Norris McLaughlin & Marcus, P.A.

Blogs > Transitions in Employment

Morgan Stanley

Nov 29, 2017

In The News: UBS Exits Protocol for Broker Recruiting

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.… Read More

Nov 17, 2017

In The News: Headhunter Offers to Pay Morgan Stanley Brokers’ Legal Fees

I was recently interviewed by AdvisorHub, a popular wealth management news source, to once again discuss the effects of Morgan Stanley’s exit from the Protocol for Broker Recruiting. A Colorado-based search firm, Advisorbox, recently unveiled a promotion aimed at Morgan Stanley brokers with at least $500,000 of production. If they leave the firm, Advisorbox is offering to pay up to $25,000 of their legal costs.… Read More

Nov 09, 2017

In The News: 7 Ways Morgan Stanley’s Protocol Exit Will Backfire

You may recall, I posted about Morgan Stanley withdrawing from the Protocol for Broker Recruiting last week. I recently had the pleasure of being interviewed about this news by Mark Elzweig of OnWallStreet, an information resource for financial advisors. Read his article “7 ways Morgan Stanley’s protocol exit will backfire” here to learn more and see what else I have to say about the shocking news!… Read More

Oct 30, 2017

Morgan Stanley Withdrawing from the Protocol for Broker Recruiting

The breaking news that Morgan Stanley will be withdrawing as a signatory to the Protocol for Broker Recruiting may signal the beginning of the end for the Protocol– at least as it relates to the wire house firms. Will other firms follow suit and start to depart? While there have always been outliers (or those firms who have not signed on), this departure will enhance the significance of non-solicitation covenants in the marketplace because those leaving or joining Morgan Stanley will no longer move under the protective dome of the Protocol.… Read More

Dec 01, 2015

An “Employment Disaster Recovery Bag” Is A Must!

With news of Morgan Stanley’s plans to make significant cuts in its debt and currencies ranks across all offices (Wall Street Journal, December 1, 2015, page C1),  the importance of having your “employment disaster recovery bag” at the ready is highlighted. Included in that “bag” should be your offer letter; any confidentiality, non-solicit, non-compete, work for hire and/or garden leave agreement; employee handbook; and any document or plan relating to your equity, deferred compensation, bonus, pension, or any other aspect of your employment.… Read More

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