7/11/2018, Pros: your money will be safe because you can't get it back out, Cons: lies, lack of service, repeated failures. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. USB charges an exorbitantly High annual fee, closing account fee and transfer fee. If the client has been recommended to buy a CD or is otherwise interested in adding one (or several) to his portfolio, the Financial Advisor will shop for the best rates among a variety of providers and also … So I did, waited a couple of weeks and checked my account. No offer of an electronic quick method was made in the beginning so I am left hanging, my money in limbo. These are not the only fees the client will pay however, as the only mutual funds I called over two weeks later and talked to another financial advisor. While 46% of surveyed clients reported short-term (over the next 12 months) pessimism, 70% were optimistic about the world economy over the next 10 years. 1/22/2018, Cons: Disgraceful fees and fees and more fees. as if he wanted me to lose my money.UBS Financial Services is not recommended unless you don't mind any financial losses you may incur. The Swiss bank UBS has predicted that as the battle for dominance in the world of EVs heats up over the next few years, Tesla will have another company to join … Why no electronic method of transfer?TSP cannot seem to force UBS to comply; UBS will not listen to me or abide by the simple regulations. When i tried to close the account charged me another $250 as close out fee. Its business and balance sheet are strong, and as long as uncertainty exists in the world, it looks like UBS will continue to take advantage. UBS is the worst bank I have ever experienced. It's now down about 7% in 2020 after surging more than 50% from its lows. And, in the face of a global recession, 37% plan to increase their investments. UBS will close its US private bank on January 1, 2021. They also harassed me during my vacations because they needed one document within 2 days that they forgot to ask me for 6 months... You cannot imagine how mean they were during the communications, threatening me to close my account and so on while I was on boat in the middle of nowhere and unable to access this document from where I was, how relaxing... Now, they charge me such a high monthly fee (600 CHF/year) and I don't even know why. We looked for someone that could conservatively invest our money for us so I would not have to watch it daily. Cons: DO NOT INVEST YOUR MONEY WITH UBS, very shody business practice, hinging on Scammers. We have put in multiple requests for transfer. I have been charged ridiculous annual fees, and not to mention,I'm making almost no money on what I do have in there. 5/10/2019. I moved 2-3 times and tried to inform UBS each time. With investor sentiment this high, UBS can feel safe delivering value in the face of global turmoil. They made a move with my account because I could not call them back in time. 10/16/2020. Then my lawyer. Salt in the wound when you are paying to lose money. by anonymous, I needed to evaluate other companies in the hope that I never have this problem. 7/18/2014. Rude. They have deliberately stonewalled by failing to send the requested documents in a timely manner, failed to give proper instruction on how to fill out the forms, failed to notify us that the paperwork was incomplete. Both for 4 years. 4. Then efforts to take partial amounts out was met with hostage tactics and large fees unless I agreed to let them manage the money. I had a really bad experience with them , they will charge you closeout fee without letting you know about it ! UBS will churn your account buying and selling each day. If you really not sure what to do, just buy some low cost index ETFs or mutual funds and ride the market, you will still be doing better if you let USB manage for you(due to the high hidden fees). The strategy ended up that you will lose bigly when the market goes south but gain little when the market recovers. So now they are calling me because my company has terminated them as their service rep. And I am now a direct customer of theirs. Had an account with them and felt they only reviewed when we set up a visit. by Elizabeth Bain, Come on and sue me for libel you _______ers! 10/13/2014. My wife has a Roth IRA consisting of Berkshire-B shares that automatically went to UBS when they acquired Paine-Weber. i have since terminate my relationship with this company and would advise others to monitor your account CAREFULLY. I have called five times to get a beneficiary listing updated. When UBS took over Nordea Private Bank Luxemburg recently they promised us dearly that they would never terminate our 15 year mortgage in France. You'll need to be good to work there. They sent me bank statements in the poorest areas of the world where I was working and had no personal mailbox. Stay away from UBS unless you want to be ripped off. No standard level of individual quality, They put their own interests first. . Fields, I even received an email from UBS asserting that all the accounts were closed, but no, they were not. Sigh, guess my SS is now floating around in the wild again. 1/19/2018. So much so that my 3% annual dividends are pretty much wiped out by the fees.I'll be moving this account over to another brokerage asap and hoping they don't bend me over on the way out. At the end of 2017 I gained 20% at the small firm, 21% with my self directed 401k, and 10% at UBS. Investors have zero knowledge, costs more money to be with them annually than they make. UBS … 3/31/2018, Cons: Very difficult to get a person on the phone. What a disgraceful way to treat people! The business strategy is centered on pre-eminent global wealth management businesses and universal bank in Switzerland along with global asset management business and investment bank. Disclaimer: TopRatedFirms.com reviews of companies is our personal opinion. Oh yes, there were TWO recorders running during that conference! They took over the small banks and then turned over the names of the account holders. They sent me bank statements in the poorest areas of the world where I was working and had no personal mailbox. No feeling of trust. Fees, fees and more hidden fees, DO NOT INVEST YOUR MONEY WITH UBS, very shody business practice, hinging on Scammers, rude, non-responsive, and a poor affinity for telling the truth, After 2 years and multiple phone calls they couldn't seem to have my correct address, After we closed our account it was admitted to me that they know nothing about the investment markets or forecasting, Excessive fees, exit fees high, fudiciary questionable. by Ralph, UBS was the last brokerage my wife and I had left funds in. Last time they called me out of the blue was an excuse to try to sell me some financial services, which I declined when the rep couldn't even call me at the time we set up. 1/19/2020, Cons: Very much individual broker dependent. UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. That's small. Trade fees and stock losses in the amount of over 200k.No communications. They said they had it corrected then mailed me the wrong paperwork. 2/23/2018, Cons: Exorbitantly High fees-time to Close account. When I closed my account I asked for a refund of the fee they charged us 3 days earlier. I want others to know that may have 529's for children or grandchildren.I wanted a release of some 529 funds to my grandson's college and the unfortunate events to release these funds . All rights are reserved. Disclaimer: Your review, broker rating, pros and complaints information must be honest. He told me he would call me back and never did. So money I earned was taken out and stock bought and placed into this account. They have little knowledge in the matter so they just say they will call you back and don't. Better off with another brokerage like Vanguard or Scott trade, by Truth Detector, Costs for an equity buy or sell order are expensive by industry standards. by Brenda S Turner, Lisa Martin, private client services of Cincinnati, Ohio, Wealth Management is very knowledgeable and efficient within h er position as private client advisor of wealth management. Warren Buffet does all that, in effect. I inherited an IRA that was in UBS. Your just a number to them. I called and was told this was either an annual fee or a close-out fee and would not be refunded.Besides paying an exorbitant annual fee relative to the value of the account, these last minute, arbitrary and unspecified charges are fraudulent and a bad business practice. While UBS complied, splitting its dividend into two payouts this year, Axel Weber, UBS' board chairman, said, "Our financial strength well above regulatory requirements and prudent risk management allow us to deliver on our current capital returns policy." After honing its business over the past few years, UBS now employs only 5,192 people in front office roles. Recent recommendations regarding this business are as follows: "Avoid this company! As soon as I got waiver I emailed it to UBS. My siblings are all beneficiary on my dad's account who is deceased. I expected to get back about 97% of that fee. by Gerry Fruge, Add those costs to their brokerage fees and I would like to move my mponey elsewhere asap but they keep creating delusional excuses to stall doing so. by Rich and Dana, 6/26/2017. UBS has a larger and more profitable business than Credit Suisse. No fees. This is deplorable, and probably criminal. After I spoke to 3 different people, they refused to give me my money back ! These guys are great at losing your money but they collect their fees.. Look at all the previous reviews that say the same thing I am saying here. Do yourself a favor and go about anywhere else. UBS' global wealth management group, which accounted for 57% of the company's operating income, reported numbers that reveal a coronavirus bump. While many are bracing for extensive loan losses, they appear to be better capitalized in this crisis. If you have some knowledge of investment you are much better off open an account with Fidelity(they offer perks if you transfer certain amount, it may not be listed on their website, just call them and ask for promotions) or Vanguard and manage yourself, it is really not hard and I wish I did that long ago. A free inside look at company reviews and salaries posted anonymously by employees. While net interest income remained fairly steady (up 2% year over year), transaction-based income increased 19% over the same period in 2019 and 28% from the fourth quarter on "higher levels of client activity" -- understandable given March's record volatility.Â, While often derided as the least prestigious (read: smallest) of the global investment banks, UBS' investment banking division (which contributed 31% of operating income) reported stunning numbers in the first quarter: $1.6 billion in net income, up from $949 million in the previous quarter and $1.1 billion in Q1 2019 -- incredible increases of 70% and 47%, respectively.Â. 5/23/2017, So bloody useless- call them up like how many bloody times can you cause someone to die by phone calls. 4/22/2018, Cons: lied to me my acount was safe amd secret. I would NEVER invest one dime with this company. I received stock grants from my employer. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. I have accounts with several brokerage firms. by Benjamin John, The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. by Steve Errico, UBS is the worst bank I have ever experienced. The small investor is to be used. the shareholder pays a sales charge to UBS for buying the shares. I may see what Banking & Securities Fraud says at the state level, while we put together Mail Fraud, Wire Fraud, Larceny, Tax Fraud, Inconsistent Treatment, and other charges against the representatives, and Simple Robbery charges against their lawyer. The account was transferred to a different UBS account for management when I left the company. I did have a downloadable statement I could get and just noticed they had the same address I tried to get them to change 2 years ago, multiple times, evidently with no luck. I had my Series 7 and Series 6 licenses and I am pretty good at investing. A 'good' number would usually fall within the range of 1.5 to 3. After over twenty years, I liquidated a small IRA.I was told the current value of the account and specifically asked if there were any fees or hidden costs associated with the withdrawal.I was told there would be no additional fees or costs. This is the only one I would NOT recommend. Through no choice of mine, my previous company used UBS to oversee their ESOP plan. Many people put after tax monies into the Swiss banks. The greedy jerks pelted me with hundreds of dollars of fees which I understand is their MO. Part of the problem is on her for not watching the fox in the henhouse, but the net effect is a decrease of 18 shares of BRK-B now worth almost $3600. I am so frustrated that may parents chose to put their trust in this company. Its investment bank is small and it's elite. I've moved three times since then and each time it's been a nightmare to get my address updated. 6/3/2018, Cons: Positionnement éthique, efficacité en tant que banque, J'arrive à un tel point de saturation avec les "services" délivés par UBS que je vais fermer l'entièreté de mes comptes dans les meilleurs délais. I only visited this site out of curiosity, and I find the comments pretty generic for any company managing someone else's money. My goodness, some of those UBS employees must be so physically fit as a result of all of that hard work from generating so many fees. Lost me $15k in a year, $5k in fees. Two round 100 lot shares of the Silver ETF SLV (iShares Silver Trust) will The other locations maybe different.I was with them for over 10 years, I had my own business and didn't have time to manage myself, Chances are they will talk you into buying some sort of "UITs" (unit investment trust), typically the kind with high fees, when asked they will make up stories. UBS cannot fill out the ONE HALF PAGE form and fax it to UBS. 1/28/2015. 3/9/2019, Cons: After 2 years and multiple phone calls they couldn't seem to have my correct address. Lack of any reasonable customer service, No one to take responsiblity. So I called. I asked why they had not taken off the restriction from my account and what the inheritance rules were. search for a Financial Advisor on this website. I'm an international client and I wish I knew how bad they were before I committed to them. Badgers the customer and overwhelms with paperwork. By contrast a mutual fund purchase will cost the client $5.25. I have been with UBS for several years and decided to move my accounts to TD Ameritrade. Of those clients, only 16% plan to decrease their investments, while 47% do not plan to adjust their portfolio. It's a kick-back scheme, in my view, paid by their "clients" (victims)...you. The rep I spoke with asked for my address disappeared off the phone for 20 minutes came back and said he'd found the request bogged down in the back office, but he would change it immediately! This is not the first time we have experienced that this bank cannot be trusted and that they service is very poor and amateurish. When i tried to close the account charged me another $250 as close out fee. Why can't they take care of this? Moreover, UBS’s focus on wealth management business has helped it churn a …