Advisorbox Covering Legal Costs of Departing Morgan Stanley Advisors
Today, Advisorbox announced an unprecedented launch of the Advisor Legal Liberty Initiative (ALLI).
ALLI, pronounced ally, is designed for advisors who used Protocol to join a firm, and then got trapped by the firm’s later abrupt exit of Protocol with insufficient notice. ALLI is an ally to these advisors. ALLI’s purpose is liberating advisors from the fear of Non-Protocol litigation.
The idea for ALLI was born when Morgan Stanley exited Protocol earlier this month in a way Advisorbox considered detrimental and even underhanded to their advisors. The strong likelihood of other firms soon following Morgan Stanley’s oppressive example led to the rapid launch of ALLI in response. A multi-wirehouse movement set on reversing advisor liberties will have profound negative repercussions for thousands of advisors.
ALLI has two primary purposes: Cover legal expenses for advisors departing from Non-Protocol firms and providing a Non-Protocol transition, legal support infrastructure to assist in the defense of advisor liberty. ALLI is the liberty counter-balance for resisting corporate aggression and regression and promoting positive progression.
“The industry has made significant progress over the last decade in the advancement of advisor liberties and we want to do our part in furthering that momentum,” said Darin Manis, Advisorbox Managing Partner.