Robert McCann, the new head of UBS’s wealth management business in North America, is to create a “Renewal Team Advisory Council”, comprising 14 financial advisors who will act as a collective voice for its roughly 7,300 financial advisors in the US, Dow Jones reports.

"The Renewal Team must have a direct link to our financial advisors so that perspectives from the frontline are at the center of our discussions," said an internal memo seen by the news agency.

As the sister publication of WealthBriefing, Family Wealth Report, has noted, UBS, which has approximately 7,800 advisors in the US, is far behind its three major rivals in the wirehouse universe. Wells Fargo Advisors, newly combined with Wachovia, has 21,500 financial advisors, Morgan Stanley Smith Barney has over 18,000 and Merrill Lynch has over 15,000 of them.

There has been speculation that Mr McCann’s arrival from Merrill Lynch earlier this year may signal that the Zurich-listed bank is looking at options for the future of its North American wealth business, including a possible sale.

The DJ report said the advisory council, comprising advisors from all over the US, will be part of UBS's wealth management advisory committee and has committed to "voicing candid, constructive thoughts" in shaping UBS's plans. UBS has set up an email link through which advisors can send their opinions and proposals to the new advisory council.

UBS confirmed the council’s creation, the report said.

Members of UBS's new advisory council include Scott Balsam, Seattle; Ira Millman, New York; Tom Brockley, Albany, NY; Deb Murphy, Erie, Pa.; Lisa Chapman, Long Beach, Calif; Ed Nasief, Louisville, Ky.; Carla Chen, San Francisco; Terry Nugent, Denver; Marty Halbfinger, New York; Mike Poppo, New York; Lisa Humphreys, St. Paul, Minn; Van Price, Atlanta; Kevin Martin, Los Angeles; and Greg Stevens, Minneapolis, the report added.