Which Firms Are in the Broker Protocol? The 2026 List

The short answer: On J.S. Held's October 12, 2026 list, the official record of Broker Protocol signatories, Merrill Lynch, Wells Fargo Advisors, Raymond James, LPL Financial, Ameriprise and RBC are members, most of them with joinder qualifications that narrow how the Protocol applies, and J.P. Morgan Securities takes part only for one group of its advisors. Morgan Stanley and UBS withdrew in 2017 and Citigroup in 2018, and Edward Jones, Goldman Sachs and Northwestern Mutual are not on the list. Check a firm's status, and its qualifications, on the day you resign.

The 2026 list, firm by firm

Status as of October 12, 2026. Source: J.S. Held, The Broker Protocol member firms list, updated October 12, 2026. The official list names each legal entity separately, more than 2,000 member entities in all; this table shows the firms advisors most often ask about, with dates as listed, including under former names. Compiled by Winthrop & Co. from J.S. Held's list, October 12, 2026.

Who left, and when

The Protocol was signed in 2004 by Citigroup's Smith Barney, Merrill Lynch and UBS. Two of those three founders have since left: UBS's withdrawal took effect December 1, 2017 and Citigroup's January 8, 2018. Morgan Stanley, a member from 2006 and as Morgan Stanley Smith Barney from 2009, withdrew effective November 3, 2017. Merrill Lynch remains a member.

What the Protocol does, and what it does not cover even between two members, is set out in Protocol for Broker Recruiting explained.

What a joinder qualification is

A firm joins the Protocol by signing a joinder agreement, and a firm can sign with qualifications that limit how the Protocol applies to it. The clearest example on the list is J.P. Morgan Securities, whose participation is limited to advisors in its J.P. Morgan Securities department, the former Bear Stearns private client group.

Several large members added or changed qualifications in 2026; the table shows the dates. The public list shows that a firm has a qualification and when it was added, and members receive the text, so the current version at both firms is worth having a securities attorney read before resigning.

Firms that are not on the list

Edward Jones, Goldman Sachs and Northwestern Mutual do not appear on the October 12, 2026 list. Leaving any of them, or any other firm outside the Protocol, runs under the advisor's own agreements and the law that applies to them, where non-solicitation and notice terms matter most. Can my firm sue me for leaving covers how those terms are enforced, and can a firm sue an entire team that resigns together covers team departures.

How to check a firm's status

• Use the official list. J.S. Held maintains the only official list of signatories and updates it weekly.
• Check on the day it matters. New joinders and withdrawals are emailed to members daily, and a withdrawal letter names its effective date, so a firm's status six months ago may not be its status today.
• Check the entity your agreement is with. The list names legal entities, and one firm can have several, each with its own dates and qualifications.
• Check both sides. The Protocol's protection depends on the firm you are leaving and the firm you are joining.

How long a move takes changes with the answer; how long does a financial advisor transition take walks through the timeline with and without the Protocol.

What this means for one move

A firm's membership is the starting point. Whether a particular move is clean depends on the agreements the advisor has signed, the qualifications at both firms, and how the team and the clients are set up, and that read starts with a confidential call. Request an Introduction.