In The News: Fleeing Morgan Stanley Brokers Improperly Solicit Clients

It was reported in today’s Advisor Hub that several brokers allegedly used a Morgan Stanley dinner seminar to solicit clients and prospects the night before they moved to Raymond James. This is quintessential pre-solicitation and, if true, would fall squarely within a violation of almost any reasonably drafted non-solicitation clause, regardless of the employer. This would also be a NO-NO even if this was considered to fall under the “protections” of the Protocol for Broker Recruiting. A casebook scenario of what not to do.

If you have any questions about this post or any other related matters, please email me at dtharmon@nmmlaw.com.