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Unless you are particularly interested in the US wealth management business, you probably missed one of the most extraordinary announcements of 2017 at the beginning of November. Extraordinary in that any bank was able to make it in the first place.
Morgan Stanley broke ranks to announce its withdrawal from the Protocol for Broker Recruitment, which has been in place in the US brokerage industry since 2004. Originally established by a handful of firms, by 2017 a staggering 1,500 firms were signed up to it.
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