Under the FTC’s new rule, existing non-competes for the vast majority of workers will no longer be enforceable after the rule’s effective date.
So all of you in WFA you can now go out and start your own brokerage or join an existing one.
source: https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes
The FTC does not have jurisdiction over banks. However it does for bank subsidiaries, holding companies, etc.
It's actually a bigger issue for non protocol firms like Edward Jones, parts of JPM, MS, etc Both EJ and JPM go hard after FAs that leave.
About time.
Noncompetes have been illegal in CA for a while.
That never prevented people in WFA leaving. FAs or otherwise. Shows your ignorance in the matter
This is premature. According to this article, this rule is to be effective in 4 months. Unfortunately, the FTC is likely to be sued as early as Monday by the "Chamber of Commerce". msn. com/en-us/money/companies/ftc-bans-noncompete-agreements-that-restrict-job-switching/ar-AA1nwW1X
Maybe we should push for "if you are laid off" your noncompete is null and void. Sorry for all those brokers who want to leave WF with their clients...
Noncompetes have been illegal in California for a while.
Can’t wait for the crazies to get mobilized against their own interest and demand this be struck down in the name of liberty or some such nonsense
Any move that gives even a modicum of power to the people is good news.
Even if this doesn't directly affect you, it creates a bit of general momentum for lessening the power gap between individuals and employers.