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How UBS exited the Broker Protocol and why the aftereffects may surpass those of Morgan Stanley's earlier departure

Using Thanksgiving and the alleged complicity of his firm's attorneys as a smoke screen, CEO Tom Naratil made good on warning to slam the door on his sales force

Author Brooke Southall November 28, 2017 at 2:37 AM
3 Comments
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Tom Naratil plays catch-up on recruitment withdrawal after setting the early pace.

Breakaway Stories


Jeff Spears

Jeff Spears

November 28, 2017 — 3:58 PM
The Spin feels hollow - let's be honest. None of the original firms like The Protocol now and independent advisory firms are kicking their butt:)
Stephen Winks

Stephen Winks

November 28, 2017 — 4:12 PM
The wirehouses are in a jam. If they digitize financial products and services to achieve lower cost and continuous, comprehensive counsel of expert fiduciary duty, they give up the free use of a trillion dollar plus float that drives their margins. Certainly an unprecedented level of counsel results as well as expert professional standing for their advisors, the resulting leaner but far more powerful business <a href="http://model.is" rel="nofollow">model.is</a> less lucrative than the institutionalized advisory services inefficiencies of today. The question is will our large-scale RIAs beat Wall Street in the digitization of financial products and financial services. If so, Low cost high value added RIAs will supplant high cost, low value- added b/ds. Modernity waits for no one. SCW
Fred St Laurent

Fred St Laurent

November 28, 2017 — 4:51 PM
This morning a highly credible source told me that Merrill will leave Protocol over the Holidays, while FINRA is closed. This would give no time at all for any Brokers to move. Strategically, this would make perfect sense. Added to this, the recent compensation changes, the door would shut when Brokers are distracted by Holiday shopping, and end of year business. I firmly believe that anyone leaving on the new "post-Protocol" world, will be made an example of, as well. We recruited prior to 2004, and TRO's will return, lawyers will make money and clients will suffer the most harm, in the long run.

Related Moves

September 21, 2023 at 1:53 AM

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Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

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September 24, 2019 at 2:02 AM

Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table

The RIA sales wizard joined Dynasty Financial Partners with understanding he would leave sales behind and earn his keep by focusing on strategic ideas.

February 22, 2024 at 2:20 AM

See more related moves

Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

The Law Offices of Patrick J. Burns, Jr., P.C.
Specialized Breakaway Service
Top Executive: Patrick J. Burns, Jr., Esq.

Advanced Regulatory Compliance, LLC
Compliance Expert
Top Executive: Patrick J. Burns, Jr., J.D.

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond



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