December 5, 2017 – Mindy Diamond Quoted – By Dan Jamieson, Financial Advisor Magazine – Merrill Lynch is not making plans to leave the broker recruitment protocol, according to Andy Sieg, head of wealth management at the firm.
In the News
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November 30, 2017 – Louis Diamond Quoted – By Barron’s – Merrill Lynch likely will be the next wirehouse to abandon the broker recruitment protocol, according to industry recruiters interviewed by InvestmentNews.
November 30, 2017 – Louis Diamond Quoted – By Jed Horowitz, AdvisorHub – J.P. Morgan Securities continues to swell its broker ranks with refugees from firms pulling out of the Protocol for Broker Recruiting.
November 30, 2017 – By Barbara Herman – OnWallStreet – 8 things advisors need to do now, whether you’re thinking of making a move or not. With Morgan Stanley and UBS officially out of the Broker’s Protocol, advisors need to prepare for life after the Protocol.
November 29, 2017 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill’s Thundering Herd too much leeway to take off for greener pastures. “Merrill will be the next shoe to drop in the next days or weeks,” said Louis Diamond, vice president at Diamond Consultants.
November 28, 2017 – Louis Diamond Quoted – By Danielle Verbrigghe, FundFire – UBS has followed Morgan Stanley in exiting the protocol for broker recruiting, dealing a serious blow to the landmark agreement meant to limit litigation when advisors change firms. “When one firm makes a big move like this, the other ones follow,” says Louis Diamond, V.P. of Diamond Consultants, an advisor recruiting firm.
How UBS exited the Broker Protocol and why the aftereffects may surpass Morgan Stanley’s earlier departure
November 27, 2017 – Louis Diamond Quoted – By Brooke Southall, RIABiz – Like a belled Swiss cow in a china shop, UBS exited the Broker Protocol. But the leave-taking didn’t soften the heady impact of the act or provide the answer to a big question: What will Wells Fargo do?
November 27, 2017 – Mindy Diamond Quoted – By Lisa Beilfuss, The Wall Street Journal – Two of Wall Street’s biggest firms have a message for their brokers: Leave at your own risk.
November 27, 2017 – By Mindy Diamond – Financial Advisor Magazine – No doubt the headlines exclaiming that UBS pulled out of the Protocol have reached you by now. This news comes with little surprise and we fully expect that Merrill Lynch will soon follow suit. Certainly, announcements like this cause an abundance of emotions from fear and anxiety to anger and everywhere in between for advisors who were protected by the seminal document.
November 27, 2017 – Mindy Diamond Quoted – By Dan Jamieson, Financial Advisor Magazine – UBS Financial Services is pulling out of the broker recruiting protocol. The move by UBS, which had announced earlier this year it would scale back recruiting efforts and focus on retention of existing brokers, was expected.
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