- On November 16, 2017
Advisorbox has been an industry advocate for Advisor Liberty since our inception. “Advisor Liberty” is the advisor’s freedom to act in the best interest of their clients and their practice. While advisor liberty can be manifested by moving to independence, it isn’t the same as independence, rather it is the freedom to choose independence, or to choose a different traditional model.
We are proud to be a part of the growing cottage industry of professionals who are also advocating for advisor liberty, loyal to the advisor’s best interest through the various types of services offered.
Advisorbox supports advisors at all traditional firms to breakaway to independence or breakout to a different traditional option. In full-disclosure we receive financial benefits for this service (all paid by the receiving firm) but we also receive satisfaction in successfully helping advisors exercise their liberty to put their practice, clients, and themselves in a better or more suited model or firm.
Are we biased against any oppressions that may impede an advisor’s liberty to breakout or breakaway? Yes, and as you may be able to tell from our articles, we’re also pretty passionate about it as well.
Morgan Stanley advisors have recently been placed in a different (for the time being) position and dilemma from their wirehouse peers, due to Morgan Stanley’s abrupt exit from Protocol.
While we understand why Morgan Stanley exited Protocol (because they were getting their recruiting clock cleaned), we feel the way it was done was oppressive to the advisors who utilized Protocol to join Morgan Stanley in the first place.
These advisors should have been given more than 4 days to examine if they do want to stay at Morgan Stanley and if not, have a reasonable period of time to exit Morgan Stanley using the same Protocol rules they used to join. A 90-day notice would be a reasonable period, 30 days would still be oppressive to the advisor in our view, but 4 weeks is better than 4 days.
Advisorbox has taken up the cause to help Morgan Stanley advisors who want to leave, but now feel paralyzed from fear of litigation. Advisorbox is helping to even the playing field for advisors who used Protocol to join, and then got trapped by the firm’s abrupt exit of Protocol with only a few days advance notice.
Advisorbox has done a lot of talking and writing about advisor advocacy and defending advisor liberties. We are now putting our money where our mouth is.
Read our Press Release:
Advisorbox is Covering the Legal Costs for Departing Morgan Stanley Advisors
Posted by Darin Manis
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