Industry Insights Panel

Understanding the FTC’s New Ruling: Implications for Wealth Management Advisors

Join our in-depth discussion where we unpack the latest FTC ruling that effectively bans most noncompete agreements. This is an essential conversation for wealth management advisors seeking to understand the implications of these regulatory changes and how to navigate them.

Our panel of experts will break down a comprehensive understanding of the new FTC ruling and what impacts it will have on an advisory firm, the steps your firm should take to address existing noncompete agreements, and how to protect your firm with both offensive and defensive measures that you can implement to stay compliant, safeguard value, and protect client relationships

Don't miss this opportunity to equip your firm with the knowledge and strategies needed to navigate these significant regulatory change.

Update

On July 3, 2024, a Federal District Court in Texas issued a preliminary injunction finding that the FTC does not have the statutory authority to issue a nationwide ban on non-compete agreements. The judge in the case expects to issue a final order on August 30, 2024. However, the injunction against the FTC only applies to the parties to the case. It is not a nationwide injunction applicable to everyone. As a result, as it stands now, the FTC rule is still set to go into effect on September 4, 2024. We will update this page as developments occur.

On August 20th, 2024, a federal court in Texas issued an order setting aside the FTC's non-compete rule and ordered that it not be enforced or otherwise take effect on September 4th, 2024. The FT is likely to appeal the order, but in the meantime the rule will not be going into effect.

Comprehensive Business Protection

Building a sustainable and enduring business is the key to retaining both key staff and clients. Our team can assist you in fostering a strong company culture, implementing fair compensation and equity plans, and ensuring clear paths for career growth. We also provide expert guidance on establishing proper entity structures and building enterprise value. Additionally, we can help draft and review legal documents such as non-solicits, non-acceptance, and non-disclosure agreements to protect your business. Let us help you navigate the next steps to secure your business legally and technically, ensuring you can continue to grow and thrive in the industry.

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