An interview with the new head of the UBS Florida International Division
Like other wealth managers and investment banks, Swiss-based UBS is aware of the growing importance of Miami as a global financial hub. Earlier this year, it ramped up its presence with new staff and by unifying its separate South Florida offices – plus its Uruguayan operations – into a single management unit. We spoke with the new International Market Executive for Florida, Catherine Lapadula, in her downtown Miami offices.
Why did UBS relocate you from New York to Miami?
You know, UBS has always been here in Miami. It’s always been a hub for us. But what we’ve decided to do is [create] a market executive for Miami. We had a series of branch managers prior. But now under my boss Rick González’s leadership [UBS International Division Director], we’ve decided to unite Miami. So, I’ve got Miami, Coral Gables, Uruguay, and I’ve got satellites in Aventura and Fort Lauderdale.
Why is Miami so attractive to UBS right now?
With the exodus from Silicon Valley, Miami’s quickly becoming a venture capital and emerging tech spot. In fact, Forbes named Miami over New York and Austin for emerging tech… We [also] segment our focus on the ultra-high net worth and high net worth individuals, and most of our clients love to come to Miami… most have a second home here. [And] because this is the place for growth if you’re going to be anywhere in the United States.
Why also manage Uruguay from here?
They call it the Switzerland of the south… Uruguay is unique in the fact that it has a history of working with financial advisors, the financial advisor-broker dealer model, versus the private banker model, which is more common in Latin America. Going to Uruguay allows us to access amazing talent we wouldn’t have access to otherwise… they advise clients, not just in Uruguay, but in Argentina, and you’ve got Brazil to the north.
What are UBS’ competitive advantages?
We are the largest offshore wealth management in the world. International is something we’ve done from day one… [It requires] unique skill sets. You’ve got to be cognizant of the ever-changing regulatory environment and work closely with the regulators… A lot of our competitors do international embedded with their domestic. Here we have a whole [international] division. It’s our products, our lawyers, our rules of the road – everything taken through this international lens for our clients.
You have been 18 years with UBS and before that with Citigroup Private Bank. What leadership lessons have you learned?
In leadership, first of all, let me tell you one thing – “no” is a longer way to yes. If I stopped at the first “no” that was given me, I assure you I would not be here… Some great quotes on leadership come from Ted Lasso, if you’ve ever seen the show. Three of them that I love are: lead by example, humor breaks down barriers, and winning is an attitude… and do what you say you’re going to do, right? If I say I’m going to do it, then you’ll get an email from me saying, “as promised.”
What are your goals here?
I want to raise the profile of UBS… it’s about building interpersonal relationships in Miami, more so, I think, than New York… what we’re doing at UBS, which I think is new, is really trying to work with the community here, whether it’s the University of Miami, or the Beacon Council [or] Best Buddies, or Camillus House… [we want] two-thirds of our employees to work in the community in the summer for a few hours of volunteering. We’re really trying to establish community roots as well as financial routes.
