The Wall Street Journal reported this week that financial giant UBS is out with a new dress code for its Swiss employees. You can read the article here:
The UBS code is rather impressive; it is 44 pages long and includes lots of advice on dress and person hygiene. It document reviews how to tie a tie and explains how to care for underwear. It also provides direction on perfume and shaving.
You can read the entire dress code here (it is in French):
Is this appropriate?
Appearance is always important, because whether we like it or not people draw conclusions based on attire and looks.
For an investment firm, appearance is particularly important. The difficult thing about selling investment management is that the benefit is ambiguous. Customers don’t buy something tangible, like a pizza or a car. They buy something intangible, the hope that the investment firm will do a good job and won’t make off with the money. As a result, building a strong brand is essential; an investment firm like UBS has to create a brand associated with integrity and sobriety and intelligence.
Perhaps the most important factor in building the brand of an investment firm is the team. And the way the people look communicates a lot.
One could argue that people should know how to dress; you don’t need to spell it all out. But as new people enter the firm it isn’t a given that they will quickly understand the expectations.
Being clear on appearance expectations is a good practice. This is true for people working at McDonald’s and for people working at UBS.