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Thinking about switching investment firms: Protect Yourself!

In any economic climate, financial advisors switch firms.  Such moves are under constant consideration in the competitive investment world.

Unfortunately, too many advisors thinking about switching jobs fail to consider the legal implications or restrictions upon leaving.  A recent Wall Street Journal article, “How to Switch Firms…and Not Get Sued,” attempts to address the growing legal complications surrounding changes in employment for financial advisors. For the brokerage firms that engage advisors, and for the individual advisors considering switching jobs, the legal minefield in the prosecution or defense of an employment agreement can be daunting without proper consideration and advice.  Such hurdles may include client information, sales assistant recruitment, signing bonus repayment, or even recovery of personal effects.  As the Wall Street Journal article points out, even with the Protocol for Broker Recruitment in place, there are many other complications that can open a financial advisor to a host of legal problems. For advice on these and other competitive business practice issues, including managing Protocol standards and designing appropriate employment agreements, please contact the Bingham Greenebaum Doll Labor and Employment Practice Group.

To learn more about Andrew Gruber and his practice, please visit his profile.

  • Partner

    Andy is the Chair of the Labor & Employment Practice Group. Working exclusively in the areas of labor and employment law, Andy provides advice, counsel and litigation defense to employers in all areas of employment law, including ...



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