- On November 16, 2017
Today, Advisorbox announced an unprecedented launch of the Advisor Legal Liberty Initiative (ALLI).
ALLI, pronounced (ally), is designed for advisors who used Protocol to join a firm, and then got trapped by the firm’s later abrupt exit of Protocol with insufficient notice. ALLI is an ally to these advisors. ALLI’s purpose is liberating advisors from the fear of Non-Protocol litigation.
The idea for ALLI was born when Morgan Stanley exited Protocol earlier this month in a way Advisorbox considered detrimental and even underhanded to their advisors. The strong likelihood of other firms soon following Morgan Stanley’s oppressive example led to the rapid launch of ALLI in response. A multi-wirehouse movement set on reversing advisor liberties will have profound negative repercussions for thousands of advisors.
ALLI has two primary purposes: Cover legal expenses for advisors departing from Non-Protocol firms and providing a Non-Protocol transition, legal support infrastructure to assist in the defense of advisor liberty. ALLI is the liberty counter-balance for resisting corporate aggression and regression and promoting positive progression.
“The industry has made significant progress over the last decade in the advancement of advisor liberties and we want to do our part in furthering that momentum,” said Darin Manis, Advisorbox Managing Partner.
Advisorbox is covering the costs for advisors to have multiple consultations with experienced securities employment attorneys about Non-Protocol transitions. The advisor is the attorney’s client and protected by attorney client privilege. The attorneys represent the advisor, not Advisorbox. ALLI just covers the bill.
If the advisor follows the advice and in good faith doesn’t violate any confidential information and non- solicitation provisions of their employment agreement, but is pursued by their firm regardless, with a Temporary Retraining Order (“TRO”) or other and injunction, ALLI will cover the advisor’s legal costs up to the first $25,000.
“Advisorbox has done a lot of talking and writing about advisor advocacy and defending advisor liberties. Through ALLI, we’re putting our money where our mouth is,” said Darin Manis, Managing Partner.
ALLI is providing a Non-Protocol legal support infrastructure to assist in the defense of advisor liberty. They are adding experienced attorneys with specific expertise in representing wirehouse advisors in employment disputes and recruiting transitions to their referral network in targeted cities across the country. There are no fees paid by the attorney to receive referrals.
Participating attorneys have access to an online secure portal of shared Non-Protocol resources, best practices, templates, and attorney commentary to foster a collaborative effort for succeeding in the legal defense of advisor liberty.
For details about ALLI, how advisors qualify, and requirements, rules and restrictions see:
Posted by Darin Manis
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