What’s ahead for the broker recruiting protocol in an age of generational transition?
The question of who 'owns' the client becomes key as firms seek to 'marry' younger advisers to their older colleagues.
In 2004, Merrill Lynch, UBS PaineWebber and Smith Barney were the founding signatories of a document called the Protocol for Broker Recruiting. Prior to 2004, brokers who departed from the big firms found themselves subject to temporary restraining orders and lawsuits that attempted to prevent them
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