MORGAN STANLEY QUITS RECRUITMENT PACT – For over a decade, competing securities brokerages have agreed not to sue each other when brokers quit to join rivals and take clients with them. That’s all changed now; on Monday Morgan Stanley announced they would be quitting the pact, which will allow them to invest more in their brokers and teams as they can fight to keep hold of their advisers and clients. The bank also highlighted that top advisers are increasingly leaving to join independent and boutique businesses who are not part of the pact. The truce, which is called the Protocol for Broker Recruiting, includes Bank of America Merrill Lynch, UBS, Morgan Stanley, Wells Fargo, Raymond James, Credit Suisse, J.P. Morgan, to name a few. #SpartanInternational