Movement from wirehouses to regionals and independents continues to gain momentum. Relatively few wirehouse advisors are moving to other wirehouses. Meanwhile, the first wave of advisors leaving Morgan Stanley and UBS -- which recently abandoned the Broker Protocol -- are changing firms without too much resistance. Regional and boutique firms have demonstrated their recruiting prowess by onboarding them without adverse legal consequences. Meanwhile, three of the four wirehouses continue to focus their recruiting efforts on advisors producing more than $1.5 million, mostly in fee-based business. Among independents, the hybrid broker-RIA model continues to gain traction. Please call me for details.
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