Some brokers are eroding “The Protocol for Broker Recruiting,” an agreement among firms that allows registered investment advisors to transfer between participating companies without lawsuits or arbitration.
In the past, the Protocol was used to ease the ability of the big firms to recruit. Now, however, the Protocol is also being used by advisors to break away on their own, and some Wall Street firms are taking steps to prevent that and weaken the Protocol in the process.
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