According to Robert J. McCann, former head of UBS Wealth Management USA, certain major wealth management firms have lost sight of their priorities. They have shifted their focus towards product sales and shareholders rather than their advisors and clients.
McCann believes these firms have grown so large that they prioritize products over intellectual capital and emphasize distribution over talented individuals. At times, shareholders are given more importance than clients. At UBS, McCann had been largely credited with turning around its shirking and unprofitable brokerage and boosting recruiting, according to AdvisorHub.
McCann stated that significant wealth management firms have overlooked that advisors are crucial in maintaining client loyalty. Having spent 26 years at Merrill Lynch and serving as the president of global wealth management, McCann emphasizes that clients primarily choose a firm based on their trust and respect for their financial advisor. He asserts that the advisor-client relationship is of utmost importance and should be prioritized by these firms.
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