Now, more than ever, moving a book of business from one firm to another raises several considerations for the industry member who has decided to transition to a new place of employment. Until recently, most financial firms agreed to the broker protocol. Under the protocol, if an industry member wanted to move their book of business from one firm to another, they could follow the terms of the protocol, which dictated what they could and could not do in soliciting their customers away from their former firm. But recently, many firms have abandoned the broker protocol. This has left industry members with no bright line rules for what they can and cannot do when they attempt to move their clients from one firm to another.
In line with the move away from the broker protocol, financial firms have become increasingly more aggressive in their efforts to keep their former employees from being their books of business elsewhere. These efforts can range from filing temporary restraining orders in court, to suing industry members for damages, among other things.
PRM, P.C. regularly provides experienced counsel to those industry members focused on ensuring they can move their books of business to a new firm quickly, painlessly, and within the confines of the rules.