Spicers' restraint of trade draconian
Hawkes Bay adviser Les Cunningham left AMP-owned Spicers in September last year, after 30 years in the financial advice sector.
His contract as an independent contractor, believed to be standard among many advisers, included two key restraint of trade clauses – a six-month “no dealing” clause that prevents an adviser offering any services to Spicers clients after cutting ties with the firm, and a perpetual “no soliciting clause” which requires that they never approach any Spicers clients – ever.
When Cunningham resigned, he told Spicers that he had legal advice that the clauses were unenforceable.
Between October and December, five of his former clients – many of whom had relationships of longer than 20 years with him - requested their investments be transferred to Cunningham at his new role with Forsyth Barr.
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