Temporary restraining orders and overly prescriptive and punitive compensation plans are poor responses to the realities of today’s market.
Morgan Stanley hired a 30-year veteran of UBS and PaineWebber in Roanoke, Va., while First Republic lures another million-dollar-plus Merrill Lynch team in Los Angeles.
Wells asks court to restrain five-person team managing about $600 million from using information they allegedly took prior to their departure in late September.
Firm has no plans to pull out of the Broker Protocol, a senior executive said after Merrill Lynch Wealth Management reported its highest third quarter of revenue since being bought by Bank of America.
Ruling gives brokers early-stage victory in likely long-running non-solicitation battle, lawyer says.
Brokers say their former employer’s rush for a courtroom restraint order is premature and posits an emergency that is nothing more than a litigation ploy.
Filing revives an aggressive legal stance the firm had taken after its withdrawal from the Protocol for Broker Recruiting.
San Diego brokers took the unusual step of seeking a court ruling voiding their employment contracts to preempt their former firm from stopping them from soliciting clients.
Emphasize the “big numbers” large producers can earn over a long UBS career and the “unrealistic” sales targets that competitors set when offering back-end bonuses, it says in presentation.