Who has a Non-disclosure Agreement in their employment agreement and/or contract & are you concerned about it?

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I have one - really don't like it but didn't have much of a choice when I got started.

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I'm changing firms because of it come Jan 1

I think most advisors have signed an NDA to get that not so fat retention bonus and are now stuck in cement. I view the NDA as much more of a problem than the roll back of Protocol. Does anyone have a way out of their NDA?

Be cunning. When you leave make sure your behavior leading up to it does not hint that you are not happy there. Submit U5. Move clients before your manager has time to organize and distribute house accounts. Nobody actually gets sued because of NDA

FA1... I have copies of letters to departing advisors reminding them of their NDAs... in this case the amount if AUM it didn't matter but the wording was clear, they could and would get a TRO... then you are stuck

It's the clients' decision who they want to work with

Yes but... if you are prohibited from contacting them and have a TRO prohibiting you from making contact then what? Judges look down on people who ignore their orders don't you think?

I've never seen someone actually taken to court for this EVER

TROs are not "going to court" it's a massive road block to transitioning assets. And very affective. When signing the NDA the Advisor agrees that all information pertaining to any and all clients is the sole property of the BD (& some RIAs like Focus). Of course a client can go anywhere they like but an advisor would have a difficult time explaining why/how the client went with them. Again, at least in .CA, Judges are very hesitant to issue a TRO for Protocol but issue them everyday for NDA violations.
..

FA1, check out the article in AdvisorHub about Phil Leach, MS in Memphis... got a $5,000 fine and 45 calendar day suspension for taking info on only 52 clients... non protocol... guess it doesn't need to go to court after all...

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