Morgan Stanley Sues $800k Producer Who Joined Janney Montgomery - AdvisorHub

Careerhedge. com Quick Take:  When was the last time you saw an article about a boutique financial services firm suing an employee for joining another firm?  Over the course of my 15-year career as a financial services focused recruiter I have NEVER seen it happen.  I have had candidates sign very restrictive non-compete clauses and contracts that I negotiated with them.  However, I have never seen these contracts enforced.  Headlines like this have an absolutely terrible impact on recruiting.  Morgan Stanley is fighting a global battle against the other bulge brackets and this world war resembles the slow-moving trench warfare of World War I.  Progress is slow and most of the time any real advances are made not by great offensive moves but by defensive blunders such as this.  Candidates sometimes resort to flipping a coin when deciding which employment contract from competing bulge brackets to accept.  An article like this will be used over and over again by recruiters and Human Resources departments if Morgan Stanley's competitors.  Morgan Stanley has little if not nothing to gain here considering the low productivity of this particular employee.  What their competitors gain is potentially enormous.  -Edward Storm,

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