New UBS My Way discretionary mandate sign-ups fell 20% in Switzerland this quarter. What is the root cause?

Introduction

UBS My Way is a discretionary mandate in UBS Global Wealth Management where the client co-designs the portfolio with their advisor, choosing building blocks such as themes, regions and sustainable investments, while UBS manages it. It is offered through a digital-led process in which the advisor and client configure the mandate together. The prompt: new My Way mandate sign-ups fell 20% quarter on quarter in Switzerland, while overall wealth management inflows were stable. Why? This is a hard question because the funnel runs through advisors, not just a digital interface, so we must look at both human and product causes.

Step 1

Clarifying Questions (3 minutes)

• How do we count a sign-up?

• Hypothetical answer: A signed My Way mandate with initial funding.
• Impact: Drops may happen anywhere from proposal to funding.

• Is the drop only in Switzerland?

• Hypothetical answer: Mostly Switzerland; other regions are flat or slightly down.

• Did volume in other mandate types change?

• Hypothetical answer: Advisory mandates (UBS Manage Advanced and similar) grew slightly.
• Impact: Possible substitution.

• Anything changed in pricing, product or process?

• Hypothetical answer: A new advisor tool release in the quarter, and some Credit Suisse advisors fully moved to UBS processes.