Carnac: UBS Exiting Protocol in November, Merrill Lynch Exiting in December
Several industry insiders for years, even a decade, have predicted the potential wirehouse exits from Protocol if the rapid expansion of Protocol firms continued, causing Protocol to backfire on the wirehouses. This has been a on and off again topic amongst recruiting circles for years.
New predictions are as common as old ones. Old predictions tell us there are not too many people in our industry with crystal balls. This is because crystal balls aren’t reliable and frequently break. You never know if you have the near-term future ball or the long-term future model because they don’t come with labels or instructions. The glass also gets unexpected smudges on it, that won’t wipe clean, making the view of the future blurry for some and completely clouded for others. Besides, a crystal ball is an inanimate object, you can’t trust inanimate objects.
Who can you trust with accurate predictions?