Morgan Stanley leaves broker protocol. Others follow. Hold advisors captive. Advisors are capped on # of clients. Advisors comp reduced to salaried positions. Argue for why this won't happen.

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In 5-10 years all firms will have left broker protocol. Doesn’t mean you can’t leave to another firm or to go Indy, it will just be harder and you are basically guaranteed you won’t take all clients. Maybe 60-70# tops.

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Why 60-70 as opposed to 100%?

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Bc when they leave broccoli protocol they “own” your clients. Our firm statistic is 50% assets are retained, I was being quite generous at 60-70. Most FAs think they have better relationships than they do.

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It will happen. The wirehouses are sick of bleeding money to RIAs and are looking to slow it down in any way possible

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