After years of wooing rich families with white-glove service, UBS is heading down the wealth curve by offering cheaper digital advice
by managing company stock-compensation programs, then getting those clients to pay up for more lucrative services.raised their rating on UBS stock to outperform from neutral, saying the digital-wealth project could be a game changer.
UBS enlarged its footprint in the U.S. when it bought the U.S. brokerage PaineWebber in 2000. It took the brokerage more upscale, trading off UBS’s global reputation. UBS also got into hot water with regulators and admitted in 2009 to helping thousands of U.S. clients hide income from tax authorities.
The bank stored up deferred tax assets in the U.S. after huge annual losses in the 2007-08 global financial crisis, meaning earnings there go to the bottom line, an incentive to make more of its profit in the country. The BNP Paribas analysts on Friday said those tax assets don’t seem to be getting valued in UBS’s stock price, which has performed better than most European peers but trades at a discount to big U.S. banks.
U.S. rivals have continued bulking up. According to William Whitt, strategic adviser at Aite-Novarica Group, online and discount brokerages such as Schwab and Fidelity have been raking in the most digitally advised assets, with around $118 billion at the end of 2020.
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