Powered by

Keeping them in their seats : Pulling out of the broker protocol proved to be just one part of multipronged strategies byMorgan Stanley and UBS to reduce broker attrition. So far, their plans seem to be working.

Nov 12, 2018 - InvestmentNews

Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry one year ago by withdrawing from an agreement known as the protocol for broker recruiting. The move was a determined effort to hold onto more of their brokers.

For the most part, the decision has worked out. The number of brokers departing Morgan Stan...