Agreement disputes part of evolution: IFA

Saturn Portfolio Group is taking a former Van Eyk adviser to court. Saturn took over Van Eyk Advice late last year.

Saturn chairman Craig Stobo said, in the course of moving clients over to Saturn, it had become apparent that clear enforcement of contractual property rights was needed in relation to ownership of client revenues.

Last year, Spicers’ restraint of trade clause in its contracts with advisers was called draconian by a High Court judge, after an adviser who moved to Forsyth Barr was taken to court when five of his former clients asked to follow him to his new role.

Stobo said it was an issue for the industry.