Broker Protocol

Advisors may be upset due to the high-handed attitudes of the larger firms, but pulling down six zeroes a year can offset a lot of irritation, says On Wall Street’s annual recruiters roundtable.

"If our profession truly cares about the well-being of our clients to the extent that the profession professes, then we need to swing this pendulum in the other direction," Elwyn says.

The firm pulled in 11 new advisors in the first quarter of 2018, building on the 65 brokers hired last year.

The advisor, a former employee, has been soliciting more than two dozen clients at the bank, JPMorgan says.

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Dean Hoover is the latest advisor to join the Raymond James-affiliated independent firm.

The move comes more than three months after Morgan Stanley and UBS quit the agreement.

It's a sign the firm is still selectively hiring despite leaving the Broker Protocol last year.

"We've been waiting for the finicky sellers and now they're here," says Echelon Partners CEO Dan Seivert.

After both firms exited the Broker Protocol, their attempts to browbeat advisors have largely failed, one recruiter argues.

Rival firms like Ameriprise could stand to gain as advisors adapt to new recruiting realities.

The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.

One recruiter argues the firm is losing talent because it will eventually exit the Broker Protocol.

Strengthened legal language recently added to bonus agreements will be removed, according to people familiar with the matter.

The move could help the firm block former advisors from contacting clients.

Although it represents a big industry shift, it's not the end of the world, says former UBS advisor turned RIA owner Greg Hersch.

In the latest clash after Morgan Stanley's exit from the Broker Protocol, the firm notched a win as the case heads to FINRA arbitration.

Industry insiders have anticipated increased litigation following UBS and Morgan Stanley's exits from the Broker Protocol.

This is the second time in recent weeks that the firm has poached talent from the wirehouse.

CEO Jim Cracchiolo says the firm’s headcount is poised for growth again following a stagnant year.