UBS (UBS) said Wednesday that it had adopted a mobile-technology strategy for its 6,900 U.S.-based financial advisors. The plan includes mobile tools and applications, such as one for the iPad that lets advisors interact with clients’ account information while on the go.
“As our FAs engage with clients in an environment that compels 24/7 connectivity, we are thrilled to launch an innovative platform that gets us in front of this market change and gives us an edge,” said Anita Sands, COO for UBS Wealth Management Americas, in a press release.
A three-month pilot period begins on Thursday, which has been developed by UBS in cooperation with Silicon Valley-based Framehawk Inc.
“We are working closely with our advisors and Framehawk to ensure each mobile solution meets our FAs' expectations in terms of usability and functionality and provides a significant uplift in productivity," Sands explained.
UBS says it plans to follow the three-month pilot period of the program–UBS FA Mobile–with a national launch of the platform to FAs beginning in March 2012. The application is designed for the iPad but the associated platform can be used on other mobile platforms, the brokerage firm says.
Earlier this year, other firms–such as Raymond James and T.D. Ameritrade–began introducing programs that give reps more abilities and access to client info on iPads and similar devices.
Recently, UBS said Wealth Management Americas will have yearly targets of 2-4% growth for net new money, 75-78 basis points for gross margin and 80-90% for the cost-to-income ratio. Third-quarter net new money for the U.S.-based wealth-management operations, led by Bob McCann, was 4 billion Swiss francs (or $4.5 billion) compared with 2.6 billion Swiss francs in the second quarter and 0.3 billion Swiss francs a year ago. (These figures exclude dividends and interest.)
