By Mindy Diamond – WealthManagement.com – As wirehouses battle to retain control of their channel and maximize profit, expect more advisors to vote with their feet in search of freedom and flexibility. Corporate profit seems to driving the bus these days, and as it rolls along, it’s increasing the distance between advisors and the firms they call home. As a result, advisors are often left feeling as though they’re being forced to choose between maintaining their income level or best serving their clients’ interests.
How will the ability to go independent be impacted by an advisor’s non-Protocol status? Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special podcast episode that explores the answer to that question and many more surrounding the recent withdrawals from the Protocol and advisor movement.
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.
Protocol or Not: Here are 7 things financial advisors should be doing now, even if you’re not planning a move. [Infographic]
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.
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.
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.
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.
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.
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