In what came as a real surprise to many in the wealth management business, Merrill Lynch announced yesterday that despite its rivals Morgan Stanley and UBS leaving the broker protocol, it would stay in. The giant wealth manager had to weigh two big factors in deciding-how much being "in" facilitated losing their advisors to rivals, versus how much it helped in recruiting new ones. In the end, it seems that the attraction of being "in" for new recruits was greater than the downside of losing them.
FINSUM : With Merrill Lynch staying in, it looks like the broker protocol will not completely dissolve. In our mind, it seems equally likely that UBS and Morgan Stanley return within a year (having seen it is hard to recruit), or Merrill Leaves.
- merrill lynch
- broker protocol
- Morgan Stanley
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.