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Merrill Lynch & Wells Fargo Protocol vs. Morgan Stanley & UBS Non-Protocol

  • On December 6, 2017
Merrill Lynch commits to remaining in Broker Protocol. Advisorbox happily eats crow. Andy Sieg told his management team, “We continuously evaluate the competitive landscape, but we are not making plans to leave the Protocol.” A spokesperson shared that Mr. Sieg said: “While other firms are focused on leaving the Broker Protocol as a way of […]
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Merrill Advisors: Your Protocol Domino Falls Next

  • On November 29, 2017
You have days, not weeks, to ensure choice Two down and one to go… UBS, a founding member of Protocol, has announced they are following Morgan Stanley in exiting Protocol. The pullout will be effective on Friday, December 1. Like Morgan Stanley, they are only providing their advisors with a few days notice, meaning if […]
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Non-Protocol BluePaper by ALLI

  • On November 29, 2017
ALLI (Advisor Legal Liberty Initiative) has added a Non-Protocol BluePaper resource for the industry.  We will be posting the latest Non-Protocol news and tips for advisors seeking to transition out of non-protocol firms. Morgan Stanley advisor pays the price for not getting Non-Protocol legal advice AdvisorHub reported Monday that Morgan Stanley was granted a TRO […]
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Carnac: UBS Exiting Protocol in November, Merrill Lynch Exiting in December

  • On November 21, 2017
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 […]
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Thanking UBS and Merrill Lynch

  • On November 21, 2017
The entire industry owes both your firms a big thank you for creating Protocol. Your vision has fundamentally changed the industry for the better over the last 13 years, and your firms take two-thirds of the credit. Protocol is highly regarded and loved nationwide by firms, advisors, and the clients who were introduced to Protocol […]
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Morgan Stanley Makes the First Move. So, What Happens Now?

  • On November 1, 2017
Regardless of how the outcome plays out, it is safer and easier for an advisor to move to another firm before Friday. As Morgan Stanley is fully aware, even if you have already received a written offer, it is difficult to move expectantly when you get notice on Monday and would have to move by […]
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The Non-Protocol Transition

  • On November 1, 2017
Going Old School Not legal advice. For those Morgan Stanley advisors who weren’t around or were just getting started, when Protocol was established 13 years ago, it’s time to go old school. Do not take this as legal advice, get your own legal advice (we can refer if needed).  Things will likely change to some […]
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Broker Protocol: When You’re on a Team

  • On September 18, 2017
It’s common for wirehouse advisors to be on teams and if you are, there are different aspects to consider. If you are on a team, and the team is moving together to a new firm, it is more difficult to keep the move under wraps. Team members should discuss with each other the importance of […]
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Broker Protocol: Discretion Direction

  • On June 19, 2017
“Don’t tell anyone” is the discretion direction Protocol brokers should follow. If the “word” gets out it can lead to your manager to take preemptive action against you through termination or a surprising and sudden compliance issue leading to an unsettled disclosure. Don’t tell and solicit clients before you leave. Technically the firm owns the […]
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