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Non-Solicitation & Non-Competition

Jun 25, 2018

In the News: Wells Fargo Advisors to Tell Customers They can Keep Data Away from Brokers

I was recently interviewed by AdvisorHub, a popular wealth management news source, to discuss the news that as of today, Wells Fargo Advisors will start telling customers of its private client group, that they can prevent their brokers from taking their contact information with them should the advisor leave the firm. » Read More

Feb 27, 2018

Back to the Future: 2018 and the Protocol for Broker Recruiting

I had the honor of writing a guest column this week for the Mark Elzweig Company newsletter. Mark is an executive recruiter who specializes in placing financial advisors at wirehouse, regional, independent, and RIA firms. In the column, “Back to the Future: 2018 and the Protocol for Broker Recruiting,” I  outline key points of focus in the movement of financial advisors from firm-to-firm under the new Protocol landscape. » Read More

Feb 21, 2018

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. » Read More

Nov 29, 2017

In The News: UBS Exits Protocol for Broker Recruiting

Yet another departure:  UBS Wealth Management Americas has followed in Morgan Stanley’s footsteps and announced its exit from the Protocol for Broker Recruiting on Monday, effective this Friday, December 1. However, prior to this announcement, UBS was ready to onboard at least two Merrill Lynch brokers still protected by the pact. » Read More

Nov 09, 2017

In The News: 7 Ways Morgan Stanley’s Protocol Exit Will Backfire

You may recall, I posted about Morgan Stanley withdrawing from the Protocol for Broker Recruiting last week. I recently had the pleasure of being interviewed about this news by Mark Elzweig of OnWallStreet, an information resource for financial advisors. Read his article “7 ways Morgan Stanley’s protocol exit will backfire” here to learn more and see what else I have to say about the shocking news! » Read More

Oct 30, 2017

Morgan Stanley Withdrawing from the Protocol for Broker Recruiting

The breaking news that Morgan Stanley will be withdrawing as a signatory to the Protocol for Broker Recruiting may signal the beginning of the end for the Protocol– at least as it relates to the wire house firms. Will other firms follow suit and start to depart? » Read More

Nov 11, 2016

IN THE NEWS: J.P. Morgan Pursues Arbitration Case Against Advisors

I was recently interviewed by Fundfire, a financial services industry on-line publication, regarding J.P. Morgan obtaining a temporary restraining order as it pursues an arbitration case against seven advisors who left to launch an independent shop with LPL Financial. This is yet another case involving the protections of the industry’s agreement called the Protocol for Broker Recruiting. » Read More

Dec 07, 2012

Not My iPhone!

In the arena of post-employment non-solicitation/confidentiality litigation, employers and employees should be aware of a November 15, 2012 decision by the First Department of the Appellate Division of the Supreme Court of New York in AllianceBernstein LP v. Atha. In this case, Atha, a financial analyst who left AllianceBernstein (AB) for Morgan Stanley, was sued by AB, claiming he violated the confidentiality provisions of his employment agreement by taking confidential information, including client lists, to Morgan Stanley for the purpose of soliciting those clients.   » Read More

Apr 18, 2012

Other Restrictions May Also Confine Post-Termination Activities

In addition to the potential violations of confidentiality and non-disparagement provisions contemplated by a “tell-all” book about Goldman Sachs, Greg Smith should also consider garden leave and/or non- competition/non-solicitation restrictions. If Smith had a new job lined up before resigning, did he make the new employer aware of the restrictions to which he was bound?   » Read More

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