All – no surprise here, but a few of the big financial houses have decided they don’t like to share.
I know, shocking right?
According to www.thinkadvisor.com Morgan Stanley and Merrill Lynch says it is staying put. Meanwhile, Wells Fargo says it remains undecided about whether it will stay or go.
What does this mean and why should you care?
Well, in sum, it means the long standing gentlemen’s agreement (and yes, I chose that word on purpose) that allows firms to take books of business with a new hire, despite having that hire sign non-solicitation or non-compete agreements, may be unraveling. Why? Because business is good and litigation not always a bad idea, at least if you are Morgan Stanley, UBS or some of the other larger firms who don’t mind attorneys fees.
Are you in financial services? Hoping to shop your book to a new firm? Wondering how this change could change those plans? We are happy to evaluate your contract, move and advise accordingly.