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Victor Petrescu, Partner, Levine Kellogg Lehman Schneider + Grossman, Miami Victor Petrescu, Partner, Levine Kellogg Lehman Schneider + Grossman, Miami

In 2004, a number of brokerage firms entered into an agreement that set standards for how they would treat brokers and financial advisers who left their old firms for competing firms.  The purpose of this agreement, known as the “protocol” or “broker protocol” was, in part, to provide departing brokers and their new employers with clear guidelines they could follow to avoid legal retaliation from the broker’s former employer upon the broker’s moving firms.  Recently, a number of firms—including large players such as Morgan Stanley, UBS and Citigroup—have left the protocol, resulting in increased litigation between brokerage firms when a departing broker leaves their old firm for a competitor.

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