Will Merrill Be Next to Exit Broker Protocol?
November 30, 2017
Louis Diamond Quoted
Merrill Lynch likely will be the next wirehouse to abandon the broker recruitment protocol, according to industry recruiters interviewed by InvestmentNews.
Louis Diamond, vice president at Diamond Consultants, tells InvestmentNews: “Along with UBS and Morgan Stanley, Merrill has said that they would focus more on organic growth, and bringing in young people and trainees. Merrill stands to lose by far the most for staying in the protocol, particularly as their biggest rivals, Morgan Stanley and UBS, are no longer in it.”