NEW YORK, Feb. 4, 2026 — UBS expects further client outflows from its U.S. wealth management unit as advisers continue to leave the firm, Chief Financial Officer Todd Tuckner said Tuesday. Adviser departures have already weighed on net new money, and the effect is expected to extend into the first half of 2026 as client assets move alongside departing advisers rather than remaining with the institution.

Todd said adviser mobility remains a challenge for the U.S. business even as UBS records stronger results elsewhere. Client relationships in wealth management tend to be personal and long-standing, which increases the likelihood that assets move once advisers change firms. UBS is tracking these developments while balancing near-term losses against inflows from other regions.

The Swiss bank expects total net new money to remain positive for the year, supported by wealth management activity outside the United States. Even so, the U.S. unit is expected to weigh on overall results until adviser departures slow and asset movement becomes more contained.

Adviser Exits Reshape Asset Flows

UBS’s U.S. wealth management unit has seen several adviser departures involving large client portfolios. Todd said the bank is unhappy with the scale of those exits and the related asset movement. Clients typically take time to decide whether to move their money, which means outflows often occur gradually rather than immediately.

Client Loyalty Tied to Individual Advisers: Many high-net-worth clients view advisers as their primary point of trust rather than the institution itself. Long-term planning relationships and frequent interaction reinforce that bond, making continuity a priority when advisers leave. As a result, assets often follow advisers to new firms, even when comparable services remain available at the original bank.

UBS has seen this behavior reflected in recent quarters. Net new money in the U.S. wealth unit has fallen short of expectations as clients reallocate funds after adviser exits. The bank expects additional outflows early in the year as earlier departures continue to feed through reported figures.

Delayed Transfers Extend Financial Effects: Asset movement tied to adviser exits rarely occurs all at once. Clients often review account structures, tax considerations, and service arrangements before completing transfers. This delay means adviser departures can affect reported results across multiple quarters rather than a single reporting period.

UBS expects these timing effects to remain visible in the near term. Todd said adviser exits from prior quarters will continue to influence net new money figures as client decisions are finalized.

Global Inflows Offset U.S. Weakness

Despite challenges in the United States, UBS expects its global wealth management business to deliver positive net new money for the full year. Todd said inflows from Europe and Asia have helped counterbalance U.S. outflows and support group-level results.

The bank continues to attract new clients outside the United States, supported by demand for cross-border advisory services. These inflows have softened the effect of adviser exits in the U.S. and remain an important source of support for overall performance.

UBS also expects contributions from advisers who remain with the firm, along with new hires whose client assets typically transfer over time. While these additions may not immediately offset U.S. losses, they are expected to play a larger role later in the year.

Competition Intensifies for Advisers

The adviser departures highlight strong competition across the U.S. wealth management sector. Rival firms continue to attract experienced advisers with compensation structures and operating flexibility that appeal to those managing large client books.

Analysts said advisers with established portfolios hold significant negotiating leverage. Firms that struggle to retain them risk losing both advisers and assets, a pattern visible across several major banks.

Steps to Limit Further Losses

UBS is taking steps to manage adviser turnover and limit client movement. The bank is reviewing compensation frameworks and adviser support programs while placing greater emphasis on maintaining client relationships during periods of transition.

Todd said some level of attrition is unavoidable, but UBS is focused on keeping departures within manageable bounds. Selective hiring is underway to replace lost advisers and rebuild asset flows over time.

Investors will monitor quarterly disclosures on adviser numbers and net new money for signs of improvement. Any slowdown in adviser exits could ease concerns about further outflows, while additional departures may prolong strain on the U.S. unit.

Early 2026 presents challenges, but UBS maintains that its broader wealth business remains resilient. The bank is balancing U.S. outflows with stronger performance elsewhere while working to retain advisers and clients. How quickly the U.S. unit adjusts will play a key role in shaping wealth management results for the remainder of the year.