13 things to know about Bob McCann recruiting his old Merrill Lynch team to UBS
Move signals UBS executive's independence from his bosses back in Switzerland
Joseph Merrill
Good Luck to Bob McCann in trying to bring over teams from Merrill. Many of us are still smarting over his handling of the retention deal he forced on us from the BAC merger. He absolutely overpromised to us on the retention deal with BAC .Many of us feel he was disingenuine in his dealings with us. Instead of using the industry standard of paying the bonus on trailing 12 months production, he structured is so is took year to date production and annualized this figure as of September. Many F/A’s have oversized 4th quarters in terms of thier production numbers and he knew that. In this way he was able to minimize what we recieved from the retention deal. At the same time he was out telling the media he was giving us 100% of trailing twelve when most of us actually got 50%. My advice to the F/A’s at UBS...start looking now so you are ready to jump when the firm is sold and McCann offers you a sub-par retention deal. I’d start with Morgan Stanley, then ironically Merrill, which is offering transferring Advisors to the firm 3 times as much to come over as they paid us to stay…
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