Page 2 - Broker Protocol News Today

California law is making it increasingly difficult to stop departing employees from soliciting customers after going to a competing firm.

The latest legal fight between the firms over departing brokers raises questions about the effectiveness of the Broker Protocol.

Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with partner Ryan Bibler in 2018.

The firm that helped dozens of practices go independent is using the tactic most often deployed by its previous main rivals.

The custodian has sought to streamline the often archaic and onerous process of onboarding advisors and clients. The custodian TradePMR announced availability Wednesday of an improved digital account transfer tool to be used by registered investment advisors and breakaway brokers when transitioning. The new tool, part of TradePMRs Fusion platform, is meant to streamline the often clunky, error-prone, and time-consuming process that advisors and clients experience when moving from one cust...

Wealthmanagement.com, Christine M. Conboy, VP and assistant general counsel at J.P. Morgan, sought to make those internal divisions clearer. She wrote that the banks participation in the agreement applies only to “registered representatives in the J.P. Morgan Advisors line of business” with the title of “wealth partner” or “wealth advisor.” “No other divisions, businesses or employees of JPMS or its corporate affiliates or parents are covered by the Protocol,” the letter read. ...

The dispute highlights the complicated nature of non-solicitation carve-outs when advisors switch firms.

Thrivent Advisor Network Joins the Broker Protocol Thrivent Advisor Network is now a member of the protocol, which allows departing advisors to take certain customer information and solicit customers regardless of whether they had agreements that expressly prohibited such conduct. Thrivent Advisor Network, Thrivent Financial’s hybrid independent advisor platform, has joined the Protocol for Broker Recruiting, according to Capital Forensics, which maintains the protocol. “The Thrivent ...

Should I stay or should I go? Jeremy A. Cohen, J. Scott Humphrey and Erik W. Weibust | Dec 24, 2020 The Protocol for Broker Recruiting was established in 2004 by three major wealth management firms: Smith Barney, Merrill Lynch, and UBS. The “principal goal” of the Broker Protocol was to allow departing advisors to take certain customer information and solicit customers regardless of whether they had agreements that expressly prohibited such conduct. Now, some 16 years after its launch...