Whatever happened to confidentiality?

JUL 28, 2009
I see more and more articles appearing in the press about Big Meetings. That is, Very Important CEO is having meetings with Very Important Candidates about Very Important Jobs. The problem is that the Very Important Job is very often occupied by a Very Important Executive. Some questions: Has the Executive been told that there is a Search out there to replace him/her? Believe it or not, sometimes people meet just because they happen to know each other, or because they want to network, or because someone introduced them and they are meeting out of courtesy. There was a Page 6 article in the NY Post last week about a Venture Capitalist dude meeting with Bob McCann, the ex-head of Retail at Merrill Lynch, and Alexandra Lebenthal, the current head of Alexandra and James. The speculation was that these folks were plotting a takeover of UBS Americas, the legacy PaineWebber http://www.nypost.com/seven/07222009/gossip/pagesix/eyes_on_wall_st__powwow_180676.htm The article mentions that Bob McCann is on the “short list” to take over UBS Wealth Management. Is there really a search? I don't know. But when the best Headhunters conduct searches, (Not just me, there are other good ones!)they do not end up on Page 6, or in the Financial Times, or in FundFire. Whatever happened to confidentiality? Just because UBS has had issues, because McCann and Sally Krawcheck are available, does that mean that there's a search to replace Marten Hoekstra? Sometimes people just meet and there's not a job at stake or a firm in play. Call me naïve, call me old-fashioned, but it bothers me that “meetings” are assumed to be “interviews” and that this is news when it may or may not be part of a specific search.

Latest News

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

Raymond James hauls Ameriprise advisors managing $1.1B in New York
Raymond James hauls Ameriprise advisors managing $1.1B in New York

Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.

Cetera debuts new alts allocation portfolios for accredited investors
Cetera debuts new alts allocation portfolios for accredited investors

The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.

Steward Partners expands in California with $1.1 billion RIA acquisition
Steward Partners expands in California with $1.1 billion RIA acquisition

The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.

Invictus managers withhold $10M, trigger ERISA asset showdown
Invictus managers withhold $10M, trigger ERISA asset showdown

Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.