Recent Schwab Settlement Highlights Need For Diligent Transition Planning

Posted on October 28th, 2019 at 4:46 PM
Recent Schwab Settlement Highlights Need For Diligent Transition Planning

From the Desk of Jim Eccleston at Eccleston Law LLC:

Charles Schwab and former advisor Peter Pavlakis have reached a settlement in which the advisor has agreed to refrain from soliciting clients he developed over the course of 19 years with Schwab. The non-solicitation agreement is to last until August 2021. Under the settlement agreement, the advisor also is required to return any records he may have obtained.

An interesting concession by the advisor is that he also has agreed to return information recreated utilizing his memory.

The terms of the settlement agreement underscore the need to retain competent financial services employment and securities law counsel in order to plan a transition. And, in the case of any settlement, it is critical to understand industry practices as well as the jurisprudence of the state in which the advisor resides.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, schwab, charles schwab, transition planning

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