UBS follows Morgan Stanley in leaving broker protocol
UBS is withdrawing from the Protocol for Broker Recruiting Agreement, making it the second wirehouse and original member of the arrangement to do so after Morgan Stanley withdrew from it in October.
The brokerage sent a memo to its advisors Monday morning notifying them the firm would no longer be a member of the agreement as of Friday, Dec. 1.
Morgan Stanley is the nation’s largest wealth management firm with nearly 16,000 advisors and more than $2.2 trillion in assets. UBS is half that size, with approximately 6,900 advisors, though its brokerage force is the most productive based on revenue generated per advisor, according to earnings reports.