As any new rep coming into the industry I signed my agent contract without a care in the world when it came to the details. Years later I’m changing broker-dealers and their non-solicitation clause has come back to haunt me. Some broker-dealers I’ve spoken with have suggested they could put together a tombstone/announcement letter that I could mail to my old clients and it would not be considered a solicitation. The one firm I’m really interested will not do that unfortunately. Any ideas/suggestions??? I’d really hate to have to start all over again, but am not interested in getting sued either. I’m interested in creative ways to hang on to clients I developed for the insurance company… the insurance company did not develop them for me. Thanks.
If you don’t already know how to handle this situation, you should probably stay where you are.
If you are serious about this and as clueless as you sound you absolutley, positively, without a shadow of a doubt need to retain legal counsel with specific experience in this area. It is a small cost to accomplish your objective. Do not rely solely on legal advice from your 'new' b/d - they represent the b/d, not you. The price might be right, but you get what you pay for.What you want to do is done every day, over and over again, but if you don't know what you're doing you'll be so far up a creek without a paddle that you won't know what to do. Is your future income stream worth a small legal expense?
In Southwest Georgia, there was a broker who put up several billboards around the city, stating that he was now located at Podunk Investment Firm.
Going Indy , first as already indicated seek advise from your solictor. I realize that my experience is with Canadian Law but am sure that a number of similarities bewtween the US and Canada.The employer will if required show the courts that they will suffer a financial loss and will demand compensation. You on the other hand will have to prove to the courts that no financial loss will be suffered by the firm when you solict the exsisting clients. One suggestion in your contract.....who owns the client ( you or the company ). A very significant legal clause. Hope this gives you some sense of direction?