Future sure brokers
Since then, and until co-founder Future sure brokers Stanley departed days ago, the protocol has enabled the efficient movement of advisors and clients between member firms.
If other founders exit, which seems likely, the Protocol may be threatened with extinction. Its demise would be a sad day for financial advisors and clients alike, but is not likely to future sure brokers the breakaway movement to independence. Back inWall Street found itself in the crosshairs of then N. Attorney General Eliott Spitzer.
At Merrill, we were charged to identify and evaluate any business practices that might even remotely give rise to criminal liability. Future sure brokers surprising one bubbled up from our review of the Global Wealth Management business, and it related to an obscure recruiting lawsuit in a federal court.
Each of the founding firms took their own view future sure brokers liability, but if one saw any threat, due to the scale of recruiting, it was easy to understand it could be a significant problem. The threat of criminal liability was deemed real enough at the time to look to formulate a way around it, and thus the protocol was conceived.
The regulators, and the SEC in particular, loved the protocol from the get-go because it removed significant impediments to the free movement of clients from one firm to another. Internal discussions around joining the protocol were fascinating. Merrill Lynch knew they would save millions in legal fees by not having to defend and sue advisors and competitors.
Nonetheless, it rapidly became apparent there were essentially two points of future sure brokers Simply put, Free Traders believed advisors future sure brokers move or stay based on the strength of the brand, platform, products, services, culture and compensation. Advisors stayed with a firm because of those things, and because they felt part of a special community and had institutional pride. Protectionists believed if you opened the gates, there would be an exodus and advisors would look to monetize their books at the first opportunity.
To some extent, both sides were right. Twenty years ago, wirehouses had markedly different personalities. Today, the primary reason for a financial advisor to move from one to another is money. Certainly, a new litigious stance by Morgan Stanley and other large firms will chill recruiting, but I suspect it will mostly reduce recruiting between the large firms which, future sure brokers the crisis, was financially motivated anyway.
And overall, it will probably be temporary, as advisors and firms adapt to old rules in a new era. Tactically, a lot has changed over the last 13 years. Top advisors have fewer clients and more ways of keeping contact with them, including texts and social media — none of which existed back then.
So the pendulum swings, and perhaps the free trade environment of the past future sure brokers years will descend back into protectionism. Or maybe one or two firms will stay a beacon of the free market. Recruiting will not stop. Maybe someone will even seek to invoke the Economic Espionage Act and firms will once again realize that we should make sure there is no confusion between client identities and trade secrets. Continue in 4 seconds.
The network for financial advisors The network for financial advisors. Morgan Stanley exits Broker Future sure brokers — will others follow? Gone in a New York minute: More Articles Legacy building: Are advisors up to the task? How to compensate partners to keep your firm on track Most wirehouse advisors will never go indie. Hey Rob, thanks for sharing this perspective and history.
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