Bouncing ideas across the airwaves

Communication between Tom Sowanick’s research unit and the FAs who advise and sell products to private clients “happens in multiple forms.” In addition to his monthly written “Ric Report”, communicating the views of the bank’s Research Investment Committee, he is involved in multiple seminars and conference calls. The flagship communication channel is currently a morning call known as the “Ric Radio,” where analysts share their economic views with client advisers. As well as allowing advisers and clients to get ideas from Mr Sowanick’s team, he says the process also works in reverse. “One of the nice things about this particular role is that you get to meet people who have been very successful in business life,” he says. “You can also get insightful information from different private clients because of the business they run.” A helpline allowing advisers to ring up also means that the research department is instantly aware of pressing client concerns, and these can be immediately addressed on the Ric Radio the following morning. Mr Sowanick tries to play down any concerns about the quality of Merrill’s FAs and their managers. These issues were raised in a high profile tribunal in 2004. He says that advisers must be able to speak and understand the same language as his team, each of whom has 20 years of experience on the research side. “It is fair to paint the picture that our FAs have the skill set, ability and maturity to interpret what we create,” says Mr Sowanick.