The Financial Advisor Non-Solicitation Agreement is a critical document used by Canadian financial institutions to protect their legitimate business interests when hiring financial advisors who will have access to valuable client relationships and confidential information. This agreement becomes particularly important in the context of Canada's highly regulated financial services industry, where client relationships represent significant business value and are subject to various regulatory requirements including provincial securities laws and IIROC regulations. The document typically includes specific provisions regarding the scope of restricted activities, duration of restrictions, geographical limitations, and confidentiality obligations, all while ensuring compliance with Canadian employment law principles regarding reasonable restrictive covenants. It's designed to balance the employer's need to protect client relationships with the advisor's right to earn a living in their profession.
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1. Parties: Identification of the employer/firm and the financial advisor, including their respective addresses and legal status
2. Background: Context of the agreement, including the advisor's role and access to confidential information and client relationships
3. Definitions: Key terms including 'solicitation', 'clients', 'confidential information', 'competing business', and 'restricted period'
4. Scope of Non-Solicitation: Detailed description of prohibited solicitation activities, including both direct and indirect approaches to clients
5. Duration and Geographic Area: Specific timeframe and geographical boundaries for the non-solicitation restrictions
6. Client Protection: Provisions regarding existing client relationships and handling of client information post-employment
7. Confidentiality Obligations: Requirements for maintaining confidentiality of client information and business secrets
8. Acknowledgment of Reasonableness: Advisor's acknowledgment that restrictions are reasonable and necessary
9. Return of Property: Obligations regarding return of client files, contact lists, and other company property
10. Breach and Remedies: Consequences of violation and available remedies including injunctive relief
11. Survival: Provisions that continue after employment termination
12. Governing Law: Specification of applicable Canadian provincial law and jurisdiction
13. General Provisions: Standard clauses including severability, entire agreement, and amendments
1. Garden Leave: Provisions for paid leave during notice period to protect client relationships, used when immediate departure poses high risk
2. Client Communication Protocol: Procedures for communicating departure to clients, included when advisor has significant client contact
3. Compensation during Restriction: Terms of any payment during the restricted period, used when offering consideration for non-solicitation
4. Recruitment Restrictions: Additional provisions preventing recruitment of other employees, used for senior advisors
5. Dispute Resolution: Alternative dispute resolution procedures, included when parties prefer mediation/arbitration over litigation
6. Training Cost Recovery: Provisions for recovering training investments, included when significant training costs are involved
1. Schedule A - Protected Client List: List of specific clients covered by the non-solicitation provisions
2. Schedule B - Restricted Activities: Detailed description of specific activities considered as solicitation
3. Schedule C - Compensation Details: Details of any compensation during restriction period if applicable
4. Appendix 1 - Confidential Information: Comprehensive list of types of confidential information covered
5. Appendix 2 - Compliance Requirements: Specific regulatory and compliance obligations during and after employment
6. Appendix 3 - Return of Property Checklist: Detailed list of items and information to be returned upon termination
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