Morgan Stanley can’t seem to stay out of their own way. Recently it was revealed that the global investment bank (yes, global) filed suit against an 800k broker in Allentown, PA.
Yes, you read that correctly. 800k. Allentown, PA. Morgan Stanley’s sharp legal minds believe it is in the best interests of the firm to go after a broker that doesn’t seem to be high profile simply to pound home this one salient point: we own your clients, you do not.
This is what the protocol exit was all about. Taking back ownership of the names and assets attached to client statements. As per Morgan Stanley’s actions, clearly they believe that their ranks had gotten a bit too entrepreneurial and cavalier over the past several years; believing, that they had just as much right to the client relationship.
Morgan Stanley disagrees – and they are willing to file suit against an 800k ‘hometown’ advisor to prove it. And you wonder why you don’t hear a whole lot of ‘joined Morgan Stanley’ stories via the recruiting wires anymore.