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Registered Rep. February 26, 2010 Christina Mucciolo |
Some Predict Broker Protocol Overhaul Some lawyers and executives anticipate an overhaul to the broker protocol agreement, which has gotten unruly with the growing number of signatory firms, the rising number of exceptions attached to the agreement and the high rate of advisors switching firms these days.  |
Registered Rep. October 31, 2008 French & Churchill |
If Bank of America Signs Protocol, It's Business As Usual. If Not, Maybe Not But Merrill Lynch advisors may not know whether BofA will sign it before they have to sign their own retention agreements.  |
Registered Rep. November 6, 2008 |
Bank Of America To Sign Protocol, Herd Still Weighing Options Bank of America intends to sign the so-called "broker protocol," an agreement signed by most of the brokerage firms and RIAs stipulating what client information is acceptable for a departing financial advisor to take without getting sued by the former employer. But when?  |
Investment Advisor February 2009 Thomas D. Giachetti |
The Skinny on the Protocol The law is fairly clear that a departing advisor should not bring any customer information to a new employer.  |
Investment Advisor May 1, 2011 Melanie Waddell |
Is the Protocol Long for This World? With Wall St. firms carving out 'exceptions,' Patrick Burns asks if a weakened Protocol can survive  |
Registered Rep. March 28, 2011 Kraus & Freedman |
Got Protocol? Despite the large number of firms who are party to it, the broker protocol has certainly not stopped litigation with departing Registered Representatives.  |
Registered Rep. September 1, 2004 David A. Gaffen |
Parting is Such Sweet Sorrow You won't have to steal client addresses and phone numbers any more when switching firms --- that is, if you work for Merrill Lynch, Smith Barney or UBS Securities.  |
Registered Rep. October 1, 2006 Halah Touryalai |
Morgan Joins TRO Pact Morgan Stanley has officially opted to join the inter-brokerage pact, first created in the fall of 2004, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them.  |
Registered Rep. September 13, 2006 Halah Touryalai |
Morgan Joins Inter-Brokerage TRO Pact This firm has officially opted to join the inter-brokerage pact, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them -- as long as they are moving to another firm named in the pact.  |
Registered Rep. October 28, 2008 |
Merrill Retention Package Angers FAs With "TRO" Language Merrill Lynch financial advisors are worried about one paragraph in the retention contract they received last Friday, October 24 -- very worried. And it has to do with the so-called broker protocol agreement.  |
Registered Rep. August 29, 2013 Mindy Diamond |
Buying Growth Buying a book of business from a retiring advisor can be a good strategy, but read the fine print, and consider these points.  |
Registered Rep. August 29, 2014 Mindy Diamond |
Ten Years of Myths and Moving Why advisors need to purge common "myths" from their thinking about changing jobs.  |
Registered Rep. April 1, 2007 |
Broker Protocol for All? A judge's decision may make it a lot easier for brokers to leave protocol firms at a time when recruiting wars and transition packages are at their peak.  |
On Wall Street December 1, 2008 Frances A. McMorris |
Bank of America Gets on Board Bank of America finally gave in and agreed to join the industry-wide protocol in an effort to prevent an exodus of Merrill Lynch financial advisors.  |
Registered Rep. March 1, 2007 Mindy Diamond |
Of Myths and Moving: Revisited The thought of changing firms is a big step for any financial advisor. But don't let cloudy thinking get in your way. Make sure you stop paying heed to old Wall Street myths. Don't fear change. Embrace it.  |
Registered Rep. October 30, 2008 Churchill & French |
Merrill Lynch Says Broker Protocol Still Intact, Clarification Forthcoming Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week -- who must now decide whether to sign it -- are getting assurances from Merrill that it's not as bad as they think.  |
Registered Rep. September 4, 2013 David Armstrong |
Editor's Letter: September 2013 Most advisors decide to move not because they are wooed to greener pastures, but because pain points inside their current environment have become too great.  |
Registered Rep. August 10, 2004 David A. Gaffen |
Fleeing Brokers Can Take Some Client Info Three of the nation's largest brokerage firms have agreed to make it easier for registered reps to take clients with them when they change firms, eliminating a lot of the cloak-and-dagger antics that brokers often suffer when making a move.  |
Investment Advisor January 2010 James J. Green |
BAIS Moves Reps to Merrill Banc of America Investment Services (BAIS), Inc., transitioned its registered representatives to Merrill Lynch, and then requested that FINRA withdraw BAIS's broker/dealer registration.  |
Registered Rep. October 11, 2010 Susan Konig |
Advisor Movement Should Pick Up in 2011, Experts Predict Aggressive and lucrative recruitment packages essentially prompted anyone who wanted a big check to move last year, Diamond says.  |
Investment Advisor June 2007 Thomas D. Giachetti |
Look Before Leaping For financial advisors, there are many issues to be reviewed before making a decision to leave your current employer. Experienced counsel should be consulted. Every case has similarities, and every case has differences.  |
Investment Advisor August 2010 Thomas D. Giachetti |
The Compliance Coach: Independent Advisors: Don't Violate the Protocol There are two major issues for a registered representative to consider when deciding to leave a firm and go independent. The first is how to leave. The second is appropriate registration and ongoing regulatory complance requirements.  |
Investment Advisor May 2010 |
Broker/Dealer News Updates from National Financial, Russell Investments and The Law Offices of Patrick J. Burns.  |
Registered Rep. October 5, 2009 Kristen French |
Citi Bank Brokerage Converts To All Fees Citigroup announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales.  |
Investment Advisor September 2009 Melanie Waddell |
Not So Fast Cerulli Associates data suggests there may be fewer wirehouse brokers breaking away.  |
On Wall Street April 1, 2011 Lorie Konish |
U.S. Trust Defends Garden Policy, Codifies Processes Bank of America Corp. gave its U.S. Trust advisors notice in February that they were subject to "garden leave restrictions" if they left, sending shock waves through the industry.  |
Registered Rep. October 15, 2010 Jerry Gleeson |
Fewer, But Bigger Breakaway Brokers Joining RIAs With markets stabilizing and bank-brokerage merger integrations progressing, fewer brokers are fleeing the big Wall Street wirehouse firms for the RIAs and independent b/ds in 2010.  |
Registered Rep. April 1, 2003 David A. Gaffen |
Your Book or Your Life! What would you do if you lost your book? Where would you turn for new customers? Where could you be hired? Those are questions that keep many advisors up at night.  |
Investment Advisor August 2009 James J. Green |
Editor's Note: Change Partners Some thoughts from the editor of this publication on the current state of the financial advisory business.  |
Registered Rep. February 23, 2010 Halah Touryalai |
Clients, The New Breakaways First, there was the breakaway broker phenomenon; now, it seems, we have a growing vogue of breakaway clients -- former wirehouse investors who ditch their old advisors for new ones at independent RIAs or broker/dealers.  |
Registered Rep. April 16, 2012 Jerry Gleeson |
Schwab RIA Unit Sees "Consistent" Growth Schwab Advisor Services is signing up advisor assets at a pace that tracks its historical average.  |
Registered Rep. November 1, 2004 |
The Fear of Pursuit Nonsolicitation agreements are commonplace in the brokerage industry. However, if you change firms and choose to contact clients, whether you will be pursued is a business decision that your former firm would have to make.  |
Financial Advisor January 2009 Eric Rasmussen |
Revenge Of The Wirehouses Large Wall Street firms dangle big incentives to hang onto advisors.  |
Registered Rep. October 24, 2007 Halah Touryalai |
The New New RIA Model: Sharing Back Offices The barriers to going independent are shrinking. Don't believe it? Check out Mraz, Amerine & Hirschler & Associates, a firm launched by three wirehouse advisors who left Morgan Stanley earlier this month with $400 million in client assets.  |
Registered Rep. October 1, 2005 Mindy Diamond |
What Size Pond? It is important for advisors to find a firm that is a good fit for their particular goals. In many cases, small firms work well. For advisors looking to expand their books aggressively, larger firms are often -- but not always -- a good option.  |
Financial Advisor July 2012 Jim McConville |
RIAs Catching Up To Brokers In Compensation The compensation gap dividing elite independent advisors and top Wall Street brokers is closing, according to new research.  |
Registered Rep. September 10, 2003 David A. Gaffen |
Existing Clients Want More Advice The good news for reps is that the world doesn't hate you. The bad news is that acquiring clients -- particularly affluent ones -- is getting a lot more tough.  |
Registered Rep. February 25, 2013 David Geracioti |
Cold Call with Jeff Spears Each broker leaves for a different reason that is unique to their business or personal situation. The reasons range from a corporate merger, compensation change, loss of a large client to a life event, such as a divorce or children moving out of the house.  |
Registered Rep. September 22, 2008 John Churchill |
Wall Street's Pain Is RIAs' Gain: Reps Flee Wirehouses, Bring Assets to Fido And Others Despite the still-outsized signing bonuses offered by most Wall Street firms, the steady trickle of brokers leaving wirehouse firms to join or form their own RIA firms is growing.  |
Investment Advisor December 2005 Melanie Waddell |
Breaking Away Brokers are finding it easier than ever to go independent, aided by custodians and other independent advisors.  |
Registered Rep. May 13, 2009 Christina Mucciolo |
Wall Street Squeezes Small Brokers, Many Go Independent In this brutal market, many advisors are taking payout cuts or being let go. But many of these advisors are finding homes at independent and regional b/ds and RIA firms.  |
Registered Rep. December 2, 2014 |
Best of the Best 2014 Unlike many of our competitors, we are as transparent as possible about our criteria and methodology when publishing a ranking.  |
Registered Rep. November 14, 2008 |
Update: 6,200 Merrill FAs Sign BofA Retention At Deadline Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production.  |
Registered Rep. January 7, 2011 Kristen French |
Will the SEC Curtail Recruiting Bonuses? With brokerage revenues getting squeezed and regulators sniffing around compensation issues and potential conflicts of interest, it's possible that 2011 could bring some changes to broker comp plans.  |
Investment Advisor June 2009 James J. Green |
Best of Times, Worst of Times Securities America and Capital Analysts have responded to the financial crisis in quite different ways. But they're also quite similar in how they're proactively changing their business models to help reps and the home office thrive  |
Registered Rep. February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc.  |
Investment Advisor July 2009 Melanie Waddell |
Regulatory Reform Angst It's clear that advisors are worried about the impact of regulatory reform measures.  |
Investment Advisor August 2008 Elizabeth D. Festa |
Springtime for Brokers Custodians and independent B/Ds roll out the carpet.  |
Registered Rep. December 1, 2004 John Churchill |
If You're a Broker and You Know It As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule.  |
Registered Rep. July 22, 2013 Mindy Diamond |
The Long Road Home Wirehouse firms are recruiting more independent advisors to their ranks than ever before.  |