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Feb 21, 2018

In The News: Fleeing Morgan Stanley Brokers Improperly Solicit Clients

It was reported in today’s Advisor Hub that several brokers allegedly used a Morgan Stanley dinner seminar to solicit clients and prospects the night before they moved to Raymond James. This is quintessential pre-solicitation and, if true, would fall squarely within a violation of almost any reasonably drafted non-solicitation clause, regardless of the employer. This would also be a NO-NO even if this was considered to fall under the “protections” of the Protocol for Broker Recruiting.… Read More

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

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