Loyalty Oaths... "The [broker] wars have never been hotter ... Recruiting is the No. 1 goal of every firm..." That's a reference to the sudden move of a star stock broker from Merrill Lynch to UBS ("From Broker's Defection, Struggle of Loyalties," New York Times, Nov 10).

The defecting broker, John Fitzpatrick, "managed more than $1 billion for rich investors" and now seeks to move these client relationships to his new firm, while "Merrill brokers and their bosses" fight to stop him. According to a New York executive recruiter, "The poaching of Mr. Fitzpatrick was a bold stroke in the long-running recruiting wars that had brokers buzzing all over Wall Street..." ... Sounds like real estate.

Don't personal relationships lie at the core of the real estate business, too? And isn't it easier to recruit a competing broker with an existing book of business than to nurture a new broker over the many years required to build an impressive track record? Absolutely.

So what incentives would lure a top broker to switch firms? Is it all about money issues, like signing bonuses, bigger commission splits and more support services? Or is it about joining a better brand? Who "owns" the client relationship -- the firm or the broker? What do you think?

Spread the Word ... Many thanks to Kerry Keilty at LASERtech Floorplans, sponsor of this week's Dispatch. If you would like to tell Dispatch readers about your services, send e-mail or call 415-461-4703.

--Peter Pike