Morgan Stanley announced last week that it was withdrawing from the Broker Protocol, the 13-year-old agreement that kept lawyers' take-home pay in check and empowered advisors to change firms without fear of legal retribution. The Protocol respected and empowered advisors and clients alike to freely choose their firm affiliation.
In my column for
On Wall Street, I explain the seven reasons that withdrawing from the Protocol will hurt both retention and recruitment for financial advisors at Morgan Stanley.
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Ever wondered how your firm stacks up against other firms? Would you like a candid evaluation of the worth of your practice? Give me a call or drop me a line and we'll chat. I'm happy to give you a market overview and where you fit in.
As always, feel free to forward this newsletter and let me know what's on your mind.
Sincerely,
Mark Elzweig
Boutiques Step Up Their Game
Upgrading for only the second time this year.A few high end boutiques have ratcheted up their deals and so we are raising our outlook from three to four out of five suns. Competition remains keen for advisors among regional firms and independents.The wirehouse world remains complicated. Three of the four major wirehouses are aiming almost exclusively for advisors with $1.5 million or more in gross production. The fourth sees an opportunity and has turbo charged it's deals at all levels. Please contact me for details on deals.
Become a "Mentally Tough" Financial Advisor
Advisors know that it's hard to maintain the stamina needed to thrive despite facing the daily challenges and stresses that are a routine part of the job.
I sometimes talk about this with Dr. Jack Singer, a psychologist who coaches financial advisors. Dr. Jack talks says you need seven "C"s to develop mental toughness and he has specific suggestions on how to acquire them. You can read his post on this on my blog here.
Dr. Jack offers an online course worth 12 continuing education credits for advisors on "How to Develop and Maintain the Mindset of a CHAMPION Financial Advisor." You can also get a free 15 minute consultation with him. Just call 949.481.5660.
Thinking of Selling Your Practice?
Thinking of selling your practice?
Let's talk!
Don't Miss the Thanksgiving Day Parade
We can help you put together a customized succession planning program that meets your needs. Read more here.
New Yorker tip: Stand near West 40th Street and 7th Avenue to watch the balloon handlers deflate Miss Kitty and other characters.
