In this fireside chat, Senior VP of Wealth Management at UBS, Josh Pottinger, discusses the evolution of private wealth advising. He highlights the shift from a focus on investment-specific aspects in the mid-90s to a more comprehensive wealth management approach today.
This approach includes not only investment but also advanced planning strategies, tax efficiency considerations, and access to different solution sets like the lending side of the balance sheet.

Pottinger emphasizes the importance of understanding a client’s personal and financial goals, as well as the need for wealth advisors to have deep knowledge across various subject areas. He also discusses the role of technology in making wealth advisors more efficient and the importance of human interaction in managing complex portfolios.

The conversation also covers the value of having a large organization backing a wealth advisor, the need for competitive compensation structures, and the aspiration to continue growing and serving clients better. Pottinger concludes by emphasizing the importance of adopting new technologies to enhance efficiency in wealth management.

Timestamps:

0:01 – Introduction
0:22 – Josh Pottinger’s background and role at UBS
1:31- The evolution of private wealth advising
2:01- The shift from investment-specific to comprehensive wealth management
4:08 – The role of technology in private wealth advising
5:28 – The importance of large organizations in wealth management
7:46 – The evolution of the role of private wealth advisors
10:10 – The growth of the ultra-high net worth investor segment
13:05 – The role of technology in the relationship with high net worth individuals
14:14 – The importance of brand in private wealth advising
15:23 – The future of private wealth advising
16:46 – The importance of understanding the financial and psychological side of wealth advising
18:37 – The need for experience in managing portfolios
20:22 – The compensation structure for wealth advisors
23:06 – The aspiration for growth and serving clients better