Brokers are rejecting a culture driven by leaders who lack ethics and who have never been advisers.
The wirehouse has obviously noted its own lack of recruiting success this year, as well as the slowed attrition rates at its competitors that have exited the protocol.
If leaving becomes more and more challenging for advisers, their firms may keep cutting compensation to boost returns to shareholders.
RIAs and Brokers must recognize each other's strengths and weaknesses for the sake of clients.
Wirehouses are making big bets they can turn "world class" advisers who leave into old laundry.
Exit from the broker recruiting protocol agreement latest sign that firm is losing the recruiting wars.
The brokerage suitability model is rife with conflicts of interest, but the RIA model is not pure.
If you are a wirehouse adviser who has counted a giant recruiting package as part of your net worth, you need to recalculate.
Firms that make strategic changes will not only slow attrition, but position themselves to attract top talent for less than they are paying now.
Firms that make strategic changes will not only slow attrition, but position themselves to attract top talent for less than they are paying now
