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What Non-Protocol Status Means for Those Considering Independence

A discussion about the effects of Protocol withdrawal with Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm.


The withdrawal of Morgan Stanley and UBS from the Protocol for Broker Recruiting sent shockwaves through the industry, as experts and advisors alike wondered what the effects would be on recruiting and transitions. And the bigger question on most everyone’s mind is how going independent will be impacted by an advisor’s non-Protocol status.

As with any major change in the industry, rumor and innuendo often dominate the conversation. To help separate fact from fiction, Sharron Ash, Chief Litigation Counsel at Hamburger Law Firm, joins Mindy Diamond on this special episode.

They’ll discuss the Protocol, and how advisors can protect themselves, as well as:

  • The legal ramifications of firms leaving the Protocol, and how it affects advisors.
  • Whether advisors at non-Protocol firms are automatically “stuck” there (hint: they’re not).
  • If any advisors have managed to leave Morgan Stanley or UBS without being slapped with a lawsuit or a Temporary Restraining Order.
  • Some strategies advisors should take to protect themselves—even if they’re not planning to move.
  • A key point they share with listeners: The reality is that even without the protection of the Protocol, advisors have options.

Listen to the podcast

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