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Brokers Recruitment Policies

Seyfarth Shaw LLP

Former Protocol Members Are Stepping Up Their Restrictive Covenant Enforcement

Seyfarth Shaw LLP on

As we have discussed on this Blog over the past several years, the Protocol for Broker Recruiting (“Protocol”) allows for reciprocal poaching of brokers....more

Womble Bond Dickinson

The Broker Protocol: End of an Era?

Womble Bond Dickinson on

Morgan Stanley and UBS – two of the largest wirehouses in the United States – recently withdrew from the Protocol for Broker Recruiting Agreement, commonly referred to as the “Broker Protocol.” This move has raised much...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The Protocol for Broker Recruiting Suffers Major Defections—and May Suffer More

Three prominent financial services companies recently announced their withdrawal from the Protocol for Broker Recruiting, an agreement among securities firms regulating the conduct of stockbrokers changing jobs and curtailing...more

Kilpatrick

Another Shoe Drops: UBS Withdraws from the Broker Protocol

Kilpatrick on

Only one month after Morgan Stanley withdrew from the Protocol for Broker Recruiting (the “Protocol”), a second major brokerage firm has announced its intention to withdraw effective December 1st. UBS says it is withdrawing...more

Genova Burns LLC

Morgan Stanley Abandons Broker Industry Recruiting Pact

Genova Burns LLC on

In a major blow to the Protocol for Broker Recruiting, which limited restrictive covenants in the broker industry and resulting litigation, according to Reuters (October 30, 2017), Morgan Stanley has decided to withdraw from...more

Burr & Forman

Morgan Stanley Exits, Slams Protocol as "Unsustainable"

Burr & Forman on

Morgan Stanley announced October 30 that it would exit the Protocol for Broker Recruiting, as part of strategy “to refocus [recruiting] resources on existing talent.”...more

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