Corporate & Securities Law

For brokers and advisors, switching firms can be one of the most rewarding and exciting moments in their career.  Unfortunately, brokers and advisors who change firms often violate their employment agreements governing their relationships with their firms, clients, and colleagues. In many cases, brokers and advisers may not even be aware of their contractual obligations regarding transitioning between firms because they don?t have a copy of the employment contract that they signed. 

Brokers and advisers need to be aware of the ramifications of some more common contractual provisions (such as non-solicitation clauses) and increasingly popular contractual provisions (such as ?garden leave? restrictions), as well as more general restrictions related to the confidentiality and privacy of certain information and documentation.  One also needs to incorporate into any advance planning the the Protocol for Broker Recruiting.

Brokers or advisers who do run into trouble during a transition often find themselves facing a TRO in court, a FINRA arbitration or even a FINRA Enforcement regulatory inquiry.  Those disputes can be costly, and can in many cases leave the broker, and in some cases the clients, in a worse position than if they never had left the old firm.

To help brokers and advisers avoid these issues, Eccleston Law offers a $2,500 fixed fee package for transitioning advisers to help them move between firms without running afoul of their employment contracts or the Protocol for Broker recruiting.

If you are a broker or financial adviser and have questions about your employment agreement, the Protocol for Broker Recruiting, or simply your transition to a new firm, contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your matter.