Morgan Stanley announced late last year that it was withdrawing from the Broker Protocol, the 13-year-old agreement that kept lawyers’ take-home pay in check and empowered advisors to change firms without fear of legal retribution. The Protocol respected and empowered advisors and clients alike to freely choose their firm affiliation.
In my column for On Wall Street, I explain the seven reasons that withdrawing from the Protocol will hurt both retention and recruitment for financial advisors at Morgan Stanley. Read it here.
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