UBS, LPL Ramp Up Recruitment After Shedding Advisers in Early ’26

Where’s that ”help wanted” sign?

The wealth management industry is bracing for a major labor shortage, with forecasts projecting a shortage of more than 100,000 advisors by 2034. Against that backdrop, even modest changes in headcount are under scrutiny, as firms like UBS and LPL look to balance short-term attrition with long-term recruiting efforts. Both firms reported slight dips in overall headcount, as well as strong net new asset gains. It’s an area that will get increased attention as the fight to bring on the best industry talent intensifies.

Wirehouse Wealth

At the end of the first quarter, UBS reported having roughly 9,400 advisors globally, a less than 1% drop from last quarter and a 3.5% decrease year over year. The firm expected a dip in US-based advisors after changing its compensation structure last year. However, company executives pointed to the unit’s overall strength and gains as fuel for recruitment efforts:

• UBS’ global wealth unit managed $4.7 trillion in assets at the end of the first quarter, according to the earnings report.
• Net new asset inflows totalled more than $37 billion. The Americas division, which includes the US, Canada and Latin America, took in $5.3 billion, a sharp difference from the more than $14 billion it shed last quarter.
  

“We continue to expect net new assets in the Americas to be positive, supported by both same-store growth and a healthy recruiting pipeline,” Todd Tucker, UBS chief financial officer, said on an earnings call Wednesday.

Broker-Dealer Blueprint. Over at LPL, total advisor headcount hit 32,144 at the end of the first quarter, a small drop from the previous quarter, but a 9% increase year over year. No surprise that much of those gains were a result of its acquisition of Commonwealth and its roughly 2,900 advisors. Meanwhile, total client assets increased 30% year over year to $2.3 trillion, and organic net new assets were $21 billion, representing 4% annualized growth. “Commonwealth was a major distraction last year, and now that that’s behind them, they look poised to return strongly to the recruiting market,” Jason Diamond, president of Diamond Consultants, told Advisor Upside. “I’m not worried about LPL being able to recruit.”

Company CEO Rich Steinmeier said advisor movement in the industry has “returned to historical norms” and that LPL is increasingly focusing on external recruiting opportunities. “I see an increasing responsiveness to the value proposition that we’re putting forward in the marketplace,” he said on an earnings call.