UBS Wealth Management has put a freeze on hiring rookies for the remainder of 2008, as reported by Annie Gasparro in the Wall Street Letter on April 28, 2008.
Their intent appears to be to continue hiring experienced financial advisors from other firms in order to grow their sales force. Of course the cost saving of about $15 million in training expenses is significant, but are they being shortsighted?
Read more on UBS Freezes Hiring of Rookie Financial Advisors…
We’ve found that college graduates seeking to enter the financial services industry tend to be woefully ignorant about entry level compensation and benefits packages offered by Wall Street firms.
There is a tendency among candidates to overestimate their own abilities and focus strictly on the size of the salary they are offered.
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