Robert McCann is leaving his post as the head of Merrill Lynch’s wealth-management division now that its merger with Bank of America has been completed.
McCann, 50, is a 26-year Merrill veteran. He recently led the New York company’s 16,850-member brokerage force as vice chairman and president of global wealth management. But, according to several news reports, the merger meant that his responsibilities were being narrowed under the direction of Bank of America executives.
Overall, advisors were highly supportive of McCann’s leadership. However, some advisors felt overlooked by a recent retention-bonus plan that generally favored large producers.