeah, that's I mean, that's 200 people that you've you've touched and you've helped grow and move and transition into into the private sector and here at UBS. So that's a that alone would be an impressive legacy. And you still got plenty of time to to improve on it. Jason Price: I'll give you here's an example. Right. So a fellow we hired a marine Corps veteran, he also got his degree from Texas A&M, his bachelor's and my last conversation. And he's a guy always tapped to go to career fairs and stuff. Right. And my conversations now about his kids going to school, is it public or private? Jason Price: We got, you know, the house is getting built or putting in a new kitchen. And I'm like, secretly, I'm like, that's so awesome. Like, you know, it's he's, you know, like we're we're having like stories and conversations from, you know, eight years ago we hired him and now he's like executive director of any investment bank having life problems when he, when he was interning with us, he had his first child. Jason Price: And every saw that he bring his kid into work. And I'm like, I got your number. I know what you're up to. You got the kid in here to try to submit that offer work and. William Velasco: Yeah, I know that's. And that's one big thing. Just. Do you have any arm? Do you have an example on the, the wealth management side? Because, you know, I know especially here being in Colombia, right next to Fort Jackson and Shaw and so many other different, military bases. We have a lot of, a lot of people who just retire right out of the military.
William Velasco: And one of the things is we always like to be helpful during financial planning and if anything like that for them. Do you have any examples of some skill bridge or the people from the VP on the GM side? Jason Price: Hundred percent. So, we had a skill bridge fellow go through the Norfolk, Virginia office, graduated out of that, doing skill bridge and then moved into a financial advisor team. That was a great opportunity for him, where we see a lot of success. Both skill Bridge and VP is chief investment office and investment solutions. They are a regular, you know, participant of the pro of all both, programs on the business management teams. Jason Price: There are two, former VP's on that group, the portfolio advisory group. P&G at this point seem to be a regular hiring team for both of our types of, individuals. Where else have we seen hiring? We'll see more hiring coming out of some of our regional offices. Like I mentioned with the this is the dam and managers, the CSA roles, etc.. Jason Price: Right? So we see a good amount of, wealth management success. But right now it's, I would say mostly concentrated at the Home Office and the I would say the product support desk would support you guys like alternative investments, advisory solutions, wealth planning, etc..
William Velasco: I'll tell you, we, we utilize P&G and, and our wealth planning specialists, at nauseum. So they they are they are fantastic help for us here out on the and in the branch offices and working with clients. Jason, I appreciate everything that you, appreciate you joining us today on chat TCG. Jason Price: Been an absolute pleasure to spend some time with you, this afternoon and, you know, look forward to our, further partnership. William Velasco: Absolutely. Yeah. We love to have you come down to Columbia sometime. Preferably when it gets a little bit below 90 degrees. Jason Price: Yeah, well, we're dealing with that new Jersey as well, so, I, I'm with you on that. Yeah. William Velasco: Yes, sir. Have a great day. Jason Price: Thank you very much. Have a good one. Bye bye.
Disclaimer: This podcast is presented for informational purposes only, and should not be relied upon as investment advice or the basis for making any investment decisions. It does not constitute an offer to sell or a solicitation of an offer to buy any specific product or service. UBS does not provide legal or tax advice, and we would recommend listeners to obtain appropriate, independent professional advice. Disclaimer: Some of the views and opinions expressed may not be those of UBS Group AG or its affiliates. UBS Financial Services, Inc. offers investment advisory services in its capacity as an SEC Registered investment advisor and brokerage services in its capacity as an SEC registered broker dealer. These services are separate and distinct, differ in material ways, and are governed by different laws and separate arrangements. Disclaimer: It is important that you understand the ways in which we conduct business, and that you carefully read the agreements and disclosures that we provide about the products or services we offer. For more information, please review quiet relationship summary provided@ubs.com. Forward slash relationship summary. UBS financial Services Inc. is a subsidiary of UBS Group AG and is a member of Finra and SIPC.