By Alex Padalka, Financial Advisor IQ – After slow growth in its advisor ranks in the first quarter and several departures in April, Raymond James has lured a pair of advisors from UBS, Raymond James says.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – After causing an uproar earlier this year with its advisers and brokers, management at UBS Financial Services Inc. should be commended for coming to its senses, paying attention to its field force and reversing an unpopular policy that potentially interfered with advisers’ relationships with their clients.
Louis Diamond Quoted – By Mason Braswell, AdvisorHub – UBS Wealth Management USA, which has been on the sidelines of broker recruiting for the past two years, is giving its branch and market managers a pep talk—and talking points—about the value of joining the Swiss-owned firm.
By Mindy Diamond, WealthManagement.com – Circle back to 2009: The financial crisis had barely passed, Barack Obama was inaugurated as president, and Bernie Madoff was sentenced to 150 years for his multibillion-dollar Ponzi scheme. Meanwhile, more than 24,000 financial advisors who changed firms that year worried that the days of outsized recruiting deals were going to be a thing of the past.
By Mindy Diamond – “My firm continues to frustrate me, and I am reasonably certain that it isn’t the best place to serve my clients for the long haul. But, I am making a good living, I haven’t lost a client, and I am reluctant to go through the hassle of a move.”
Mike Sha’s robo-advisor faced tough choices until two wirehouses offered unique partnerships — and maybe a new business model to boot
Louis Diamond Quoted – By Oisin Breen, RIABiz – Mike Sha has found a sweet spot for his robo-advisor software — two wirehouses that needed a quick entree into automated wealth management services serving mass-affluent millennials.
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 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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