“Investors have long relationships with brokers, although firms like to think the relationship is with the firm, and sometime it is,” said Brent Burns, an industry attorney. “But most of the relationship is with the adviser. Watch all the ads on TV — the broker is at the wedding, he’s there when the baby is born.” “Now Morgan Stanley is saying, you can’t take or service the client,” he said. “I think brokers will still leave Morgan Stanley and clients will contact them. Will Morgan Stanley then go after the advisers? And will the other firms follow?”