Funny you should ask, I just read about a case just like that. Ameriprise got in the way, and the rep won 230k. Read for yourself by looking up Case# 04-02723

http://finraawardsonline.finra.org/

Thanks BigFirepower. So then does that mean the rep can take their clients with them if they leave? I'm interested in not just Ameriprise but in the financial franchise model in any of the big companies. 

Well, that is based upon contract. So, make sure your contract specifies that one way or the other, in very clear english.

Advice I'd give to anyone regarding non solicit, non competes, is to insist that they are not transferrable upon mergers. US Trade Secret laws by the way, can be argued even without a non solicit, non compete, if the contract specifies that lists/names are company property. The USTSA needs to meet a bunch of criteria, and very few cases are lost to the claim, but the fines can be huge when a rep or rival firm does something especially stupid. My eyes are literally burned out of my head from reading over 100 cases like that in the last couple weeks.

It is essentially jump ball.  They will reassign the clients when you leave unless you sold your practice.  Depending upon how the new FA works them, that will determine how easy or hard it is to move the practice/book.