What Non-Protocol Status Means for Those Considering Independence

A discussion about the effects of Protocol withdrawal with Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm

The withdrawal of Morgan Stanley and UBS from the Protocol for Broker Recruiting sent shockwaves through the industry, as experts and advisors alike wondered what the effects would be on recruiting and transitions. And the bigger question on most everyone’s mind is how going independent will be impacted by an advisor’s non-Protocol status.

As with any major change in the industry, rumor and innuendo often dominate the conversation. To help separate fact from fiction, Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special episode.

They discuss the Protocol, and how advisors can protect themselves, as well as:

The legal ramifications of firms leaving the Protocol, and how it affects advisors.
Whether advisors at non-Protocol firms are automatically “stuck” there (hint: they’re not).
If any advisors have managed to leave Morgan Stanley or UBS without being slapped with a lawsuit or a Temporary Restraining Order (TRO).
Some strategies advisors should take to protect themselves—even if they’re not planning to move.

A key point they share with listeners: The reality is that even without the protection of the Protocol, advisors have options.

Podcast: Play in new window | Download (Duration: 20:51 — 29.3MB)

Related Resources

Protocol or Not: 7 Steps for Financial Advisors
An Infographic detailing the steps that advisors should be taking, even if they’re not planning a move. Read->

Exiting the Protocol: What does it mean for Advisors?
As fiduciaries, advisors will continue to do what’s right for the clients, even without the Protocol. Read->

Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence
Even without the protection of Protocol, some non-Protocol teams are still willing to take the risks and make the move to independence. Read->

About Sharron Ash:

As Chief Litigation Counsel at the Hamburger Law Firm, Sharron is involved with all aspects of the firm’s employment transition, commercial, employment and regulatory dispute matters. Sharron is primarily engaged in employment counseling to financial advisers interested in opening their own independent firms or transitioning between firms, as well as those facing involuntary terminations. She provides invaluable counsel to advisers identifying risks related to such moves, as well as providing representation based on the firm’s deep bench of experience in related disputes.

Sharron has significant experience with defending restrictive covenants common to the securities industry and the temporary restraining orders and preliminary injunctions that are used to enforce them. Sharron has practiced extensively in state and federal courts across the country. She is well-versed in all phases of trial, arbitration and mediation proceedings.

With over twenty-five years of experience, Sharron offers the firm’s clients invaluable practical advice to avoid legal proceedings where possible, or to employ litigation based strategies for the best possible outcome.