February 20, 2020 – Louis Diamond Quoted, InvestOrbit – With its purchase of ETrade Economic, Morgan Stanley is expanding its online and alleged self-directed investment platform for the less than ultra rich. For years, the large wirehouses like Morgan Stanley have been pressing brokers to stop working with less rewarding clients, or those with assets lower than $250, 000 to $500, 500. But through platforms like ETrade or Merrill Edge, those customers still have a home at a full-service broker agent, one recruiter noted.
By Mindy Diamond – Over the years, there have been many signs and signals sent from firms that advisors may have dismissed or ignored. As such, they also missed a chance to discern the real meaning or intent—and their opportunity to take a more strategic and proactive stance.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – With its purchase of ETrade Financial, Morgan Stanley is expanding its online and so-called self-directed investment platform for the less than ultra rich.
For years, the large wirehouses like Morgan Stanley have been pushing brokers to stop working with less profitable clients, or those with assets less than $250,000 to $500,000. But through platforms like ETrade or Merrill Edge, those clients still have a home at a full-service brokerage, one recruiter noted.
By Vicky Ge Huang, AdvisorHub – Morgan Stanley has reached into rival UBS Wealth Management’s talent base, hiring a duo in Houston for its private wealth unit and a broker in Long Island managing $215 million. The team of Jeff Parker and Rafael Herrera, who spent their entire two-decade brokerage careers with UBS and predecessor PaineWebber, left Friday for the elite private wealth unit of Morgan Stanley that houses about 250 teams serving very wealthy investors.
Mindy Diamond Quoted – by Mason Braswell, AdvisorHub – A team of Goldman Sachs brokers in Seattle with $10 million in production have joined Morgan Stanley’s private wealth group, a sign of wirehouses’ willingness to selectively hire mega-producers even as they tighten their operational belts. David Midgley, who was responsible for about 90% of his three-advisor team’s revenue in the past 12 months, arrived at the wirehouse two weeks ago. He had been with Goldman since 2005, according to his BrokerCheck history.
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.
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.
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.
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.
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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