Recent Wirehouse Recruiting Activity May Signify Changes at the Firms What do the ever-evolving recruiting practices telegraph to advisors about the ideal candidates and overall hiring strategy of the firms? Much can be learned by observing a firm’s recruiting practices. Three years ago, when Morgan Stanley and UBS pulled out of the Protocol for Broker Recruiting, it signaled a shift from prioritizing recruiting competitive hires to a focus on organic growth and preventing attrition. However, in the last 12 months, Morgan and UBS have become quite active in recruiting once again—with Morgan making it clear they have their sights set on attracting the most productive advisor talent in the industry, bringing in eight billion-dollar plus teams and over $14B in assets in the last year.