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ARTICLE · 15 JULY 2021

Tips To Avoid A TRO For Brokers Transitioning From Non-Protocol Firms

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Firms place utmost importance in obtaining a TRO against the departing broker.

United StatesEmployment and HR
Kunal Shah
Kunal Shah

Departing brokers and financial advisors transitioning from non-protocol wirehouses to other firms or independence need to fully understand and be prepared to defend against a Temporary Restraining Order (TRO) from their former employer. Non-protocol firms like UBS and Morgan Stanley are eager to initiate legal action as a matter of course, irrespective of the size of the departing advisor's book of business. In fact, the procedural hurdles associated with presenting and filing a complaint and TRO are relatively low. This article is designed to highlight the pitfalls brokers and advisors should be aware of and avoid when planning their departure. While it may appear that these firms initiate legal action as a matter of course, there are ways to minimize and even avoid costly litigation.

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