The surprise announcement yesterday that Bob McCann is going to leave his spot as the head of Merrill Lynch’s brokerage business has quickly been followed up by the news that his replacement will be Dan Sontag.
Sontag aroused the ire of some of Merrill’s brokers over compensation. He’s the head of brokerage group’s client relations, and was instrumental in negotiating the bonus/retention plans that upset many of the brokers. Sontag was widely expected to be McCann’s successor.
From his official bio:
Daniel (Dan) C. Sontag, senior vice president and head of Global Wealth Management’s Americas Client Relationship Group. His responsibilities include oversight of the firm’s wealth management and private banking businesses in the United States, the Latin American business for retail investors, and Americas recruiting.
As head of the Americas Client Relationship Group since December 2006, Mr. Sontag is responsible for the strategic management of the 700 branch offices across the United States and throughout Latin America, more than 15,000 financial advisors and more than 5,500 client support personnel. Additionally, he has responsibility for the recruitment, training and continuing education for all financial advisors.
Mr. Sontag joined Merrill Lynch in 1978 as a financial consultant in the Colorado Springs office. In 1986, he was promoted to sales manager of the Detroit office, where he began his career in management. He was promoted to resident vice president of the Chattanooga, Tennessee, complex, in 1988 and of the Great Lakes, Michigan, complex, in 1991.
From 1993 to 1996, Mr. Sontag served as the national sales manager for the Central Sales Division, and then became the senior resident vice president of the Atlanta-Buckhead, Georgia, complex. In 1998, he accepted the position of district director for the South Texas District, which later became the Texas District, generating more than $380 million in revenue.
Since May 2001, Mr. Sontag has led the Americas advisory strategy, which is based on business and revenue diversification, leveraging diverse and multicultural market opportunities and providing clients with a customised experience.
Mr. Sontag received a marketing degree from the University of Tennessee.