- On March 5, 2018
Advisorbox has been screaming from the rooftops that UBS and Morgan Stanley advisors can leave their newly minted non-protocol firm status, join another firm and successfully transition clients without breaking non-solicitation provisions, and prevail against the TRO that UBS and Morgan Stanley will file a motion for.
The industry, both advisors, and firms have been waiting for proof and the plan for successful non-protocol recruiting. The evidence is now starting to pile up.
Recent TRO victories:
Roger and Brian Daniel, a team with $328 million AUM, left Morgan Stanley to join Ameriprise Financial. Result = TRO denied.
Patrick O’Neill, and team with $336 million AUM left Morgan Stanley to join Raymond James Financial Services. Result = TRO withdrawn.
Greg Rice left UBS to join Raymond James & Associates. Result = TRO denied.
Richard Bean, top 35 under 35 advisor with $77 million in assets, left UBS to join Ameriprise Financial. Result = TRO denied.
The TRO victories over UBS and Morgan Stanley will become more common in the coming months. There are dozens of advisors in late stages of transition who are following the successful non-protocol exit plan to beat the TRO. As more advisors and firms see repeated examples of advisors prevailing against TROs more will be willing to engage in non-protocol recruiting and transitions.
UBS and Morgan Stanley advisors represent many of the largest and highest quality practices in the industry. With over 20,000 combined advisors, the recruiting opportunity is too significant for firms not to develop and implement successful plans for non-protocol recruiting. Some firms will take longer than others, but we are confident that by the end of this year there will many more firms comfortable with recruiting from UBS and Morgan Stanley than the few current firms who are paving the way.
Check out these articles:
UBS Broker in Charlotte Joins Ameriprise, Shakes Off TRO Request
Ex-Morgan Stanley, UBS advisers, prevail in TRO claims
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