Independent advisory firms, broker-dealers, and regionals that were hiring steadily from wirehouses have the most to lose if the big firms protect their flanks through litigation.
First Republic lures longtime brokerage team of Jeff Sherman and Art Karabelas, who have worked together at Lehman and JPM, and points in between, for about two decades.
Five wirehouse veterans who woke up on Thursday managing about $565 million at Morgan Stanley in New York, Texas and Illinois accelerated moves to Stifel and RBC so they wouldn’t have to worry about being sued by their former firm.
Lost in the turmoil over Morgan Stanley’s plan to exit the Broker Protocol has been pay cuts the firm is making on extra-territorial and family accounts.
Newly aggressive U.S. brokerage unit of Canadian bank hires another big team from a wirehouse.
Firm tells managers that as of Friday it will drop out of the Protocol for Broker Recruiting, opening the gates to potential litigation if people who leave contact clients within a year.
2018 comp plan to recalculate broker payout with a “rolling grid” that adjusts monthly based on trailing 12-month production.
Group is the second this month to join the bank’s legacy Bear Stearns business from a Morgan Stanley branch in midtown Manhattan.
Broker with big “institutional” business takes at least three people with him to Walnut Creek branch, while 10-year Merrill broker in Modesto takes some of his team to Raymond James.