Showing posts from November, 2017

The 13-year Itch

Morgan Stanley finally left us.We all feared this would happen and we even thought about leaving too.How did we get here and what do we do now?We will take the role of a marriage counselor in this post and remind us why we married in the first place and what we can learn from our mistakes.
History of Protocol
When the Protocol began in 2004 there were three firms that believed the agreement would save them money and reduce lengthy legal battles.It did both but it also encouraged two established law firms to support advisors who wanted to use The Protocol and breakaway from Wall Street.One of the two firms published a good summary of The Protocol that is worth reading.
RIA Growth
Over the years more firms began to join The Protocol and as of today over 1,700 firms are Protocol members.Most are RIAs that are growing by winning new clients and advisors from the original three firms.We seem to have reached a tipping point that has demanded the attention of Mr. Gorman.My bet is it is more t…