The steady Broker Protocol drumbeat slows a bit in July
KC Asset Management Inc., O'Dell Jarvis Mandell LLC, Scenic Wealth Management LLC are among the new to the list
2 min read- Protocol additions slowed significantly in late June/early July, with only five firms joining.
- Growth remains consistent over the past few years as RIAs leverage the protocol for recruiting.
- RIABiz now publishes the Broker Protocol legal document alongside the signatory list.
Only five companies joined the protocol for the Protocol for Broker Recruiting during the three weeks between June 24 when RIABiz last posted the list and July 13. Between May 14th and June 23, there were 29 RIAs and broker-dealers that signed.
That brings to 513 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, Umpqua Investments Inc.
Broker protocol list grows again and RIABiz is keeping a running count
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.
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We don’t know why the rate slowed for late June and early July but we suspect that — like so much else — there is simply less activity with the onslaught of summer. The latest additions are only for a three-week period.
Newest additions to Broker 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 the Broker Protocol, see this story.
The five new ones include: KC Asset Management Inc., O’Dell Jarvis Mandell LLC, Scenic Wealth Management LLC, Umpqua Investments Inc. and EVIM LLC.
To see the full list, click here.
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