Top Stories of the Week: MS, UBS Escalate Non-Solicit Campaigns
In latest restraining order lawsuit, firm accuses brokers who produced $3 million of telling clients about their plans the evening before leaving for Raymond James.
Credit card bank continues its move out of retail brokerage with plan to shutter unit operating out its bank branches.
3. UBS’s Naratil and Hull Apologize for Non-Solicit Document Snafu
Advisors who signed bonus-acceptance agreements can retract them if they have concerns about clauses preventing them from calling clients if they leave.
Broker in Oregon joins Wells after regional career while Wells vet in North Carolina says he is done with wirehouses.
At national managers’ meeting this week, executives said that the firm will continue to recruit at its employee and independent channels and allow free movement among them and other Protocol firms.
Comments of the Week
By An Optimist on EXCLUSIVE: UBS Slips Non-solicit Language Into Bonus Documents
I’m an FA and have never seen the benefit to the clients of FAs changing firms (maybe short-term fee incentives). FAs change ONLY so THEY get a check – not for the clients’ benefit. You encourage them to move ONLY so YOU get a check. A 40+ year FA in my office has made a career on the back recruiters encouraging FAs to leave the firm and then he simply picks off clients who are usually very happy with the “firm”.
Morgan Stanley has elevated their legal tactics to the forefront of their retention strategy. “There has to be a new approach to how they leave a firm” Yes, there does. Don’t take data, don’t tell clients until afterwards, don’t violate any laws, etc.