By Mindy Diamond via Iris.xyz
No doubt the headlines exclaiming that UBS pulled out of the Protocol for Broker Recruiting (AKA the Protocol) have reached you by now.
This news comes with little surprise and we fully expect that Merrill Lynch will soon follow suit. Certainly announcements like this cause an abundance of emotionsfrom fear and anxiety to anger and everywhere in between for advisors who were protected by the seminal document.
There are some realities that every advisor should be aware of, before allowing your emotions to get the best of you.
- Once Morgan Stanley left the Protocol, we fully expected others to follow.Much like retrenchment in recruiting deals, one typically starts the wheels turning and the others provide the momentum.
- The rest of the industry, including Morgan and UBS, will have to figure out their stance on recruiting non-Protocol advisors. This process remains to be seen, although we know of many firms that see this as a genuine opportunity.
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