Robert McCann has left his post as head of Merrill Lynch’s wealth-management division now that its merger with Bank of America has been completed.
McCann, 50, had been with the firm for more than 25 years and recently led its 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 had been highly supportive of McCann’s leadership. Still, some advisors felt overlooked by a recent retention-bonus plan introduced as part of the BofA deal, which generally favored large producers.
McCann is being succeeded by a top deputy and Merrill veteran, Dan Sontag.