UBS Advisers Stage Revolt to Save Branch Manager
From the Desk of Jim Eccleston at Eccleston Law Offices:
UBS brokers in San Francisco recently staged a kind of mutiny with some prepared to resign in order to prevent their popular branch manager, Michael Williams, from being replaced.
The firm considered replacing Williams due to poor branch performance. Of the firm's eight geographic regions, that region was ranked among the lowest in terms of recruiting.
Moves are common in the brokerage industry, where managers are frequently reassigned, relocated or sometimes fired as firms keep a close watch on performance. Advisers may be reluctant to see their manager go, but it is rare for the firm to backtrack on its decision.
About 20 of the 75 advisers objected. Many included top producers, who began placing calls to executives at the firm, including the head of the adviser group, the head of wealth management, and the firm's chief executive. They told the executives the move was a mistake. Support for Mr. Williams mounted, and by the weekend, the firm reversed its decision.
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