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BofA Signs On To Broker Recruitment Protocol

Law360 (November 7, 2008, 12:00 AM EST) -- Seeking to calm Merrill Lynch & Co Inc. financial advisers as it prepares to take over, Bank of America has agreed to sign on to a Wall Street pact that allows brokers to leave for competitors – and take their clients with them under certain conditions.

Under the so-called Protocol for Recruiting Brokers, enacted four years ago, brokers are free to move between firms that are party to the protocol and to keep their clients in order to ensure continuity of client services, according to Reuters....
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