A HighTower-like consolidator rises from Texas ground
A UBS star is raising capital and recruiting up a storm
Jeff Spears
The branch manager has been marginalized over the years and many have either retired, resigned or been fired. They are the third most important component in a successful wealth management business behind the clients and the advisors. Big firms lost sight of this fact and incorrectly assumed that their brand was more important than branch managers and advisors, which they believe are replaceable.
We will see who is right.
My $ is on firms like this!
Insider
Unmentioned in all the praise being heaped upon the founder of this new firm is the fact that he is the infamous manager who fired the analyst at UBS who was trying to warn Enron’s shareholders to dump their holdings before the client firm went belly-up. He did this because UBS feared repercussions from an angry client, and Mendenhall was essentially ordered to fire the analyst AND to back the UBS company line that Enron remained a solid buy.
I’m not saying everything was Mendenhall’s fault, but let’s not go crazy bragging about how much he has an “impeccable” record of doing the right thing for clients and advisors.
johns
i would fact check whether Pat resigned or was fired. My contacts tell me he was fired
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