Goldman Sachs is taking action against dozens of advisors who have been leaving the company following the announcement of the sale of the Personal Financial Management unit to Creative Planning. The firm is filing arbitration claims seeking to enforce its noncompete and notice requirements, alleging that advisors who have left cannot practice in the field for six months. Goldman’s success in arbitration could turn on the specifics of state regulations in the various jurisdictions where it is pursuing its claims, but any effort to enforce nonsolicitation agreements will likely require the firm to demonstrate that it owns…
Read the full article here