Plan Ahead and Protect Your Interests
Many investment professionals do not fully comprehend the dramatic impact that a restrictive covenant can have on their books of business and their careers. They often assume that because things seem great at the time they are hired, their interests and the new firm’s interests will never diverge. Some firms believe that their employment agreements will always be enforceable, whatever their terms may be, and they do not properly consider the cost of actually enforcing the provisions. It is important that the investment professional and the firm each have their own counsel to advise them on issues involved, and to assist in the negotiation process. Using some foresight in drafting such agreements can result in less cost and frustration for both parties if (or when) the investment professional decides to move on.
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