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How bank-based advisors can jump firms without getting sued
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Whenever bank-based advisors consult him about changing firms, Scott Matasar makes sure they take one crucial step: adding their contact information to their resignation letters.
JPMorgan's recent succession of lawsuits accusing former bank-based advisors of improperly soliciting their ex-clients' business has brought such considerations to the forefront.
But of those who do, a disproportionate share are bank-based advisors.
Both suits contain language that runs like a refrain through JPMorgan's legal actions against its former bank-based advisors.
They're also sending a message to other bank-based advisors who may be thinking about leaving.