Morgan Stanley exits Broker Protocol – will others follow?
Mindy Diamond Quoted
By Andrew Welsch
Morgan Stanley is exiting the Broker Protocol, further disrupting a recruiting landscape that has been undergoing a radical transformation over the past 18 months.
Because of the firm’s size – it has 15,759 advisors – the move is likely to carry weight and could inspire others to follow suit, spelling an end to a truce of sorts that has existed between most firms since the agreement came into effect in 2004.
But even if threatened with potential lawsuits, advisors will still make career changes, recruiter Mindy Diamond contends. “Plenty of people moved pre-protocol, and they’ll move again,” she says.