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?
We find this an interesting contrast to the recently expanded financial advisor training program at Merrill Lynch. As financial services recruiters, Willis-Consulting, Inc. will watch the upcoming recruiting months with interest, as these two different points of view play out. Where will the industry’s growth come from?
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