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wealth management non-compete

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Brokers Switching Firms: The Protocol and Recent Developments

In August 2004, Merrill Lynch, Citigroup, and UBS entered a pact not to sue one another over client relationships in their wealth management businesses. This pact was known in the industry as the Protocol for Broker Recruiting or simply the Protocol. Under the Protocol, brokerages essentially agreed that individual brokers could move between firms and … Continue reading

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