The firm will instead look to hire staff with more work experience.

UBS Wealth Management Americas president has said that the company will hire 30 per cent fewer trainees but will look for employees with more work experience so they can work with experienced advisors, Reuters reports.

Tom Naratil, president of UBS WM Americas, spoke to the newswire about the firm’s recruitment policy over the next few years, and how they will deal with clients.

“The client we need to serve is the wealthiest client we’ve ever had in history,” Naratil said. “We can have fewer advisers but they need to be more highly skilled to meet those clients’ needs.”

According to Accenture, clients will transfer around $30 trillion to the next generation. As those clients start to pass wealth to the next generation, older advisors worry about how to relate to Millennials, some of whom prefer computers over humans.

The newswire said that Naratil believes that by putting trainees, with experience from professions like the military or sales, with experienced advisors will boost the firm’s overall productivity.

“Our success relies on improving the productivity of our advisers because if we improve their productivity we see better results,” said Naratil.

More firms have started to look towards their recruitment policy due to the number of Millennial clients increasing, however some financial institutions have a difference of opinion. Lombard Odier told this publication that it is looking to invest in more senior people, and BNY Mellon’s Pershing said it is now attracting Millennials as advisors as well as clients.