Norris McLaughlin & Marcus, P.A.

Blogs > Transitions in Employment

In The News: UBS Exits Protocol for Broker Recruiting

Posted on November 29th, 2017 | Author: David T. Harmon

Yet another departure:  UBS Wealth Management Americas has followed in Morgan Stanley’s footsteps and announced its exit from the Protocol for Broker Recruiting on Monday, effective this Friday, December 1. However, prior to this announcement, UBS was ready to onboard at least two Merrill Lynch brokers still protected by the pact. Brokers leaving either Morgan Stanley or UBS will be subject to non-solicit agreements that the Protocol overrode, making moves a bit more difficult, but not impossible. Remember, financial advisors have continued to move in and out of Non-Protocol firms successfully since the inception of the Protocol.

I was recently interviewed again by AdvisorHub, a popular wealth management news source, to discuss the news. As I stated in their article by Mason Braswell and Jed Horowitz, “Far more attention will have to be given to the nuances of non-solicitation clauses.” You can read the entire article here. Will Merrill Lynch or another big player announce its withdrawal next? Continue to stay tuned.

If you have any questions about this post or any other related matters, please email me at dtharmon@nmmlaw.com.