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UBS' McCann Says Some Firms Have Been Paying Too Much To Lure FAs.

UBS' McCann Says Some Firms Have Been Paying Too Much To Lure FAs.

bob_mccann_small.gifHere is an interesting comment from UBS Wealth Management cheif Bob McCann. This is a quotation told to our contributing editor John Byrne in McCann's first on-the-record interview to be given to any magazine in October after joining UBS. Prior to joining UBS, McCann spoke generally about his attitude to bonuses. Clearly he is cautious, if not a skeptic of big bonues. Anyway, here is what he told our own John Byrne:

"Here is what I am not interested in: paying someone a lot of money and have them come in and effectively retire. I want people that want to go to work hard. ... I think some firms have made a mistake in the last few years by frankly paying too much for advisors, giving them far too much guaranteed money; ….if you are going to come to a firm and there is a time and cost that comes with it [then], I have no problem with financial package that recognizes that transition. But if you pay too much who wins? I think the advisor wins and sets the wrong dynamic ... and quite often the firm loses and sometimes the client loses; I don’t want to do that."

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