Leerink Swann, Multi-Financial Securities Corp. and Maine Asset Management all join the Protocol for Broker Recruiting
The joining rate held steady as 29 more companies jumped on board
2 min read- Protocol gains 29 new firms, reaching 508 signatories as of June 23.
- RIAs increasingly leverage the Protocol to recruit advisors from larger firms.
- RIABiz now publishes the Protocol legal document and SIFMA manages the list.
Twenty-nine companies joined the Protocol for Broker Recruiting between May 14th, when RIABiz last posted the list, and June 23.
That brings to 508 the number of companies that have joined, beginning with the largest broker-dealers, Citigroup, Merrill Lynch and UBS, the founding members, which joined in 2004, down through the final company on the list, Quad-Cities Investment Group LLC.
RIAs drive explosive growth of the Broker Protocol; signatories triple
The growth rate has held fairly steady for the past two-three years, when RIAs and small broker-dealers began to use the recruiting truce between the wirehouses as a tool to recruit breakaways. A broker who joins a firm that is a signatory can legally bring over clients if he or she carefully follows the protocol.
Along with the list of signatories, RIABiz is now publishing the legal document that is the protocol. As RIABiz reported in March, the Securities Industry and Financial Markets Association has taken over administration of the list. For instructions on how to join, see this :story”:https://www.riabiz.com/a/1089002.
Story Timeline
Broker Protocol may be endangered by complexities as membership starts to explode
The companies that joined most recently were:
Financial Network Investment Corp.
Multi-Financial Securities Corp.
Prestige Capital Advisors LLC
HBA Advisers, LLC, dba Haybel, Biel & Associates
Insight Wealth Partners LLC
Palladium Partners LLC
Leonard Securities Inc.
Sigma Investment Counselors
Anchor Investment Management LLC
Leerink Swann LLC
Albright Wealth Management
TDC Advisors Inc.
Fieldpoint Private Bank & Trust
Glovista Investments LLC
Tamar Securities LLC
Maine Asset Management LLC
PRIME Financial Services Inc.
Hatton Consulting Inc.
Advisory Services Network LLC
Partnervest Advisory Services LLC
Atlanta Wealth Partners LLC
TWS Financial LLC
Sanctuary Wealth Services
Wolfson Wealth Management
Savant Capital Management
Colony Park Financial Services LLC
Professional Financial Management Inc.
Saxon Financial Group
Quad-Cities Investment Group LLC
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