November 25, 2024
Louis Diamond Quoted
By Judy Ward
The FTC said in late August that it might appeal the decision, and other lawsuits have been filed over the noncompete ban, so the ban’s ultimate fate remained unclear. If the rule is upheld by the courts, it could make it simpler for some advisors to switch firms. Even if courts block its implementation, there’s a larger, emerging trend away from allowing enforcement of a non-compete. “I’m telling advisors I talk to, ‘Don’t jump for joy yet because we don’t know what’s going to happen,’” said Louis Diamond, president of Morristown, New Jersey-based Diamond Advisors, which works as a consultant to financial advisors making or contemplating a transition. “But even if this FTC decision doesn’t survive the legal challenges, the decision may be a sign of things to come.”
