Towry chief executive Andrew Fisher says it will be “impossible” to develop industry-wide standard protocol on restrictive covenants.
In February, Tisa announced it will try to form an industry consensus on how restrictive covenants should apply in financial services, after Towry attempted to sue Raymond James and seven former Edward Jones advisers for £6m in damages over alleged client solicitation. The High Court dismissed all claims brought by Towry.
Speaking today at the Tax Incentivised Savings Association client retention seminar, Fisher (pictured) said: “Achieving protocol would be impossible because of the different types of firms in the market and the different needs of their clients.
“There is a large difference between the protocol of a large financial planning firm and a two-man band with one adviser leaving.”
Fisher added: “Clients know what they want, but they do not necessarily know what they need and that is what we should be giving them.”