UBS Wealth Management has joined other major firms including Merrill Lynch, Smith Barney and Morgan Stanley by setting up an Investment Center where financial advisors provide services over the phone for clients who have $1,000 to $250,000 in assets, reports Evelyn Juan, reporter for Dow Jones Newswires, on June 19, 2008.
Termed the “emerging affluent,” these clients are assigned a team of brokers who are trained to work specifically with this segment of investors.
The idea behind this move is that the most experienced financial advisors will work more with upscale clients.
What is your thinking on the pros and cons of this tactic?
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To be honest, I’m somewhat fruhstrated with the impact the call center my firm has instituted. I feel some loss of direct contact and control with clients I’ve worked with for years. On the upside, I have heard some positive feedback from clients who state that they can get prompt attention and service.