December 6, 2017 – Louis Diamond Quoted – By Charles Paikert, OnWallStreet – Call it the Broker Protocol guessing game. Who’s in, who’s out and who’s next? Recent wirehouse decisions to exit or stay in the protocol have left industry insiders reading the tea leaves to determine the accord’s fate.
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 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.
By Mindy Diamond – No doubt the headlines exclaiming that UBS pulled out of the Protocol for Broker Recruiting (AKA the Protocol) have reached you by now. 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. There are some realities that every advisor should be aware of, before allowing your emotions to get the best of you.
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.
November 19, 2017 – Howard Diamond Quoted – By John Aidan Byrne, New York Post – Morgan Stanley has locked the gates to keep its high-priced wealth management brokers from fleeing. The new edict — breaking with a 13-year-old agreement known as the Protocol for Broker Recruiting — enacted on Nov. 3 means the bank will threaten wealth management pros with costly litigation if they bolt for a rival brokerage.
November 7, 2017 – Mindy Diamond Quoted – By Jeff Benjamin, InvestmentNews – A recent slowdown in the pace of reps leaving brokerage firms is seen as largely responsible for the sudden dip in merger and acquisition activity in the advisory space, according to the latest report from DeVoe & Co. The question now, is whether a wirehouse trend away from broker protocol will spark a fresh surge in breakaway activity.
November 6, 2017 – Mindy Diamond Quoted – By Murray Coleman, Financial Advisor IQ – Despite reports indicating a bevy of Morgan Stanley advisors are jumping ship now that it’s breaking with industry protocol for handling employment moves, not everyone’s convinced such a policy reversal is behind any new uptick in recruiting activities. In fact, several wealth management headhunters say they doubt it’s even possible from an operational standpoint for newly-minted job changers to spin on a dime.
November 3, 2017 – Mindy Diamond Quoted – By Greg Iacurci, InvestmentNews – Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble. Mindy Diamond, president and CEO at recruiting firm Diamond Consultants, equates the agreement to a “mutual truce” — advisers who were part of signatory firms could leave without being sued if they followed certain rules, such as only taking a limited amount of client information.