We love representing professionals in the financial services industry who need help with their non-compete agreements.
Why do we feel such a kinship toward these professionals? It is not because we get stock advice or other financial services in exchange for our advice, but rather, because the financial services industry has taken the bull by the horns so to speak, and begun to define how non-competes will be used and enforced in the industry.
In 2004, CitiGroup (Smith Barney), Merrill Lynch and UBS, drafted and signed theProtocol for Broker Recruiting. The document, most often referred to as the Protocolessentially allows financial service providers to move from firm to firm, and take client lists, if (and only if) the firm they are leaving and the firm they are going to, are signatories to the Protocol.
Essentially the agreement recognizes that client relationships are key to the industry, and that clients should have freedom of choice in connection with the movement of their book of business.
Thankfully, the big three are not the only signatories and to date there are over 300 large and small houses who have signed the agreement.
When stock brokers call our office, the first question we ask is (1) what firm are you leaving? The second question we ask is, (2) where are you going?
If both firms are Protocol firms, the employee may take the following client information: Client name, address, phone number, email address and account title of those clients you personally served. The employee may not take ANYTHING else.

Want to read more about the Broker Protocol – visit our website and the full article on Broker Protocol.

Want to have your agreement reviewed – call Dan or myself today at 540-985-0098. 

Lauren Ellerman
Lauren Ellerman

In 2011, Lauren Ellerman was named "Young Lawyer of the Year" by the Roanoke Bar Association for her work in the community. To speak with Lauren about your personal injury case, contact her at