The New York Post reports that the new edict — breaking with a 13-year-old agreement known as the Protocol for Broker Recruiting — enacted on November 3 means the bank will threaten wealth management pros with costly litigation if they bolt for a rival brokerage.
Tempers are boiling among these elite advisers who buy stocks and bonds and manage financial assets for wealthy customers — and the outrage isn’t solely among the ranks at Morgan Stanley.
The feeling is the same for many advisers at the other major wealth management houses, The Post has learned.
Brokers fear these other top firms: Merrill Lynch, JPMorgan, UBS Wealth Management Americas and Wells Fargo, will soon join Morgan and rip apart an industrywide agreement. The voluntary pact controls how advisers can switch firms without lawsuits.
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