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The 13 most telling quotes from UBS's Bob McCann in his Washington Post interview

The ex-Merrill brokerage chief's comments walk the RIA-wirehouse line

Author Brooke Southall July 11, 2014 at 3:09 AM
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Bob McCann: To be the world’s greatest wealth management firm, I believe you need a strong investment bank.

Bob McCann

Stephen Winks

Stephen Winks

July 14, 2014 — 7:23 PM

McCann’s observation as a trader, “Now to be the world’s greatest wealth management firm, I believe you need a strong investment bank. It is your eyes and ears into the market. It’s your solutions engine, your product engine. To really give people financial advice, you need to have an investment bank to inform that advice” is very telling. It is certainly true if one’s strategy is to trade very actively (old school brokerage) but does not work if one is accountable for their recommendations as required of advisors by statute.. Very few brokers come close to beating the index. There is a big difference between trading and investing. Trading does get the broker closer to the market, providing plenty to talk about, but rarely generates attractive long term results against an index.

If the consumer’s best interest is considered, accountability for recommendations and the ongoing reliability of the broker to act in the best interest of the investing public always trump chasing the hot stock to no avail. Transparency focused on results and the investment and administrative values addressed and managed by the advisor (rather than selling a product), always win in the long term. There is a far higher chance of striking out when one swings for the fences.


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